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Accept Bitcoin as an additional option for payment.

Status: Acknowledged
by on ‎11-23-2013 06:52 PM

 Bitcoin is gaining a lot of attention throughout the world, especially with the tech community, and I think it makes perfect sense for a company like Best Buy to accept Bitcoin as payment. 

 

A small number of businesses have began accepting bitcoin as payment in the last year and the bitcoin community has responed very positively. Some drive 100 miles or more out of their way to support these businesses that have decided to become some of the first to embrace this amazing currency.

 

I know that I would begin shopping at Best buy again just to have an excuse to use my favorite currency, and many others would as well.

 

If you implement it with a service like BitPay which eliminates any risk involved with the volatility of the bitcoin market.

 

I truly feel there would be huge advantages to being on the early side of this and begin accepting bitcoin before the majority of other businesses do.

 

Status: Acknowledged
Thanks for all the input on this idea.
Comments
by
on ‎11-25-2013 08:45 PM

Fiat will be worthless in 2 years, accept bitcoins!

by
on ‎11-25-2013 08:53 PM
It would be awesome if you accepted Bitcoin. I'd still be kind of "meh" shopping at a brick and mortar though. Best Buy who? I heard Newegg might accept Bitcoin. Now *that* would be awesome.
by
on ‎11-25-2013 09:07 PM
I'd definitely shop there.
by
on ‎11-25-2013 09:22 PM

I registered on here just to recommend Best Buy to accept bitcoin. At the moment I am not planning on buying anything from best buy any time soon, but if they accepted bitcoin I would swiftly make a purchase.

by
on ‎11-25-2013 09:54 PM

I don't shop at Best Buy much any more as I usually shop through online vendors but I would definitely buy my items at Best Buy with Bitcoins and I'm sure there's tons more that would if it was announced. Word would spread like wild fire. Just imagine the press that Virgin Galactic got? Think about being the FIRST ELECTRONIC OUTLET to announce Bitcoin acceptance! Companies like BitPay are out there to make the transition easy. Given the cost savings you would enjoy by not having to pay Visa or Mastercard a cut of the sale (one of the beauties of Bitcoin) and not having to worry about chargebacks I'm sure you could even consider offering a discount to your customers that pay in Bitcoin. Really I don't see why Best Buy wouldn't at this point. Bitcoin is, as Bill Gates said, an "economic tour de force". Don't let Newegg or someone else beat you to the punch. Make headlines!

by
on ‎11-25-2013 10:30 PM

Yes i think you should accept Bitcoin. I think it benifits best buy more than anyone else because of the transaction fees involved in credit card payments. I think it's unfair that VISA gets to take 3% of your sales just because you use their service. Bitcoin would be like using VISA but i believe the charges are sub 1%. In the long run, i think a ~3% increase in profits for simply accepting a new form of payment would be a good move for best buy. Not to mention all the publicity (Free Advertising) Best Buy would recieve by doing it early. If Best Buy did it, it would be HUGE news. 

by
on ‎11-25-2013 10:57 PM

I definitely think you should start accepting Bitcoin.

 

* You can use Bitpay or similar programs to convert the BTC to USD immediately after purchase - avoiding the market's "ups and downs"

 

* You could keep a small percentage of bitcoins for investment if you wanted to (just to offset those pesky credit card transaction fees).

 

*As an electronics store, I'm surprised you don't accept Bitcoins already. What are you waiting for?

 

 

*As mentioned before- MUCH smaller fees than credit cards. (I doubt many people buy 4K TVs, computers, etc in cash)

 

by
on ‎11-25-2013 11:16 PM

Definitely there are people out there who could make impulse purchases with bitcoin who would not make such purchases with cash.  To hold cash these days is to loose purchasing power.  Smart people who are convinced of bitcoin's security features are more likely to keep savings in bitcoin.

 

I suggest all merchants not only figure out how to do interface with their customers, but also figure out how to use bitcoin to do business with your suppliers as well.  Protect the supply chain with Bitcoin.

 

JB

by
on ‎11-26-2013 12:30 AM

Yes, need to see the option. There's certainly more than enough Bitcoin users to be worth it to accept Bitcoin at least online which is simple enough to implement, even if POS is not feasible as of now.

 

Payment processors allow merchants to lock in USD value at time of payment and to receive daily wires to their bank account for just 1% fee. That's lower than credit card fees and would certainly attract people eager to spend their Bitcoins. Even if it's used less than other payment methods as it's obviously less popular right now, there's enough people in the US with Bitcoins that it would probably be worth the implementation.

by
on ‎11-26-2013 03:28 AM

I would love to see Best Buy accept Bitcoin. My family probably spends between $20,000 to $30,000 a YEAR at Best Buy (we used to until Gyft.com allowed us to use Bitcoin to make purchases with other retailers such as Amazon and Target, Sears etc).

 

If Best Buy accepts Bitcoin, you will have our business, our extended families business, and all the business we can bring in. We're huge Bitcoin enthusiasts and it is inevitable as the BTC is changing the world. Best Buy fits the perfect demographic to accept it. Plese embrace it soon, you're going to at some point anyways!

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