Should Watt Wagons Accept Bitcoin?

[Rider777]

IThx, doesn’t seem like Pushkar got to flip but was flipped for $17…serious new tech takes time to iron out bugs

Actually it was 17%, not 17 dollars.....big difference
Of course one could gamble and hold onto the crypto after payment and IF the value went up before you decide to sell that would be a good thing...............however it can also go DOWN

 

[opimax]

It was a $100 transaction so it was $17 per his post

 

[AdilDesai]

There are some very serious environmental concerns surrounding crypto currencies.

Why Bitcoin Is Bad for the Environment | The New Yorkerhttps://www.newyorker.com › News › Cryptocurrency

 

[Csubi]

What about Dogecoin? Can't you peer to peer?

 

[Csubi]

There are some very serious environmental concerns surrounding crypto currencies.

Why Bitcoin Is Bad for the Environment | The New Yorkerhttps://www.newyorker.com › News › Cryptocurrency

The Fed uses just as much energy printing money nonstop
Brrrrrrrrrrrrrrrrrr

 

[Csubi]

Also, if you take any Cryptocurrency, hold onto it until Q4. Dec / Jan then SELL. We're starting a huge upswing in the market.

 

[Csubi]

I was thinking... (I know I shouldn't do that) but why go through an e-commerce for Crypto Payments?

You could set up a wallet where an agreed upon amount of whatever currency can be deposited. Once the transaction has been confirmed you have the coins in your wallet.

You can also control when you accept or not. For example the current upswing is predicted to last into Dec. After that you can put it on hold.

Maybe resume acceptance a few months later when cycle near the bottom.

 

[JakEmAll]

He’s got a point. There’s no reason to use a 3rd party for crypto payments.

 

[onlineaddy]

Without a 3rd party, if a disagreement occurs, won't this financial transaction delve into a he-said/he-said argument?

 

[JakEmAll]

Without a 3rd party, if a disagreement occurs, won't this financial transaction delve into a he-said/he-said argument?

No different than cash or check transactions

 

[Csubi]

No different than cash or check transactions

All transactions can be looked at on the Block chain. If you know the address to someone's ETH wallet for example you can see the transactions that have occurred in said wallet / account

 

[JakEmAll]

That’s absolutely true, but I was addressing 3rd party dispute arbitration.

 

[Csubi]

Fair. But if the customer is using crypto then knows these things are part of the equation. Pros and Cons to everything. There are no perfect spheres.

 

[m@Robertson]

It is much more efficient than a traditional way to convert earth's resources into money - historically one would paying people to dig up a mine, take dirt to factories, purify the gold, sell the gold and THEN put money in the bank.

Well, thats all true in a historical sense. The United States has been off the gold standard since 1933. We just print money now (strictly speaking we don't even print any paper; when it happens its all electronic). We print more when our government wants to spend more. I am colossally oversimplifying here but the extraction method described only holds if you are comparing bitcoin mining to actual gold mining. Not increasing the 'money' supply.

Is the 5% increase for ALL sales (as in a general price increase) or just crypto sales?

As another aside, Tesla stopped accepting bitcoin for a time specifically because of the resource extraction issue. There are fossil-fuel power plants out there that - facing decreased demand thanks to use of renewables - have converted themselves to bitcoin mines and this is where the outcry comes from.

 

[kwseattle]

IMO payment options are great for consumers. If the merchant is willing to bear the risk. Watt Wagons is upfront about the % of risk they are willing to bear.



I just googled energy usage, and this statement caught my attention - (source)

“Energy use in itself is not bad,” Meltem Demirors, chief strategy officer of digital asset management firm CoinShares, told CNBC. “Sending and storing emails uses energy. Yet, we don’t infer email to be bad because it consumes energy.” “What we have here is people trying to decide what is or is not a good use of energy, and bitcoin is incredibly transparent in its energy use while other industries are much more opaque.”

That is not to say that "email" is tainted (if you will).

If you realistically look at it, I would say they are literally taking resources and converting them into currency in one step. It is much more efficient than a traditional way to convert earth's resources into money - historically one would paying people to dig up a mine, take dirt to factories, purify the gold, sell the gold and THEN put money in the bank.

So in a weird way Bitcoin is better than most stuff we do today. Lol.

I recall reading that one single Ethereum transaction consumes almost 3x more energy than the average American household consumes in one day, and Bitcoin is even worse at almost 40x the energy of a house per transaction. It's colossally bad for the environment.

Edit: source - https://blog.ethereum.org/2021/05/18/country-power-no-more/
While this isn't where I originally heard it, figured the numbers coming directly from Ethereum were probably the most accurate.

 

[MartsEbike]

Bitcoin is a solution looking for a problem.

 

[Csubi]

So weird.... I was listening a podcast called Edict Zero - FIS and one of the characters said "There are no perfect spheres" I had never heard that in my life. Now, BOOM... twice in one day.

 

[fooferdoggie]

Accepting Bitcoin is definitely worth considering, especially if your customers are asking for it. It could open up a whole new customer base for Watt Wagons.

not anymore. bitcoin can cost you huge amounts of money. its way to volatile and unpredictable.

 

[m@Robertson]

Accepting bitcoin would be good for the consumer and colossally stupid for the business. Let me give you an example: About a year ago I saw my Paypal acct would let me buy Bitcoin. When you gamble, never spend more than you are comfortable flushing down the toilet, so I risked US$100.

It is now worth US$40.25, and that is up by quite a bit from its low throughout the last year.

Whoops scratch that. The display on screen just changed and now its down to US$40.21

Why would any business put US$100 in the bank, and then when they come back for it because they need to pay a bill, only get 40 bucks back? No business that is long for this world will take a risk like that; especially with sales revenue.