Digital Currency Payments

1. 71

   electronicianposted 11 years ago

   Since we hubbers are making our money here digitally, it would be great if Hubpages could send us payments from the ad program in digital currency using Bitcoin, or even better Ripple.
   
   Either of these would have lower transaction costs for Hubpages compared to paypal (Ripple is cheapest, at around 1/1000th of a cent per transaction and would also allow for payments to be sent in any currency, including USD, and automatically converted into any currency the hubber wants to receive too).
   
   Many hubbers would also benefit because paypal is not available in many countries, whereas you can use Bitcoin or Ripple, from any country in the world - so this would allow many hubbers who currently cannot generate an income from their writing on Hubpages to begin doing so.
   
   I'm sure it would also be great PR for Hubpages, as things like that tend to get a lot of media attention and bring in a lot of support from users of those digital currencies.
   
   Obviously this wouldn't replace paypal payments, but it would be great to have it as an additional option. I would love to know if this is being considered at all?

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   1. 88

      alikhan3posted 11 years agoin reply to this

      You could ask them to consider payoneer debit cards, they are a bit expensive but very convenient
      I ont know whats the advantage in using bitcoins, It would bring further trouble when we would want to convert in normal currency.
      nobody uses bitcoins in my country ( still Primitive ).

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      1. 71

         electronicianposted 11 years agoin reply to this

         I'm not sure about which countries you can use Payoneer in, but choosing something with additional expense over Paypal would seem like a backwards step to me.
         
         Bitcoins would have to be converted into your national currency, just like the USD earned by people outside the USA have to be converted before they can be spent. Also Ripple allows payments to be sent and received in any currency, including USD and many other national currencies.

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         1. 88

            alikhan3posted 11 years agoin reply to this

            Payoneer is available in many countries including those in which paypal is not available. They mail you a prepaid debit card which you can use in atms.
            I have heard of that bitcoin thing but I am still not sure how I can use it Pakistan, got to check this out

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            1. 71

               electronicianposted 11 years agoin reply to this

               Google' Bitcoin Pakistan' and you will find that there are plenty of people using it in Pakistan and it is not difficult to convert between your national currency and Bitcoins.

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                  alikhan3posted 11 years agoin reply to this

                  Yes it is available within Pakistan, I would appreciate and support every effort done to substitute Paypal.

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                  alikhan3posted 11 years agoin reply to this

                  Is their anything else I can do to support your cause ?

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2. 65

   relacheposted 11 years ago

   What would be the benefit to HubPages by incorporating a currency that is not yet entirely legal in their own country, and which might get them dropped by their own banking institutions for doing so?

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   1. 71

      electronicianposted 11 years agoin reply to this

      Firstly - it is entirely legal (not sure what you mean by 'yet', as if new things are automatically illegal until the government gives them the ok with new laws - that's the exact opposite of the reality).
      Secondly - why would it get them dropped by their own banking institutions? These things aren't banks - they are digital payment systems. And in any case banks don't drop you for doing business with companies or products they don't like for personal reasons (even other banks). There are competition laws to prevent such things anyway.
      Thirdly - see my original post above for the benefits.

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3. 65

   relacheposted 11 years ago

   You might want to do some research into how the US government and banks are reacting to virtual currencies, as it's clear you have no idea of the situation outside your own country.
   
   "In May 2013, California’s state financial regulator issued a letter to the Bitcoin Foundation, a nonprofit organization designed to promote bitcoin, warning it that it may be a money transmission business, and threatening people there with potential fines and jail time." (x)

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   1. 71

      electronicianposted 11 years agoin reply to this

      Relache, please don't descend to being nasty and insulting me - there is no need for it and it will not help you win any debate.
      
      I have done quite a lot of research on this topic, in fact, and am well aware of the global situation. Some parts of the US government are calling for the regulation of digital currencies like Bitcoin. Regulation would not affect legitimate businesses who are using them, and would actually be helpful to a legitimate business like Hubpages seeking to integrate this new technology, not harmful.
      
      In any case it is only a small contingent within the US government which is calling for any action. I notice you quoted the California state regulator, so perhaps I should raise the bar by going to the national level:
      
      'The Department of Justice said Bitcoins can be “legal means of exchange” at a U.S. Senate committee hearing, boosting prospects for wider acceptance of the virtual currency.' - http://www.bloomberg.com/news/2013-11-1 … efits.html
      
      Also Bitcoin is not the only game in town. One of the problems with Bitcoin (or at least one of the things which regulators don't like) is that it makes anonymous payments possible, which is difficult for the taxman and can also hide criminal activity. Ripple, which I recommended in my original post, does not have these same legal issues. I am not aware of any single member of any government complaining about Ripple.

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      1. 85

         NateB11posted 11 years agoin reply to this

         I can't remember where I read it and which specific companies were involved, but I understand more of these companies, including big ones, are accepting bit coins. I think eBay is one. Also, interestingly, they can be used in Las Vegas. I appreciate you bringing something in that is not mainstream and offering up viable options with certain benefits.

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         1. 71

            electronicianposted 11 years agoin reply to this

            Thanks Nate, you are right that eBay has said it is looking at possible implementations for accepting Bitcoin payments, although there is nothing specific on the table right now. Several other big retailers like Overstock.com have already started accepting them.

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4. 92

   Sue Adamsposted 11 years ago

   If banks could be boycotted altogether, that would be fine by me, but you still have to transfer your bitcoins to your bank to pay the bills. I can't see my electricity company accepting bitcoins (yet). It's an interesting idea though and high time we got off the fiat system.

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      The Examiner-1posted 11 years agoin reply to this

      You could use Credit Unions, they are better than banks anyhow.

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   2. 71

      electronicianposted 11 years agoin reply to this

      Lol, Sue, I often feel the same about the banks - I hope people don't forget all they have done in these past few years now that we seem to be coming out the other end of the financial crisis. The Examiner's point about credit Unions is a good one too, my girlfriend has an account with our local credit union and they are very good (she gets a 'paying in book' too, which has a wonderful retro charm about it that reminds me of my childhood).
      
      In relation to paying the bills though, I doubt if the majority of people here earn enough for that - I think Hubpages is mainly for earning a little extra beer money rather than a full living wage.  Also, I bet you don't pay your bills with Paypal either (and I certainly don't pay mine in USD). You can actually use Ripple to receive any currency - it doesn't have to be Bitcoins or Ripples; I think that would be a good idea because people could choose whatever currency they want (digital or their national fiat) and the  system would automatically convert the payments for them at the best exchange rate available at that moment.

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      1. 92

         Sue Adamsposted 11 years agoin reply to this

         The money I make here certainly goes towards paying bills. So are you saying that electronic currency is no solution to getting rid of Fiat money which is printed out of thin air by the privately owned Federal Reserve, and causes inflation? I thought the whole point of bitcoin etc. was to bypass the present insane banking system. Do co-ops keep 100% of deposits in their reserves, or do they also lend our savings to borrowers who cannot pay the money back?

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         1. 71

            electronicianposted 11 years agoin reply to this

            Good questions Sue, thanks.
            
            Digital currency is certainly a possible alternative to fiat currency, and as you say they do address the inflation problem and the power of central banks.
            
            Not sure what you mean about the co-ops - is that a reference to the Credit Unions which were mentioned?  If so they are a long established alternative to profit making banks which deal with fiat money, not digital currency.
            
            Its great that you can pay help pay your bills with Hubpages! I probably wasn't being clear but my point was that in order to do that you probably need to withdraw your money from Paypal into your bank. If you want to you can do the same with Ripple - you could receive your money in USD and transfer to your bank, but you could also receive other currencies, it would be available to hubbers from any country, and the costs would be less for Hubpages (some of which could possibly be passed on to use).
            
            Hopefully in the future we will be able to pay our bills directly with digital currency, but not at the moment. Just like Hubpages doesn't pay us in digital currency at the moment. But things are moving fast and I personally think there are a lot of benefits, including the ones you mention.

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            1. 92

               Sue Adamsposted 11 years agoin reply to this

               Yes, I did mean Credit Unions. Let us hope things will move forward fast enough before the dollar collapses (and the Euro for that matter).

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               1. 71

                  electronicianposted 11 years agoin reply to this

                  Indeed, a collapse of the dollar would be catastrophic - for the whole world as well as the US - and it is more possible than many people realize.
                  
                  It is a historical fact that the average lifespan of a fiat currency is just 27 years ( http://www.forbes.com/sites/ralphbenko/ … er-dollar/ ), so there is an argument to say that the dollar is already on borrowed time.

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5. 61

   FatFreddysCatposted 11 years ago

   Back in MY day, "Ripple" was a cheap wine.
   
   Just sayin'.

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   1. 85

      NateB11posted 11 years agoin reply to this

      The favorite drink of Fred G Sanford. And the G is for grapes.

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         FatFreddysCatposted 11 years agoin reply to this

         My pals and I usually preferred Night Train. Probably because it had recently been immortalized in a Guns N Roses song.
         
         ....wait, what was this thread about again? Oh yeah, Bitcoins. I read a piece in the newspaper about them some time ago and honestly I couldn't make heads or tails out of how it's supposed to work. Sounds fishy to me, I wouldn't deal with it.

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         1. 85

            NateB11posted 11 years agoin reply to this

            To tell you the truth, I always get lost when it comes to money talk and things about money, whether it's the accepted currency or a new alternative. Really, generally, out of my realm. Too abstract for me.

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6. 92

   Sue Adamsposted 11 years ago

   The above 2 entries are typical of the majority of people who refuse to get involved, refuse to find out the truth about where their money is coming from and what their taxes are used for.
   
   “It is the most important subject intelligent persons can investigate and reflect upon.” – Robert H. Hempbill, Credit Manager of the Federal Reserve Bank of Atlanta.
   
   There are several very good, simply explained hubs written on the current economic crisis and on digital currency which attempts to bypass the current corrupt fiat system. Just search for hubs on "Digital Currency",  "Bitcoin", "Federal Reserve", "Fractional Reserve Lending".
   
   Be informed so you too can help towards making a change to get us all out of this economic mess.

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   1. 71

      electronicianposted 11 years agoin reply to this

      Well said Sue, it is a vitally important subject at any time, but particularly so now given our current situation with massive government debts and the money printing presses working in overdrive to feed the stock market (currently in the 6th year of a 'boom' cycle of growth - http://www.forbes.com/sites/robertlenzn … ll-market/ ) which is further enriching the very people who caused the financial crisis whilst driving down living standards for ordinary people ( http://www.globalresearch.ca/us-census- … ds/5350343 ).

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7. 71

   electronicianposted 11 years ago

   I just thought this might be relevant to the discussion:
   
   51% of technology professionals would prefer to be paid in Bitcoins than fiat money according to a survey of 18,000 workers - http://thebitcoinnews.co.uk/2014/01/29/ … id-in-btc/

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8. 81

   Knightmare Golemposted 10 years ago

   Just to put my thumbs up here, I would personally love to have the option of being paid in Bitcoin.

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