-> Bitcoins <- Yes or no? - Need Advice/Help.

[DrinkingHard]

Running a game service to the users of my gaming cafes in Denmark. (diablo 3, ministry of war, zynga poker, social game currencies etc.)

Im looking to perhaps use bitcoins on as lots of them dont want to use paypal. Also alot of my users refer people to my website and get a cut.

My question is if i start using bitcoins how do i then sell them? I dont want to have a problem getting real money as bitcoins dont get food on the table or can pay my gasoline hehe.

I do a fair amount of business so finding a good solution for my clients is very important to me. Used onebip alot until recent problems with them so i need some diversity.

so i need some advice from you coiners out there (the sythe search is still broken)

/DH

P.S I have seen the sticky about coins but i need to be sure i can sell $X,XXX worth of coins month after month without having to look for buyers to the bitcoins.

 

[ataranlen]

Companies like MtGox.org have a payment processor. You sign up and people can pay you in BTC, and you get paid in the currency you want.

Check here for some other options:
https://en.bitcoin.it/wiki/Category:Shopping_Cart_Interfaces

 

[Emperor Nero]

I would personally say that it wouldn't be a great move, because they're fairly insecure and a fluctuating market. They hover around 5 USD, but they've been known to drop or rise as much as a dollar. Just make sure you keep your wallet very secure or someone will dip in and take all of your coins.

As mentioned though you can just sell through one of the many online platforms MtGox is the largest.

 

[ataranlen]

I would personally say that it wouldn't be a great move, because they're fairly insecure and a fluctuating market. They hover around 5 USD, but they've been known to drop or rise as much as a dollar. Just make sure you keep your wallet very secure or someone will dip in and take all of your coins.

As mentioned though you can just sell through one of the many online platforms MtGox is the largest.

Can you show me where and how Bitcoin is "Insecure?" Because I'd like to know so I can suggest a patch to fix it. I've seen some exchanges and other services have issues, but not the Currency itself. As far as the Fluctuations, We haven't seen the value change that quickly in a long time. And when was the last time you looked? Over the last month, we've moved slowly towards $6

http://mtgoxlive.com/orders
http://bitcoinwatch.com/

 

[Emperor Nero]

Can you show me where and how Bitcoin is "Insecure?" Because I'd like to know so I can suggest a patch to fix it. I've seen some exchanges and other services have issues, but not the Currency itself. As far as the Fluctuations, We haven't seen the value change that quickly in a long time. And when was the last time you looked? Over the last month, we've moved slowly towards $6

http://mtgoxlive.com/orders
http://bitcoinwatch.com/

I just checked. I also never claimed that it would bottom out in a month, I said it fluctuates. The reason for insecurity is because the main source of trading is through the exchanges, do you remember the big crash back after they first started - they dropped from $30 to $8 in an incredibly short period of time because of the hackings at MtGox. If you look at the last sentence I told him to make sure his wallet is secure. I am just trying to warn him to be secure because you can lose a lot.

http://arstechnica.com/business/201...8000-stolen-from-customers-of-hacked-webhost/

The most recent major hackings being only a month ago.

 

[DrinkingHard]

Companies like MtGox.org have a payment processor. You sign up and people can pay you in BTC, and you get paid in the currency you want.

Check here for some other options:
https://en.bitcoin.it/wiki/Category:Shopping_Cart_Interfaces

but the question is say i have 1500 coins - Can i be sure they will buy them or do they need to find a buyer first?

 

[ataranlen]

but the question is say i have 1500 coins - Can i be sure they will buy them or do they need to find a buyer first?

MtGox is a currency exchange. If you have coins there, you can sell them generally for around the current market price. You can check the depth of market on http://mtgoxlive.com/orders to see how much the market would move for a sale of 1500 BTC.

Emperor_Nero: You're right, there's no reason to debate the past instability. Bitcoin is just over two years old now. The price actually went down to pennies on MtGox because of the hacked user account. I'm convinced that person was a victim of social engineering or something similar. Anyone who knew anything was not buying coins at that time because of the over-hype that Bitcoin was getting as an investment, we knew the price wasn't a correct valuation of Bitcoin.

And yes, I agree, Don't keep your funds on any Online wallet or exchange unless you have no other option. Always use the built in Encryption in the desktop client and choose a secure password! There are many malicious users who would love to get their hands on your coins. Stick your wallet.dat in an encrypted 7-zip for extra protection. Make backup copies, put one on dropbox, Google Drive, anything to make sure you don't loose it. Use good AV, lock down your computer. If you aren't going to spend the coins any time soon, store your wallet.dat file on an encrypted external storage medium, like a flash drive or SD Card and remove all other copies. And for the love of everything Digital, Don't forget your passwords!