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Bitcoin Donations
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sjohn
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Post Posted: Wed Apr 24, 2013 6:36 pm   
Post subject: Bitcoin Donations
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Hey Forahobby,

Been a while since I last talked to ya, figured I'd shoot some quick information to you about taking bitcoin like we talked to you over skype.

If you don't want to take the risk and worry with exchanging them, just use https://bitpay.com/ it allows you to use them just like any payment processor where they pay to you at a much lower fee than paypal, or you can customize your distribution if you were to want to get into bitcoins something like 80%USD/20%BTC so that you could take most of the risk out of taking bitcoins.

I have been working with bitcoins from a user standpoint for about 2 years now and it has recently really taken a huge leap in use and utility. It would likely draw some traffic to the site as this digital currency has a huge loyal following.

Thanks,
Sjohn

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forahobby
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Post Posted: Thu Apr 25, 2013 9:36 am   
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thanks sjohn, always looking for new ways for our members to contribute to the site and this may be another one. Smile Does anyone else use BitPay here on HQ?
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khris1972
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Post Posted: Thu Apr 25, 2013 11:20 pm   
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nope... no one knows who created the program for them (therefor no one knows where the money goes when you buy shares in them) also they were at 180 dollars a share at 10:00 am and down to 40.00 dollars a share at 4:00pm today.
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sjohn
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Post Posted: Fri Apr 26, 2013 5:16 pm   
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I don't want this to come off wrong but I definitely need to correct and clarify some points made.

khris1972 wrote:
nope... no one knows who created the program for them

The author(s) is unknown but it is open source software that has been iterated and improved by the community and anyone is freely available to check into the code and see what it does.
khris1972 wrote:
(therefor no one knows where the money goes when you buy shares in them)

It is not a stock, it's a currency, you buy and hold, you buy and spend, or you sell what you have on an exchange, it's similar to a stock but it's direct trading through an exchange with buyers and sellers. So the money goes to whoever is selling, and the bitcoins go to whoever is buying.
khris1972 wrote:
also they were at 180 dollars a share at 10:00 am and down to 40.00 dollars a share at 4:00pm today.

The 3 day high is 166, and the 3 day low is 120, yes there is some volatility but as of the day of the posting these number are way off base. Right now it's averaging around 135. The beauty of using a service like BitPay is that it removes the volatility for those accepting payment via bitcoin. The users pay in bitcoin, it is converted to fiat currency on the spot at a small fee 0.99%, which is much lower than paypal and other payment processors. So what forahobby needs to do is say that he wants $10USD as the price, right now that would equate to 0.074 btc. He would get get 9.90 usd, without the risk of chargeback from paypal, without the risk of someone denying the charge on a credit card.

So basically as I said it's basically a no risk, way to possibly drive some further traffic to the HQ, bitcoin businesses are popping up all over and the following is becoming quite large. Some slight adjustments would need to be done but there is a lot of sample code out there to draw off of for inspiration.

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khris1972
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Post Posted: Sat Apr 27, 2013 9:58 am   
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i stand corrected. Smile
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X_Splinter
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Post Posted: Sat Apr 27, 2013 2:42 pm   
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khris1972 wrote:
nope... no one knows who created the program for them (therefor no one knows where the money goes when you buy shares in them) also they were at 180 dollars a share at 10:00 am and down to 40.00 dollars a share at 4:00pm today.



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