The draw of bitcoin is that it isn't the Government being involved. There are a certain number of people out there that default to thinking anything is good if the US Treasury and The Fed isn't involved. The bitcoin has no regulatory body, therefore free market, therefore perfect.
“Let’s say you sell electronics online. Profit margins in those businesses are usually under 5 percent, which means conventional 2.5 percent payment fees consume half the margin. That’s money that could be reinvested in the business, passed back to consumers or taxed by the government. Of all of those choices, handing 2.5 percent to banks to move bits around the Internet is the worst possible choice. Another challenge merchants have with payments is accepting international payments. If you are wondering why your favorite product or service isn’t available in your country, the answer is often payments.”
You can add me to that. I tried. As a "bit" of advice, when they say mining for coins, don't bother digging in your backyard, they aren't there.....
When I was looking into building my own PC I came across rigs for mining Bitcoins. I decided to look into it but never fully understood the point of it. There are other forms of coins out there as well, such as the Dogecoin.
So the payment processor doing the conversion to US dollars will most likely charge a conversion fee, something the consumer would end up paying in the form of a less favorable conversion rate. No thanks. I'll let the vendors pay the transaction fees on my credit cards that have built-in fraud protection and dispute resolution.
It sounds like Dish is immediately converting the bitcoins to cash. They would pay a small fee to the company they are using to do this. It's pretty similar to the way they pay Visa and Mastercard to process your transactions now except the fees are lower. It should be a bit cheaper for Dish when customers choose to pay this way.
I don't think they would make the customer pay their fees for converting to cash though. It all trickles down in the end but they don't currently make you pay your Visa transaction fee if you choose to pay that way instead of a check.
Dish may pay a small fee to the company for the processing, but I bet the conversion commission is paid completely by the customer. One way or another, if it is not a fee or a percentage it will be via an unfavorable exchange rage.
Understood. Can't argue with that.I know what they mean, what I mean is vendors paying the transaction fee is part of the cost of doing business. Never would I switch over from using a credit card with all its benefits and protections and start using bitcoins which is fraught with abuse and volatility.