Bitcoin payment

C2
1

Will you accept Bitcoins payment for the purchase of publishing subscriptions, strategy subscription, AutoTrade monthly $99 subscription ?

Also, will you pay for the trade leader revenues by Bitcoin instead of the awfully dirty and costly PayPal ? For foreign people without PayPal access, Bitcoin support as payment option would be much more pratical than cheques ! (no delayed payment on hold for xx days, no fees to emit and deposit cheques, all free instead…)

In order to guarantee instant and secured transactions, you could use an extra service like https://www.bitgo.com/instant but that is not mandatory.

Also, instead of accepting Bitcoins only, you could accept many more altcoins via a partnership with https://ShapeShift.io

Blockchain is the future of finance and you should adopt it sooner or later. Please consider to maintain your geek status :wink: Microsoft has jumped into it, Amazon also, why not C2 ?

Thanks in advance

2

The issue with accepting Bitcoin or getting pay in Bitcoin is taxes…

How will c2 or strategy developer file Bitcoin on their taxes? As orinary income? Buy/sell gain like selling gold coins at the exchange rate of USD:BTC the day of payment? Or just use daily exchange rate USD:BTC as cash income?

3

Practical reply (pun intended) : it all depends on the country you are living in and how the regulation around Bitcoin is there, which sometimes is clear, other times is less clear.

Anyway, there are guidelines or rule of thumb about everywhere nowadays. In France, the tax situation about BTC is clearly defined by a tax department notice. In the USA, I know that there was an official statement that Bitcoin should rather be considered as a commodity like a gem of some sort rather than a currency… and after all it makes sense since mining requires energy consumption and materials in the first place.

So there is no clear answer, you should consult your local taxman, financial advisory/lawyer but I do not see how it would be C2’s liability to solve this very matter of tax rules… because it’s user dependant om a case by case basis.
By the way some trading software already accept Bitcoins like Sierra Chart. It will only keep growing and go mainstream more and more.

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Please head over here for a start

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I know what you mean. Not like i know the answer, I’m just brainstorming with you.

C2 is a US register corporation. So accepting Bitcoin would be a tax issue for them. Also every developer on here are getting 1099 and have to file taxes in the states. I assume c2 don’t payout until W9 is filled out. I don’t really know how non US person here gets pay and avoid double taxation of US revenue income.

Anyway, just like Expedia, Microsoft and dell. They don’t accept Bitcoin, they accept usd thru intermediary broker to exchange Bitcoin as payment and send direct to them back in usd. I’m sure that will work for sure if c2 and developer willing accept to exchange fee and fluctuation in daily usd:BTC rate.

1 Like
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Right, there is no need for tax implications for accepting bitcoin. You simply use a service like BitPay and the payer pays bitcoin and you receive dollars from BitPay.

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BitPay is fine however the idea is not to accept only Bitcoins but rather accept most crypto-coins because there are now much more interesting altcoins to own and stock than BTC… And it’s always best not to convert altcoin to BTC before payment, in order to save on exchange fees (especially spread)

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Please think about CoinPayments as the best payment gateway so far for online busineses. It accepts over 50 cryptocurrencies. It also integrates with Woo commerce

https://www.coinpayments.net

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BitPay has directed me though their ShapeShift partnership which means it’s possible to pay with any altcoin…

Here is the very easy procedure :

So integrating BitPay on C2 would be great as well

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Do you believe that your card provider and bank are no intermediaries ? And PayPal ? If you are happy with high fees, slow payments, centralized systems who can interfere with your business and block a payment or freeze an account, keep going with the old world ! :wink:

A very practical point of view : banks can ask statements and legal proofs of any activity : sadly trading signals / asset management with a twist is often misunderstood and can lead to matters or be an incentive not to take a trial at such activity. When you use coins directly (without a third party involved but from wallet to wallet) nobody is going to have a look at it or an opinion on it. You became your own bank in a decentralized, peer-to-peer way, sometimes performing fully private transactions (not with Bitcoin though)

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Bitcoin isn’t a pyramid scheme except perhaps to those who don’t know what a pyramid scheme is. Newcomers to bitcoin do not pay those that came before. There is never a point where the system collapses due to an inability to bring in enough funds from newcomers to support the system like with a pyramid scheme. On the contrary, if the supply of newcomers to Bitcoin is ever exhausted it continues working as a means of value exchange/storage the same as always.

However bitcoin does rely on its users to value it and use it as an exchange/store of value despite the fact it arguably has no intrinsic value. But that’s no different than the dollar or most other symbolic monies.

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Of course many altcoins have intrinsic value because they are tied to sometimes amazing features and new ones every other day or so !

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You make a lot of separate points, so let me try to hit them one at a time.

Bitcoin is not a pyramid scheme. Go read up what a pyramid scheme is. In a pyramid scheme existing investors are paid with the monies coming in from new investors. Consider Bernie Madoff–he would take money coming in from new investors are pay it out to older investors who made withdrawals. There was no value at its core, just a moving of money from new investors to old; and eventually income from new investors are unable to support the system and it collapses. With bitcoin no existing investors are paid with the monies of new investors. Instead it acts like any other investment: people value it, buy into it, the market decides its value at any moment, maybe it gains more attention and is valued higher and those that invested early are rewarded for the risk they took. Just like other investments the market’s view of its value might change… the market might one day decide the value is 0 and all investors lose out, but again this is no different than many other investments. The point is there is never a collapse due to monies coming in from new investors being insufficient to pay off the liabilities of existing investors because no such money flow exists. YOU might disagree with the value proposition of bitcoin (likely because you don’t have a clue what it is), but that doesn’t make it a pyramid scheme. The definition of pyramid scheme makes bitcoin not a pyramid scheme.

Bitcoin might suffer from “pump and dump” just as any investment with low enough float and volume can be manipulated by people that drive up excitement (for the pump) then sell into it (for the dump). However this is no fault of bitcoin and is a problem with any small float/volume investment. Interestingly the more people that get into bitcoin the more stable it gets and the less it suffers from that sort of manipulation.

I agree investors in bitcoin have certain risks… for example the market might fall and price drop significantly or to zero; this is the same as any investment with no actual intrinsic, cash, or book value. There are competing crypto-coins and those that value bitcoin and make its market need to take that into consideration (and DO take that into consideration) when deciding what to buy/sell a bitcoin for. No doubt bitcoin’s current price stagnation is due to the competition of competing coins. But that’s what makes a market.

There are many other cyprocurrencies out there but that does not mean bitcoin has more than 22 million bitcoin. Bitcoins exist in their own database (called a “blockchain”) and other cryptocurrencies cannot add or remove coins from that database. Other coins have their own databases, but to say that somehow makes more bitcoin is to say AAPL issuing shares will make more shares of MSFT–it’s absurd on its face and is a foolish thing to say.

We don’t hoard dollars to make profits from dollars in the future because everyone knows the supply of dollars is managed by government and controlled so value falls over time (inflation). People however do hoard gold (and other investments) and speculate on its future price because it cannot be created at the whim of a government. Bitcoin is no different–why would it be? If some people want to speculate on the future value of bitcoin, why would that be a problem? The point I was making in comparing bitcoin to dollars was a point about intrinsic value–bitcoin can be argued to have no intrinsic value just like dollars and many other investments.

I agree not everyone accepts bitcoin, but why is that relevant? Some people don’t accept VISA; some people don’t accept paypal; some people don’t accept gold; etc. But so what? The point is some people DO accept bitcoin, and more importantly some people have value in bitcoin and want to spend it! Why not accept that value if it is safe to do so? Services exist that will convert bitcoin to dollars for businesses that want to receive payment from people with bitcoin but receive those payments in dollars. Anyone can use those services and automatically receive dollars when someone pays in bitcoin–and the fees are cheaper than VISA, paypal and similar services, there are no charge-backs, and settling time is much faster. So why not accept it? There is no risk or tax issues as you can get paid in dollars. If you’re waiting for someone else to go first, that’s already happened–businesses like Microsoft and Dell already accept bitcoin payments (using services that convert to dollars I think).

I think the answer to why you have a problem with bitcoin is similar to why many people have a problem with bitcoin. They don’t understand it and have some sort of fear-based hatred of it because of that ignorance. There is nothing wrong with that–if you want to hate bitcoin, go right ahead. Lots of people hate VISA too. But to claim it’s a pyramid scheme, or will have more than 22 million coins, or must somehow collapse to zero… none of those things are actually true. Bitcoin has plenty of risks associated with it without resorting to claims that simply aren’t true. I could go into detail about those risks but this is long enough already. I also don’t advocate investing in bitcoin–it is way too risky.

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great write up. agree on almost everything you mentions and explained.

but Madoff is a Ponzi scheme, Onecoin (new popular coin out of china) is a pyramid scheme. $1000 USD to buy in, you get onecoin. by recruiting new members to join and pay you $1000, you get $200 worth of coins. the person who recruited you get $75 worth of coins. Now you need more people to go recruiting new members to join the ONEcoin community. so everyone on the chain gets paid in ONEcoin, not USD. But you can use ONEcoin around china to buy services and exchange for products.

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I agree there isn’t much more to say. But let me clarify my intentions here as you are now making many incorrect assumptions about me.

I’m not advocating to buy or invest in Bitcoin. On the contrary I specifically stated not to invest in it–your comparison to penny stocks is very apt. I agreed with previous posters that it is safe to accept Bitcoin via services that convert payments made in Bitcoin to dollars. This is because you are not receiving Bitcoin, you are receiving dollars. In this way you never see a Bitcoin, never face any risks of Bitcoin. But actually buying Bitcoin is very risky and I don’t recommend it.

I was also trying to clarify misconceptions you are repeating. Bitcoin is risky like a penny stock, but it’s not a pyramid scheme, not a scam, nor is it a hoax. There are not more than 22 million being created, those are other coins, not Bitcoin. You can keep repeating those falsehood but they will continue to be false.

You are also incorrect about those involved in bitcoin dismissing new coins. I’m a Bitcoin early adopter but I also recognize some of the incredible things happening in some of the newer “coins” being created. Some of the new technologies, for example Ethereum, expand on the original Bitcoin concept in powerful ways and will likely be revolutionary and applicable in many areas well beyond money and payment systems. Unfortunately like Bitcoin these are extremely risky and you need a degree in computer science to begin to understand what these new technologies are about, so like with bitcoin I don’t advocate them.

Best Regards,
David

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Hi， Surprise，
You need to learn a little more about economics.
Money has four functions:

  1. as a measure of value;
    2.as means of circulating;
    3.as means of storage;
    4.as means of payment;

While bitcoin is same as traditional currency in function 1 , for function 2 ,3 and 4, bitcoin is much more convenient to circulate and pay and receive,much easier to store,greatly reduce storage cost. So bitcoin is a significant improvement over traditional currency. That is why many people prefer bitcoin and where is bitcoin’s value at. In short, bitcoin is a much better currency than traditional currency.

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20

Have changed my mind a bit here …

21

Good comments by Jamie Dimon about the worthless Bitcoin .