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Bitcoin... Tell me your victories or horror stories.

Discussion in 'Making Money' started by Coconut-water, Dec 24, 2016.

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  1. Coconut-water

    Coconut-water Newbie

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    Vaguely interested in starting to accept bitcoin for my website.
    Two things worry me: Security... and ahhhh... Security.

    If you implemented it well on your site.. what has the traffic for this form of payment been like?
    Recommended plugins for a WP site?
    Most used / accepted bitcoin?

    Thanks.
     
  2. redarrow

    redarrow Elite Member

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  3. BloodyNinja

    BloodyNinja Power Member

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    The amount of bitcoin paid purchases depends on what you are selling.
    If you transfer bitcoins from a hot to a cold wallet regularly, there's nothing to be afraid of in terms of hacking. Most famous bitcoin hacks involved hacking the hot wallet. Unless you create an exchange, there's no need in a hot wallet with a big amount of funds in it.
     
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  4. Coconut-water

    Coconut-water Newbie

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    Thanks for the replies. The amount of different suggestions from a google search is overwhelming.
     
  5. uncutu

    uncutu Supreme Member

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    Depends on how tech savvy your traffic is. Compare selling fashion clothes vs proxies. The latter will be more comfortable with buying with btc.
    I toyed around with it for a while...didn't find any really good wp plugins. Coinbase has their own plugin now which I haven't tried. If it's like their site, it should be effective. A
    Like others said, transfer your balance from from 'hot' wallet to 'cold' wallets for good security practices.
    Here's some good reading material
    Code:
    ]https://en.bitcoin.it/wiki/How_to_accept_Bitcoin,_for_small_businesses
    https://en.bitcoin.it/wiki/Merchant_Howto
    
     
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  6. globalseopoint

    globalseopoint Regular Member

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    My experience has only been buying things with Bitcoin, but even as a tech-savvy person, having to deal with Bitcoin makes me super lazy and feel like not wanting to buy whatever I was going to buy if the only way to pay is with Bitcoin. It feels way too clunky and off-putting to me. I don't think you have anything to worry about in terms of security if you're actually maintaining your wallets regularly though.
     
  7. Coconut-water

    Coconut-water Newbie

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    I am more worried, about the massive fluctuations in values of Bitcoin... once again its over $1000.
     
  8. tokstesla

    tokstesla Power Member

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    Any more ideas on legit means of earning in bitcoin?
     
  9. Coconut-water

    Coconut-water Newbie

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    Any product thats sold... you can accept bitcoin as payment. That's not the issue. You could literally sell anything.
    If you mean mining... I have no clue. Not enough research on my part. Seems, like allot of luck and a farm of equipment is needed to harvest one bitcoin from that lottery.
     
  10. RuthSam

    RuthSam Jr. VIP Jr. VIP Premium Member

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    It has been one of the greatest payment methods I ever implemented in my business. More sales more profits!
     
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  11. iulianalex

    iulianalex Regular Member

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    I think is not a very good ideea becouse btc price is very instable.....if you get btc today and after few days price drop 20%...you lost your profit margin.
     
  12. NicholasVegas

    NicholasVegas Regular Member

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    That is the biggest worry I would have too
     
  13. mdntblu

    mdntblu Newbie

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    There is a lot of people thinking it's going to crash soon. But we'll see. Today currently it's at $1120/BTC
     
  14. VEHER

    VEHER Registered Member

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    :) You should all invest in hardware wallet if you plan to invest in btc long term.

    I'm just buying bitcoin to represent 50% of my saving, the rest is cash and a bit of gold.

    I've approximatively X3 or x4 right now, it could be higher but I've lost some bitcoin in Altcoin market making bad trading, and now I've stopped it....
     
  15. Sam Green

    Sam Green Junior Member

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    You dont have to worry about fluctuations if you immediately transfer to fiat currency ($,€,£). I think there are some companies that offer that as a service.

    As others pointed out what you sale largely dictates how much your customers will use it.

    as a general rule of thumb the more tech oriented your product the more likely your buyers will be comfortable with bitcoin.
     
  16. ZlatanTheGod

    ZlatanTheGod Jr. VIP Jr. VIP

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    You get more sales with BTC as payment option?