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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 ‎11-26-2013 05:58 AM
This would 100% cause me and some of my friends to buy at best buy rather than your competitors, which lets be honest you all quite similar in most ways. Get with the 21st century best buy. We want bitcoins.
by Valued Contributor
on ‎12-07-2013 01:39 AM

Hmm... How much was bitcoin yesterday ($1150)?  How much is it now (under $650)?  It went down nearly 50% in 24hrs.... Ouch!

Appears China was a large speculator.  Government didn't like Chinese banks getting involved...

 

If the value of a currency goes down 50% in 24hrs... is there enough time for a business to convert to cash without a significant loss?

by
on ‎12-07-2013 08:12 AM
Yes we have already established it is not the most stable right now during the these early adoption years. We have also established that matters not to businesses who accept it with bitpay or coinbase.
by
on ‎12-13-2013 10:52 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.

 

http://jbi.nguyenvu.me/thuat-ngu-seo-sem/

by Valued Contributor
on ‎12-18-2013 12:37 PM

Wow bitcoin sets new lows this morning at under $500.  Recently China banks and retailers are no longer accepting bitcoins... forcing the value down.

by
on ‎12-18-2013 12:44 PM
I know it's awful. Geez. We haven't been this low in.. gosh, maybe 30 days...
by Emerging Expert
on ‎12-20-2013 10:07 AM

Bad idea.  Bitcoins are one of the most significant sources of international currancy fraud.

 

You think Target is having issues right now.

 

There are almost no regulations on Bitcoins and law enforcement agencies have no idea how to react the increasing numbers of reports of theft.

 

 

by
on ‎12-30-2013 01:12 AM

bobberuchi, Bitcoin isn't the most significant source of international currency fraud at all. (Credit card thefts in the US alone are probably worth more than the whole of Bitcoin's transactions. Credit cards aren't secure and increases the cost for everything in stores. The fraud and transaction fees are passed down to the customer, and those are huge for certain types of cards.)

 

Plus it wouldn't be an issue for Best Buy, they wouldn't hold customer payment details. There was a few big theft reported but that only impacts Bitcoin held on online machines that were not properly secured. Not going to impact a merchant like Best Buy who'd be converting automatically to USD. Would just be one of many accepted payment method for Best Buy.

by Senior Social Media Specialist Senior Social Media Specialist
on ‎02-03-2014 03:47 PM
Status changed to: Acknowledged
Thanks for all the input on this idea.
by Valued Contributor
on ‎02-09-2014 01:18 PM

What happens if BitCoin withdraws are denied?

https://www.google.ca/search?q=bitcoin+withdraw+suspended

 

Ouch...

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