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Not planned Stripe Bitcoin

Robust

Well-known member
#2
Stripe Bitcoin only works for US merchants. This alienates a large amount of people.

I had a chat with the Stripe developers on IRC, they mentioned that Stripe Bitcoin is in the works for other countries but kinda refrained from giving any dates. They announced it would come to the UK back in 2016, so I wouldn't be too optimistic on that coming to the rest of Europe and other countries Stripe supports anytime soon.

Hence, it might be a better idea to implement Bitpay and/or Coinbase support, instead of Stripe Bitcoin.
 

Jake B.

Well-known member
#3
Doesn't stripe btc just add money to your account like any other payment? I feel like that would defeat the purpose, might be better to have support for coin base or something
 

Alfa1

Well-known member
#4
BitPay does the same as stripe. It allows your members to pay in bitcoin while it turns it into money.
How is coinbase different?
Hence, it might be a better idea to implement Bitpay and/or Coinbase support, instead of Stripe Bitcoin.
I regularly get emails from Bitpay that someone tried to pay more way than my limit of 1k. I find this suspicious because I even got frequent notifications when bitcoin was very rarely used.
To raise their limit I need to get certified translated versions of all documentation. Which is expensive to do.
 
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Jake B.

Well-known member
#5
How is coinbase different?
From my understanding (granted, I haven't used their API for anything) coinbase will add the actual BTC (or LTC or whatever other Cryptocurrency they support) to your wallet since, haven't used BitPay for anything so I'm not sure what they do honestly.

It does seem odd that Stripe only supports US for bitcoin payments. Do you know if there is any particular reason for that as I wouldn't have thought that the country would be relevant when it comes to Cryptocurrencies. Might have to do with calculating exchange rates with other currencies?
 

Robust

Well-known member
#6
It does seem odd that Stripe only supports US for bitcoin payments. Do you know if there is any particular reason for that as I wouldn't have thought that the country would be relevant when it comes to Cryptocurrencies. Might have to do with calculating exchange rates with other currencies?
Asked a Stripe developer:
<koopajah> no plans for this for now but we're looking into it
<koopajah> legal barrier I think, not sure
I wouldn't expect it anytime soon.

Coinbase, last I used the merchant functionality, will deposit the BTC into your wallet. Perhaps they've allowed auto-convert to USD/GBP/EUR/etc. since, not sure. You could always just make an API call to auto-sell the BTC into regular currencies, which are stored in the currency's wallet.

Bitpay will convert it straight to a regular currency by default. I believe they have since updated it to allow the ability to store the BTC in a wallet, similar to Coinbase.

Coinbase and Bitpay both offer the same core features. They just started on the opposite ends. Bitpay is more used by merchants, Coinbase is more by traders/consumers.
 

Robust

Well-known member
#7
I regularly get emails from Bitpay that someone tried to pay more way than my limit of 1k. I find this suspicious because I even got frequent notifications when bitcoin was very rarely used.
To raise their limit I need to get certified translated versions of all documentation. Which is expensive to do.
Bitpay is used by some very large companies. It's a pretty legit company and the standard for online Bitcoin payments via a gateway. Not sure what happened in your specific case.

I found Bitpay to be lighter on the regulation, when compared to Coinbase.
 

Mike

XenForo developer
Staff member
#9
Given that they're ending Bitcoin support and this suggestion is specifically relating to that, it makes sense to close the suggestion. (Other providers may support various cryptocurrencies, though I think that'd be best in a separate suggestion.)
 

Robust

Well-known member
#10
Yeah, I saw their tweet right after they posted it. Really not surprised, tbh.

Bitcoin is completely unsuitable for non-large payments now. Actually, it's not suitable for payments *at all* anymore. The fees are too high, the confirmation times are stupid, and it's simply not suitable for typical payment amounts to forums.

I'd say technologies like IOTA or RaiBlocks (nano) might be suitable for actual crypto payments in the future, but they're still in their infancy. Alternatively, Lightning Network might make Bitcoin suitable for payments, again. But a (small) fee remains applicable to payments, whilst IOTA/nano would have no fee and instant confirmations. I believe Lightning is meant to have a similar premise, small fees and near-instant confirms depending on the implementation (confirms when the channel is closed), and it gives you the advantage of using Bitcoin vs. an altcoin.

There's some promise with cryptos, but most solutions either suck/are not sustainable, or are still in their infancy.