Does OCUK have any plans to start accepting crypto payments?

SkyTerran · 10 Aug 2023 at 02:57

Wondering because the big hardware vendor from the US has good support through BitPay.

FoxEye · 10 Aug 2023 at 03:11

Not this, again. Hasn't crypto finished dying, yet?

Or do we need another couple of Bankman-Frieds to finish the job...

Fubsy · 10 Aug 2023 at 05:50

No, but I think if you provide content for the hidden pr0n subforum, you can get hefty discounts.

Begbie · 10 Aug 2023 at 05:53

I think they did for a little while?

Semple · 10 Aug 2023 at 06:13

They used to yeah, I guess it's not worth their while. No reason you can't convert your crypto back to GBP and spend it in the shop.

tom_e · 10 Aug 2023 at 07:14

Begbie said:
I think they did for a little while?

Yeah it rings a bell for me too.

Begbie · 10 Aug 2023 at 07:19

Semple said:
They used to yeah, I guess it's not worth their while. No reason you can't convert your crypto back to GBP and spend it in the shop.

Conversion charges makes it costly.

D.P. · 10 Aug 2023 at 07:31

Begbie said:
Conversion charges makes it costly.

The vendor would have the same costs which they would have to pass on to the consumer

Armageus · 10 Aug 2023 at 07:34

Semple said:
They used to yeah, I guess it's not worth their while. No reason you can't convert your crypto back to GBP and spend it in the shop.

But then there's an audit trail and the tax man may want his share

Semple · 10 Aug 2023 at 08:01

Begbie said:
Conversion charges makes it costly.

But why should the shop bear those costs?

Werewolf · 10 Aug 2023 at 08:06

IIRC they tried it years ago and dropped it.

I suspect the volatility and other issues with most of the crypto currencies means it's very risky for them as one day a tulip coin can be worth thousands of pounds, the next it can be worth pennies depending on which of the exchanges has been hacked or had the owner run off with the money this week.

Eddie99 · 10 Aug 2023 at 14:40

Begbie said:
Conversion charges makes it costly.

BitPay's fees are much higher than an exchange like Kraken at 0.26%. BitPay charge the merchant 1-2% and the customer a "network fee" which is supposedly the cost for them to move the Bitcoin to another wallet after they have received it, but they set the network fee way higher than necessary.

Feek · 10 Aug 2023 at 14:42

Oh, to be able to pay in SHIB :cry:

Armageus · 10 Aug 2023 at 14:45

Eddie99 said:
the customer a "network fee" which is supposedly the cost for them to move the Bitcoin to another wallet after they have received it, but they set the network fee way higher than necessary.

The network fee has to be high enough to be guaranteed in the next block though (as you can't be waiting 2 days for the transaction to confirm), and ideally with RBF turned off.

Junglist · 10 Aug 2023 at 14:56

I know a few places offer it but I don't see the benefit of using a cryptocurrency when making legitimate purchases

(Unless of course you struck it lucky and have a lot of assets)

Eddie99 · 10 Aug 2023 at 15:03

Armageus said:
The network fee has to be high enough to be guaranteed in the next block though (as you can't be waiting 2 days for the transaction to confirm), and ideally with RBF turned off.

Regardless of whether such a high fee necessary or not, the point remains that it's cheaper for @SkyTerran to use an exchange like Kraken than it would be to use BitPay.

Reuben klang · 10 Aug 2023 at 15:08

Semple said:
But why should the shop bear those costs?

Reason why for me it won’t become mainstream. Even sending £50 to in $ it’s cheaper to just use wise than it is to solely send in Bitcoin. Then you factor in the 3 exchanges if you were to spend it on fiat money it’s ridiculous.

L_D · 10 Aug 2023 at 15:48

I don't think there is any reason for a retailer to accept crypto unless doing so somehow benefits them (say somehow related to digital currency market). The number of people that hold cryptocurrency that they want to use for purchases is not a lot of people. In some ways accepting crypto currency could carry negative connotations image wise as well.

Jupiter · 10 Aug 2023 at 19:01

I hope not

Bear · 10 Aug 2023 at 19:13

Werewolf said:
IIRC they tried it years ago and dropped it.

I suspect the volatility and other issues with most of the crypto currencies means it's very risky for them as one day a tulip coin can be worth thousands of pounds, the next it can be worth pennies depending on which of the exchanges has been hacked or had the owner run off with the money this week.

The answer to that would be to only accept stable coins, saying that even USDC had a wobble a while back