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Accept Bitcoin as an additional option for payment.

Status:

by on

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:

Thanks for all the input on this idea.

Comments

Yes mtgox is self destructing and it's been months in the process now. Everyone in the bitcoin community has seen this coming. This has no connection to the topic of the thread as a business accepting bitcoin would never deal with mtgox or any other exchange. Overstock.com began accepting bitcoin a few weeks ago and thus far it has been a big success for them. I now use them exclusively for a wide variety of products and paying for them is faster and easier than ever. And stop capitalizing the "c" in bitcoin.

Posted from Generic Android 4.3

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What happens if bitcoin allows fraud?

https://www.google.ca/search?q=bitcoin+allows+fraud&tbm=nws

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How low can Bitcoin go???

https://www.google.ca/search?q=bitcoin+gox&tbm=nws

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@xl

It doesn't matter that one exchange is failing. That exchange failing only affect itself and its customer, not Bitcoin. They screwed up. Bitcoin does not allow fraud. MtGox's system were the only problem and they got tricked in resending withdrawals that were already sent. Bad tracking. They got warned they weren't tracking properly for the Bitcoin transactions but didn't bother to fix the issue. If not done properly, you could think transactions didn't go through when it did if you don't check balance. Only possible if you send payments, not when you receive. Zero transaction reversal. MtGox's fault, really.

That the price is $1 or $1 trillion doesn't matter. It's trivial to add Bitcoin, no reversal, no currency risk exposure. Payment processor will convert to USD instantly when any transaction is received. Best Buy would get a wire daily to their account. Overstock got over a million in sales quickly. They expect 10 million in sales for first year. It's about ~1% increase in sales. Best Buy should consider it as adding any other small payment provider. Not huge for sales, but certainly worth more in sales than the trouble to add it.