Bitcoin payment review

[Genera74]

Hi all,

Am considering to use BTC to make use of some of the discount offered by TDs. I have previously bought BTC before so am familiar with the deposit-into-digital wallet process, but using it as payment currency is new to me. Would like to get others' feedbacks/review on using this method. My primary questions are:

1) Prices on TDs website are quoted in CNY; at what conversion rate will they quote you? (CNY>USD>BTC?) if so what will be the mark-up in price (as compared to original CNY quoted price?)
2) Assuming you accepted the BTC price and price fluctuates afterward, I assume you will have to take that risk? (eg. say quoted price is USD 1000 = 1BTC = 1 watch, then price fluctuate to USD 1100 = 1BTC = 1 watch, buyer will assume the risk in this case?)
3) How long will the processing time takes? Would you rather pay more fees to make it faster? (eg. so following above example, assuming you sent out USD 1100 = 1 BTC = 1 watch, and during processing time BTC to reach seller, I assume buyer won't take price fluctuation risk?)

Any other tips from past-users on this payment method will be helpful! Thanks!

 

[rj999]

The bitcoin transaction itself can be quick. But getting normal currency in and out of bitcoin can, in my experience, be slow. And with its very high volatility due to speculator games, it's all rather annoying and tedious. I just use a reliable TD who takes my credit cards.

 

[ssouthall6]

My tip for making this work:

Set up account with bitcoin market, coinbase is the obvious one but there are others.

When setting the account up ensure you set up bank transfer as a payment method as this can take time but also save time. If you try to buy btc with your bank or credit card, you may be subjected to daily or weekly limits that prevent your purchase.

When you have that bit done, then you are free to look for watches.

Some dealers will give you btc prices, I have recently moved over to using Mary as I have had some frustrations with the guys I've been using the last few years. She gave me a price in dollars including shipping for the watch. It is important at this point to get the btc wallet address from your TD. It will save time and minimise the risk of fluctuation in value later.

I use a combination of oanda and the following calculator to work out how much I needed to buy, as coinbase is not particularly helpful at this:

https://www.coindesk.com/calculator

Then buy the btc by bank transfer adding on around £10 as I like a little spare for 'other things' I use btc for . To do this you choose bank transfer as the option, it gives you a unique reference to set them up as a payee. You only need to set them up once, then they stay in there as a payee so this process is a one time thing.

Then once you've loaded up your wallet and the funds are there, you will receive an email. This is usually quite quick, within 30 minutes to an hour. Then log into coinbase and buy the btc from your wallet. You will need your mobile handy as it requires two factor authentication.

As long as you've given yourself a little wiggle room for minor fluctuations and fees you should be fine. Then send the bitcoin to your dealers bitcoin wallet and within an hour they should have confirmed funds.

I honestly much prefer it to paypal these days. I use bitcoin all the time, it's a process that once you get the hang of is not as laborious as it sounds.

Good luck!


Sent from my iPhone using Tapatalk

 

[Pietros]

I paid InTime with Bitcoin for 2 transactions recently and it was very simple.
Ryan sent me their unique bitcoin address, I entered the amount in USD on Coinbase and hit 'send' and that was it.
Also dropped him an email to say the payment had been made.

 

[Genera74]

ssouthall6 Pietros Thanks! this gives me a bit more confidence to use this method! Thanks!

 

[Faj]

The only thing which is unnerving is, that once you ordered your babies- and after received payment advice - the long wait for the $\£/€ money to arrive in the Coinbase account. I am waiting now 4 days :-(

once there, convert , send, give notice -
in one flush minimizes the fluctuations.

if one is lucky and a little playful there are some little gains to be made also, the opposite is possible too.

So, as we are riskhappy and playful folks already ... there should be no obstacles to use crypto’s...

(... and in my opinion learning something about our financial future technology)

and one day you will be able to tell Missi, yawning in awe about your Crypto knowledge, that without you watch craze you wouldn’t be able to successfully steer the financial destiny of your family’s dynasty - he he he ... at least you can try telling them...

 

[gnoelkered]

Sent BTC to a TD a few days back.

Problem now on the BTC network is the huge processing time.

I sent with a higher fee and even that took around 24 hrs to process.

Hope TDs can be open to other form of crypto payment like Ethereum.

 

[fireice2]

Tried paying TD using bitcoin. Process was supposedly smooth but the overall transaction became more expensive rather quickly.

I have to pay for convenience fees when purchasing BTC using CC. Price of BTC also went down when TD received payment, thus I ended up paying an additional $20 for the difference.

The TD discount for using BTC disappeared rather quickly. Now I view the discount as TD 's share in the hidden costs associated with BTC payments.

This is also not factoring the FOREX since I live outside USA.

Sent from my Mi MIX 3 using Tapatalk

 

[rj999]

I do now use bitcoin because of the increasing credit card and bank transfer difficulties. I transfer cash from my current account to bitcoin via Bitpanda at my leisure, and then move it to my Ledger offline wallet. I just leave a couple of K dollars in the wallet permanently. When I want to buy a watch and my TD sends me the bitcoin price, I pay immediately from the Ledger app. It's worked OK so far.

 

[Rufctr2]

I planned to buy two watches to a TD few days ago. My online bank allow me to get a virtual card and account in any currency. So i made the deposit in usd to pay the TD but once i have done the payment, i saw the order refused as the TD added to the website price, their fees from the credit/debit card processor.

For me these fees must be included in the invoice price and in the margin of the TD. So instead to buy it by card, i made the payment in usd by swift transfer without any additional cost.

I heavily recommend for EU people to get a Revolut account. I didnt get any currency fees as i made the payment in us dollars to the HK account.

I didnt get any discount from the TD but no fees like with paypal or btc exchange is even better imho.