Buying/selling with Crypto?

[ian]

Interested to know whether any of you have bought or sold using cryptocurrency as the payment method? Love it or hate it, we are at the fore-front of 'the web', so it surprises me how few have adopted it.

I know we have the "bitcoin" thread; this is more targeted at those that have done deals. Did you request to pay/sell with crypto, was it suggested to/by you, were you able to offer this method via your placehold or auction?

I've offered it as an option, with a discount, as it is certainly a lot easier than having to mess around with Paypal, who have been terrible for me lately.

(before anyone asks, all my tax obligations are paid in full, this isn't a means of avoidance).

 

[JMI]

That's because it's a giant ponzi scheme. There's nothing behind it.

 

[dee]

Would be a great option for a domain auction site if the logistics could be sorted

 

[aZooZa]

That's because it's a giant ponzi scheme. There's nothing behind it.

Sort of like fiat...

 

[Admin]

@ian Not even a bit...but then i sell to end users

 

[JMI]

Sort of like fiat...

Which has a central banking system that is accountable, Gold reserves etc.

 

[JMI]

The OP did ask why so few people have adopted it.. I gave an opinion.

 

[dog]

You need a buyer to send coin first which they don't want to do.

 

[Domaintial]

We've offered it for a long time, and in the rare instance that there is legitimate interest in paying via crypto, by the time we come to close the deal has swung back to traditional methods / escrow.

The biggest challenge is lack of escrow support, as @dog said, things tend to break down when you ask for payment upfront, as there is no reversal mechanism in place. Some for of smart contract escrow, or atomic swap geared towards domaining/domain transfers would make life a lot easier.

We're still a long way away from wider scale adoption IMO.

 

[dog]

Pretty much exactly my experience.

We've offered it for a long time, and in the rare instance that there is legitimate interest in paying via crypto, by the time we come to close the deal has swung back to traditional methods / escrow.

You get into, "Send the cash first." buyer, "Send domain first." This becomes annoying. Then you just decide on regular escrow.

The biggest challenge is lack of escrow support, as @dog said, things tend to break down when you ask for payment upfront, as there is no reversal mechanism in place. Some for of smart contract escrow, or atomic swap geared towards domaining/domain transfers would make life a lot easier.

We're still a long way away from wider scale adoption IMO.

 

[RobM]

I thought these coins were easier to spend than cash? Less fees...less time etc? Isn't that what they were based on?

 

[ian]

I thought these coins were easier to spend than cash? Less fees...less time etc? Isn't that what they were based on?

They are, especially if you were buying a domain from an owner in another country requiring a bank transfer that includes conversion of currency and a visit to the bank because 'foreign transfers are not available online. It would be both cheaper and much faster, but the trust issue remains regardless of payment methods.

 

[disruptive]

I'm trying undeveloped.com as a landing page, which claims to use CC, but I'm not sure if this put off customers or buyers!