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Message
re: Flat fee payment processing with BitPay
Posted on 10/8/13 at 9:36 am to WikiTiger
Posted on 10/8/13 at 9:36 am to WikiTiger
quote:
So you're saying that they are ripping off the people making the purchases and that they are too stupid to know whether or not BitPay's quoted price in bitcoins is fair?
More than likely the merchant while they do the conversion. Really either way could benefit them. I have no idea how this business will operate but not having a standarized exchange for conversion will open it up to things like we've stated.
3
Posted on 10/8/13 at 9:38 am to Broke
Also I did read this:
This could be good or bad. I wonder if they will allow the rate calculation to be known. Also which exchanges they will use in the calculation.
quote:
BitPay guarantees the exchange rate during the checkout process using our Bitcoin Best Bid (BBB) rate calculation from multiple exchanges.
This could be good or bad. I wonder if they will allow the rate calculation to be known. Also which exchanges they will use in the calculation.
Posted on 10/8/13 at 9:38 am to Broke
quote:
More than likely the merchant while they do the conversion. Really either way could benefit them. I have no idea how this business will operate but not having a standarized exchange for conversion will open it up to things like we've stated.
I'll post this again since you seem to have not read it and insist on posting wild speculation and accusations based not on facts or evidence.
https://bitpay.com/bitcoin-exchange-rates
quote:
Bitcoin Best Bid (BBB) Exchange Rates
BitPay consolidates market depth from multiple exchanges to provide buyers with a bitcoin best bid (BBB) exchange rate. BitPay currently calculates BBB based on Bitcoin/US Dollar rates because of the maximum liquidity.
To calculate the exchange rate for US Dollars, we pull the market depth from exchanges with adequate liquidity and withdrawal capability in USA and the Eurozone. The exchange order books are merged into a Consolidated Level II table.
The BBB is calculated by simulating an auto-routing market sell order, across all exchanges, with zero commission fees. Buyers will always get a better value by spending their bitcoins at a BitPay merchant than by selling them on an exchange.
To calculate the exchange rate for currencies other than the US Dollar, we use the USD rate described above and multiply it by the daily ECB ForEx rates compared to the US Dollar.
This post was edited on 10/8/13 at 9:39 am
Posted on 10/8/13 at 9:41 am to Broke
quote:
More than likely the merchant while they do the conversion. Really either way could benefit them. I have no idea how this business will operate but not having a standarized exchange for conversion will open it up to things like we've stated.
So you argue that they are going to grow their business by salami slicing their customers and their customers' customers?
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