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Bitcoin Businesses

Square Market Now Accepts Bitcoin 94

Posted by Unknown Lamer
from the with-a-side-of-increased-fraud dept.
An anonymous reader writes "Square today announced it has added support for paying with Bitcoin. As a result, buyers can now use the digital currency to purchase goods and services on Square Market, which allows sellers to create an online storefront with online payment processing. The mobile payment company promises the experience won't feel any different for sellers and they 'don't have to change a thing, except potentially expecting new trailblazing customers and more sales.' In other words, Square wants them to be able to offer Bitcoin as a payment option without any headaches." Stripe is also adding beta support for Bitcoin as a funding source. No word from Paypal yet.
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Square Market Now Accepts Bitcoin

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  • Buy Now (Score:1, Insightful)

    by sexconker (1179573)

    It's going mainstream. Buy now - this is the last push before it gets to $800 - $1000 per Bitcoin (again) and settles for quite some time.
    If you're looking to speculate on BTC, this is the last chance to buy in and get near-guaranteed profits of 50-80% in the short term.

    I currently hold zero Bitcoins, but I may pick some up again. (I mined all my previous BTC.)

    • Re:Buy Now (Score:4, Insightful)

      by Laxori666 (748529) on Monday March 31, 2014 @06:15PM (#46626535) Homepage
      If you're going to get 50-80% profit in the short term why on earth would you not invest in this? Unless you don't believe your own advice?
      • by Anonymous Coward

        Maybe he already has. If so, it's called pump and dump [wikipedia.org].

      • If you're going to get 50-80% profit in the short term why on earth would you not invest in this? Unless you don't believe your own advice?

        Because I'd have to liquidate assets to do so in any meaningful amount, find a reputable exchange, get my money over to it, buy Bitcoins, wait, sell, get my money back out to my other accounts/investments, and report it all on my taxes next year. I'm a very lazy man. That said, if I find a reputable exchange in the next few days I absolutely will be putting money in.

        • by QilessQi (2044624)

          So, you're saying that Bitcoins are too much of a hassle to use and too much of a risk to buy and sell because of the exchanges -- even though you're convinced that you're going to get "near-guaranteed 50-80%" profit if you purchase a few bitcoins now.

          You can see why some people here might be skeptical of it being the currency of the future.

          • by LF11 (18760)
            For you in your nice cushy Western economy with clean, smiling bank tellers and an account for every stage of your life, there isn't much point to bitcoin. You'll be the last of us to figure it out.

            For the rest of world, it's a different story. Bitcoin's volatility is already less than that of a few "real" currencies.
          • by ColdSam (884768)
            "Bullshit", successfully called.
      • by LF11 (18760)
        Because it is a hassle to get bitcoin unless you either (a) link your bank account to Coinbase or (b) ... uhhh live outside the US?
        • Check ebay. There are quite a few people selling it there, probably hopeing to get a better exchange rate. I purchased 0.02BTC there when I was playing around with it.

          • by LF11 (18760)
            Good call. Steep premium, but that's appropriate since eBay is a terrible environment to sell in.
    • by hodet (620484)

      I thought I was reading /r/bitcoin for a second there.

    • by Anonymous Coward

      HAHAHAHA, who the fuck are you kidding. Bitcoin is going down the drain.

    • If you have money to play with, sure. But dont call it an investment. I have a small amount of my saving that I dont mind if it becomes worth 0 tomorrow (5% of my total saving in an year). I currently am buy bitcoins with it, but I wouldnt consider it an investment at all. Certainly not a good investment.

    • by Alioth (221270)

      No, I don't think so (Bitcoin has already been in the mainstream media for months). Take a look at this chart, I'm pretty sure we're actually in the bull trap right now, and Bitcoin still has a long way to fall:

      http://www.portfolioprobe.com/... [portfolioprobe.com]

  • by Actually, I do RTFA (1058596) on Monday March 31, 2014 @06:18PM (#46626553)

    Sweet! Sounds like a great deal

    I get the convenience of the transactions being helpfully reported to the government making my taxes easier

    I get the joy of paying middlemen.

    I get the reliability and stability of bitcoin.

  • by Anonymous Coward

    Wasn't bitcoin created to get rid of these financial middlemen?

    • Re: (Score:2, Insightful)

      by Anonymous Coward

      The thing with Bitcoin is that you *can* avoid the middlemen, if they're not doing a good job, censoring you or taking too big a cut. Middlemen who provide a valuable service can still exist in the Bitcoin world.

      • A quick read of TFA indicates that the Square folks are providing a service in terms of accepting Bitcoin from buyers and providing dollars to sellers. The seller gets to set the price in dollars and then receives that number of dollars for the sale, less commission. Charging a commission for providing the service of a currency exchange (or a commodity exchange, if you prefer) sounds like a Square deal to me, depending on the commission.

    • by kokojie (915449)
      No, service providers are always a good thing. Bitcoin's biggest feature is that the currency's printing is controlled by math, not by a central bank. The transmission is controlled by a trustless P2P network, not by a banking network. But there will always be services built around it, and it's a good thing.
  • Between the new IRS rules and the supposed drama in China, Bitcoin has been on something of a downtrend the last few days. I've personally tried to accept Bitcoin as payment for some electronics I sold online, but by the time the buyer paid, I actually lost about $5. I would've actually come out ahead by accepting PayPal, fees and all.

    I've come to the conclusion that cryptocoins are more-or-less a stock market fantasy game being played with real money. This isn't to say the concept of cryptocurrency can'

    • by mythosaz (572040) on Monday March 31, 2014 @07:31PM (#46626997)

      I've personally tried to accept Bitcoin as payment for some electronics I sold online, but by the time the buyer paid, I actually lost about $5.

      My experience was the opposite. I just bought some electronics online, and by the time the seller got my funds, I actually saved about $5.

    • Given the current volatility, it seems like anything that's priced in terms of a fixed Bitcoin amount involves an element of speculation on the part of the seller. That went against you in this case, but it might have worked out in your favor on some other day - which is the nature of speculation.

      In conventional currencies and commodities, derivatives are available to hedge risk in the instrument itself for those who want that. A quick Internet search indicates that derivate markets for Bitcoin currently

  • The payoff's immediate and self serving.

    • by Trogre (513942)

      Well, it would be if bitcoins could be mined any more with anything smaller than a supercomputer of ASICs.

  • Well... not really (Score:3, Interesting)

    by m.dillon (147925) on Monday March 31, 2014 @06:57PM (#46626805) Homepage

    "At the other end, the seller receives the amount of the purchased goods or services in the amount of USD advertised to the sellersâ(TM) customer at the time of transaction, and can fulfill their customerâ(TM)s order. In other words, the seller takes no risk on Bitcoin value fluctuation"

    In otherwords, all prices are still in US Dollars and neither Square Market nor the seller assume any of the risk. Plus the Bitcoin holder gets to have fun reporting every single last sale's exchange value to the IRS, and has no protection against any fraud that might occur. Which, honestly, doesn't really further the cause.

    Bitcoin holders are now learning the hard way that bitcoins are not the magical deflationary stores of value they thought they were.

    -Matt

  • Sell all the drugs you want but don't you dare sell guns with our payment service.
    http://www.forbes.com/sites/ab... [forbes.com]

  • It's psychologically easier to hate bitcoin as a technologically inclined person than to admit to oneself that they missed a big opportunity to get rich quick. Perhaps if one could let go of this notion and look deeper into how the protocol functions, one might change ones mind.

The meta-Turing test counts a thing as intelligent if it seeks to devise and apply Turing tests to objects of its own creation. -- Lew Mammel, Jr.

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