Cryptocurrency?

Tom FosterTom Foster Major grinsEdinburgh, UK.Posts: 283Registered Users Major grins

Any thoughts or input into Smugmug accepting cryptocurrencies (e.g. Bitcoin, Litecoin, etc.) for payments? Could potentially be a whole new market and would show that we are moving with the times, so to speak!

Comments

  • FergusonFerguson Major grins Posts: 1,197Registered Users Major grins
    edited January 31, 2018

    Out of curiosity, with such a volatile currency, how would you expect Smugmug to remit to the users?

    E.g. if you sold something for 1 unit of new-currency, which at the time was worth $100, and at the end of the month it was worth $200, what would SM pay you? Wat if it was worth $50 instead?

    Or would you expect to be paid in that same currency?

    Please note I am not speaking for or against, as someone who recently found lots of my friends fascinated and investing, I wonder how the logistics would work here.

  • Tom FosterTom Foster Major grins Edinburgh, UK.Posts: 283Registered Users Major grins

    Hi,
    Sorry for the slow reply, been a bit busy recently! I think the best way of doing it is conversion at point of sale (to USD/GBP/etc.) There's a number of companies that exist just for this purpose (like a Bitcoin version of Paypal), such as Bitpay.

    See, for instance how Scan incorporates such a service https://scan.co.uk/info/bitcoin. The merchant (as in both us directly and Smugmug) don't have to deal with the crypto-currency itself, just enable it as a payment option and the seller gets paid in currency of their choice based on whatever the exchange rate is at the time. This means that the Bitcoin/Litecoin etc. price may change but the price you receive in GBP/USD/etc. wouldn't.

    I don't know if that makes things clearer or not? It is obviously a (relatively) new technology/concept still but as far as I can see increasing payment options can only be a good thing- especially when these days it can be easy as scanning a QR code!

  • FergusonFerguson Major grins Posts: 1,197Registered Users Major grins
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