Quote:
Originally Posted by adultmobile
In fact I would suggest to run bitcoins (bitcoind) on your server and no need bitpay or coinbase or any third party processor or company. Opensource php libs in github:
https://github.com/search?l=PHP&q=bi...e=Repositories
https://github.com/search?l=PHP&q=mt...e=Repositories
https://github.com/search?l=PHP&q=bt...e=Repositories
Epoch-like or CCBILL-like companies are not really a need there. Any average php guy can use free scripts over your bitcoin demon running in your server, check mtgox + btc-e for price every 15 minutes and so on.
Just I think the real issue is exchange BTC<->USD. Time to time those exchanges BTC<->USD will have bank accounts frozen and perhaps money you have there lost all or in part. Someone remembers webmasterchecks issue? They was (and still are) fully compliant, honest and ok... but because just 1 their accounts used wmc for gambling (without wmc knowledge, and against wmc TOS), this 1 account holder was busted... prosecutor does his job, then all wmc accounts had been frozen (with bank account) for many months, even if those wmc account holders had nothing to do with gambling or illegal - it was very boring event, and of course adult/porn companies are NOT helped by anyone in these cases, we are an hated and lower rights cathegory. Now compare: always there will be "at least one" who use mtgox, btc-e or else money exchange system for bad stuff (let's say .. a lot) and when busted, prosecutor can freeze a whole bank of generic exchanges, so your money is frozen for year(s) or lost. It is much like you host your legal site in same server of illegal stuff, and the server is seized and offline, your're offline too, and perhaps even investigated.
Example from this week:
https://bitfloor.com/
2013.04.17 I am sorry to announce that due to circumstances outside of our control BitFloor must cease all trading operations indefinitely. Unfortunately, our US bank account is scheduled to be closed
2013.04.20 The bank has issued us a check for the remaining account balance. The ETA for receiving the check is around 10 days. Until then, we will be unable to make any further payouts. We are exploring various options for returning your funds.
Said so, there is still cool pieces in bitcoin, just I still believe next versions of cryptocurrencies will replace the flawed bitcoins at some point. |
Lots of good info, thanks.
I wouldn't personally use my own server to do this, out of numerous fears and concerns, but I may try a site out using CoinBase or BitPay, just to see how it goes.
The lag time between a surfer wanting to join, and their need to purchase bitcoins to do so (which apparently takes some effort) is a pitfall, as is the currency fluctuation, but it may worth an experiment or two.
I've written this before, in a few of these threads...
I am not a gambling man. If I were to ever use bitcoins as a payment option for a site membership, I would never hold any bitcoins in reserve.
A person pays $10 to $20 in bitcoins, and as soon as humanly possible, I would want that money wired into my account.
I think coinbase pays out once daily (but I could be wrong). There is always the chance that the exchange goes up or down a bit before you get paid, and that is a risk, but if you cash out on a daily basis the risk is relatively low. Even if the currency crashes 100% the most you would lose is one day of bitcoin join sales, so no big deal.
I would not trade or horde bitcoins however, as again, I am not a gambling man.