Re:Crowdfunding is too expensive
by Avalaxy on Monday December 29, 2014 @11:43AM
(#8810482)
I hope we will see more crowdfunding websites adopt Bitcoin. It allows projects to get a lot more money because basically all of the money could go to them.
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The daily variance of USDBTC is around 2.3% - over a multi-week crowdfunding campaign the volatility of Bitcoin could easily cost you vastly more than payment processing fees and is unpredictable.
Volatility is not a reason to avoid accepting Bitcoin for payments. You don't have to hold any bitcoins at all if you use a processor like BitPay or Coinbase; it couldn't be simpler. If you want to get more complicated there are plenty of other options too, like Coinapult locks, Bitreserve, or hedging with derivatives on an exchange.
Apart from, you know, the Bitcoin transaction fees. Plus the fees to convert money into Bitcoin.
bitcoin transaction fees do not depend on the amount transferred. for a standard p2pk transaction of any amount the fee is less than 50 cents https://en.bitcoin.it/wiki/Transaction_fees
Re:Crowdfunding is too expensive
by mike_hearn on Monday December 29, 2014 @04:27PM
(#8811892)
Less than half a cent, actually. Many people pay more than they need for no real reason.
Plus fraud costs.
What fraud costs? Bitcoin transactions are (basically) irreversible.
You either received them or you didn't, and if your policy is to allow refunds to your customers (when they report a fraud or for any other reason) then all you have to do is send it back. So, what fraud costs?