Bitcoin Payments

One of the app MSCs offers payment by Bitcoin as an alternative to PayPal. Has anyone opted for this form of payment? I don't know enough about Bitcoins to even try it out.

"There's so much trouble in this world; surrounded by miracles" - Citizen Cope

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Bitcoin "exchange rates" (actually more like the spot prices for gold or platinum) vary. You would be adding the possibility of gaining or adding value to your payment as Bitcoin prices fluctuate. I do not know if there is a cost to buy or sell bitcoin at the various exchanges. It is a totally unregulated market, and some exchanges have been hacked and people have lost billions (yes, billions) of dollars. Here is a chart of Bitcoin prices: [www.buybitcoinworldwide.com] Below the gra[h, you will see a table that shows that Bitcoin has lost over $18% of its value during the past 30 days.

Shopping Southeast Pennsylvania, Delaware above the canal, and southwestern NJ since 2008


Edited 1 time(s). Last edit at 10/13/2019 01:54PM by myst4au.
Yeah, the whole "alt coin" market is very unstable. About 18 months ago, I decided to try investing in several of the smaller alt-coins, as bitcoin cost too much (even now). I invested $300....it's worth about $65 now....so if you are paid in bitcoin, and in a year or so want to "exchange" it out for USD, you should realize there is a good chance you won't realize your ROI. If the MSC says your pay is $30 and we'll pay you in bitcoin, a year from now it may be worth $22 or it may be worth $43....who knows??!! So if you want to try it without it hurting too much, you might want to try just a certain amount of pay in bitcoin and see what happens. It can be fun or nerve wracking!! You might come out ahead.

Edited 1 time(s). Last edit at 10/13/2019 07:01PM by guysmom.
I would NOT choose a Bitcoin option unless the shop had been negotiated for fee and reimbursement in Bitcoin when I originally agreed to it and my required purchases were being paid for in Bitcoin.. My contracted fee was agreed to in the official currency of my country. I would not accept my $25 as $25 'worth' of corn, soybeans, apples, potting soil or other commodities. Even when I do a 'reimbursement only' shop, the value of the commodities I purchase is negotiated in the official currency of my country as that is the currency I will be spending. My country's official currency is a commodity itself and fluctuates in value day to day as well as losing value over time due to inflation. Adding a second tier of fluctuation by being paid/reimbursed in a different commodity just adds more volatility.

If I subsequently decide to purchase some commodity with my reimbursement or fee--such as Bitcoin, sneakers, shares of stock or a can of soda--that decision is mine as to the item, the timing and the acceptable purchase price. I neither want nor need for someone else to make those decisions for me.
guysmom, thanks! That was great information!

Flash, the MSC didn't offer payments by check or direct deposit. Bitcoin was an option to PayPal. There were some other options that I never heard of.

I had a bad experience with PayPal and I use them as a last resort.

"There's so much trouble in this world; surrounded by miracles" - Citizen Cope
If you want to invest in bitcoin I would think it preferable to research it and then decide which "brand" of bitcoin you want to invest in and how much. I am using bitcoin as a generic term for all the block chain currencies that are out there something like calling all the copies from a copier machine xerox no matter which brand they are. I do not understand how they work but I have been occasionally looking at the markets and the swings in value are sometimes huge. Since I started to check it is mostly decreases in value. I would think it would be easier to track your gains and/or losses if you invested a chunk all at once at a certain value.
If you consider your mystery shopping earnings as "play" money though then small dribs and drabs might work for you. I would check to make sure you are not paying a fee for each transaction.
Investing in Bitcoins isn't a consideration for me since I know nothing about them. I prefer much safer choices, such as small caps and emerging international markets.

"There's so much trouble in this world; surrounded by miracles" - Citizen Cope
'Bitcoin & Beyond'

Should this concept and practice be shopped?

Some of the days in November carry the whole memory of summer as a fire opal carries the color of moon rise. - Gladys Taber
@HonnyBrown wrote:

Investing in Bitcoins isn't a consideration for me since I know nothing about them. I prefer much safer choices, such as small caps and emerging international markets.

Good call. While Bitcoin is an amusing mathematical/computer concept, even the tulip bulbs of the Dutch speculation of the early 1600s had more intrinsic value. Currencies start with something of intrinsic value--usually precious or semi-precious metals--and over time evolve to paper chits that can be redeemed for those metals and eventually become more abstracted, as happened during the last century when the dollar and other currencies moved away from being chits for metals to chits based on the 'full faith and credit' of the issuing government (whatever that actually means). Bitcoin and other cryptocurrencies depend on the 'full faith and credit' of the herd. When the herd thinks they have more value, you can obtain more commodities with them, but when the herd stops believing . . .
ehhhhhh

The problem I see is if bitcoin goes down in value a lot...At least with American dollars, we know we only have to worry about 2% inflation each year on average (some years less, some higher).

Bitcoin? It can lose ALL value in theory. winking smiley
Flash, that's true. When the herd thought they were The Next Big Thing, Bitcoins had a lot of value. Now, not so much.

"There's so much trouble in this world; surrounded by miracles" - Citizen Cope
The only use I've ever seen for bitcoin is when a scammer wants ransom money. Never seen a bitcoin logo posted as a form of acceptable payment on any legitimate storefront, online or not.
@Aquiest wrote:

The only use I've ever seen for bitcoin is when a scammer wants ransom money. Never seen a bitcoin logo posted as a form of acceptable payment on any legitimate storefront, online or not.
Aquiest, In my research of all the alt-coins, including bitcoin, several years ago, I do remember seeing a VERY FEW areas that accept bitcoin as payment....can't remember where they were just now, but they are indeed, VERY RARE, and VERY FEW locations!
I have seen real estate in Los Angeles at millions of dollars sold for bitcoin. At the height of the bitcoin frenzy, which seems to be over now at least for the general population, I would see some regular retailers advertise that they took bitcoin. But it has been a while since I have seen any ads like that.
@sandyf wrote:

I have seen real estate in Los Angeles at millions of dollars sold for bitcoin. At the height of the bitcoin frenzy, which seems to be over now at least for the general population, I would see some regular retailers advertise that they took bitcoin. But it has been a while since I have seen any ads like that.

Which has crashed more?

Bitcoin or Uber and Lyft (two unprofitable companies) stocks?
@shoptastic wrote:

@sandyf wrote:

I have seen real estate in Los Angeles at millions of dollars sold for bitcoin. At the height of the bitcoin frenzy, which seems to be over now at least for the general population, I would see some regular retailers advertise that they took bitcoin. But it has been a while since I have seen any ads like that.

Which has crashed more?

Bitcoin or Uber and Lyft (two unprofitable companies) stocks?

I am not invested in any of them. But Uber and Lyft have a basis for their business which regular people can relate to and perhaps figure out. If prices go up or down we at least have an inkling of why.....
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