% of transactions completed with bitcoin

driveahonda · Feb 2, 2016

I've been away from the market for a while, and I'm wondering about how many transactions are completed with bitcoin. Back in the day most trades were done with paypal, however, it seems like paypal is not very popular anymore.

Anyone with current market experience, which payment method is currently the most popular?

Thanks

Kjuba2 · Feb 2, 2016

BTC for sure dominates currently due to how safe it is for sellers, Paypal is still used for paying the gold suppliers or accepted from trusted sythe users only due to recent surge of chargebacks etc. Bank Transfers are used quite often as well as skrill however idk how skrill works so have no insight on that.

driveahonda · Feb 2, 2016

Kjuba2 said:
BTC for sure dominates currently due to how safe it is for sellers, Paypal is still used for paying the gold suppliers or accepted from trusted sythe users only due to recent surge of chargebacks etc. Bank Transfers are used quite often as well as skrill however idk how skrill works so have no insight on that.

would you say that btc is the most used payment method on sythe?

Dunworry · Feb 2, 2016

driveahonda said:
would you say that btc is the most used payment method on sythe?

Definitely not.

Paypal is by far the most common. Skrill / btc / WU / bank transfers are all far less common, you' won't see them nearly as often.

FlyingToast · Feb 3, 2016

Maybe like 15-20%?

I'm not very involved in the market, I know most places accept it but because of it being 'daunting' I'd imagine many users would rather stick to PP even though the while site is horrible.

Hopefully more move to BTC here and it becomes more common, would really decrease all of the charge-back hassles people have.

Pure · Feb 3, 2016

With how safe it is you'd think it would be dominating the market, but because Paypal is so noob friendly and easy to use, most people pay with that.

fragan77 · Feb 14, 2016

driveahonda said:
would you say that btc is the most used payment method on sythe?

No. I haven't had 1 BTC transaction but have sold over 17B RS3 Gold.

fragan77 · Feb 14, 2016

FlyingToast said:
Maybe like 15-20%?

I'm not very involved in the market, I know most places accept it but because of it being 'daunting' I'd imagine many users would rather stick to PP even though the while site is horrible.

Hopefully more move to BTC here and it becomes more common, would really decrease all of the charge-back hassles people have.

The problem with BTC is I never know the current rate for it in RS3 Gold so I never use it. On top of that, you have to sell BTC as well in order to get cash. The hassle is just too much.

Jordevie · Feb 14, 2016

To my knowledge most ('big') gold suppliers use bitcoin, whereas most (incidental/for personal use) gold buyers use paypal. Considering myself and other fulltime gold suppliers, I'd say that 75%+ sell their gold for Bitcoin with the main reasons being no chargebacks, anonymity (& tax evasion).