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A comment on Blockfi agrees to pay $100M in penalties and pursue registration. Parent comment

Re:Blockfi agrees to pay $100M in penalties and pursue regis... by danbruc on Monday February 14, 2022 @05:07PM (#30339049)
Does Newegg do anything with the Bitcoins or are they immediately converting them into Dollars?
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Re:Blockfi agrees to pay $100M in penalties and pursue regis... by bduerst on Monday February 14, 2022 @05:12PM (#30339101)
IIRC Newegg is using Bitpay, which costs ~1% and settles to USD daily. It also means no refunds allowed (even in USD) to the customer using it, only store credit.
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Re:Blockfi agrees to pay $100M in penalties and pursue regis... by mbesto on Monday February 14, 2022 @05:51PM (#30339521)
Which is an entirely pointless way to transact commerce for 99% of the population. I get my paycheck in USD and then buy goods and services with it. If it converts to BTC and then BTC back to USD then whats the point? It's just paying with a credit card with extra steps.

What's the use case here?

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Re:Blockfi agrees to pay $100M in penalties and pursue regis... by bduerst on Tuesday February 15, 2022 @03:25PM (#30352141)
Oh I'm not defending it. It's a garbage way to pay considering the competitive alternatives they allow.

It's marketing to a specific niche of tech bro, which is probably a large enough segment of Newegg's customers to justify it.

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