Luxury watchmaker Breitling starts accepting Bitcoin for purchases

Baron said:
...but the caveat is that Amex takes the money from the consumer for the purchase, and then they deduct 2.89% of that amount for themselves as a service fee and then they forward Breitling the rest of the money a week later. I repeat. Breitling never receives the full amount of the watch purchase. They receive the total amount minus 2.89% a week later.

So with that in mind, of course Breitling would want to accept BTC through Bitpay. Instead of paying a 2.89% transaction fee, Breitling pays a 1% transaction fee, and instead of waiting for 5 days to get their money, they get it in 2 days. It's a friggin' no-brainer...
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But what happens if the "value" of BTC drops 15% during that 2 day period, which has happened to BTC in the past?

We know it can go the other way. BTC could shoot up 15% as well.

It seems to unstable and volatile for the retailer to know what their income will be on each transaction.
 
deaddog said:
Exactly! Rolex or Timex will both tell time.
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So does your phone. Nowadays unless you are a snob, there is no point of having a wristwatch dedicated just for time. Well, maybe if you are a pilot, but who is?
 
longshort said:
The customer has to pay more, though.
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Incorrect. The customer pays the price displayed on the website for the watch, regardless of the payment method. The chosen payment method is simply a matter of what is most convenient for that particular customer, whether it be Amex, Apple Pay, BTC, etc.
 
Overnight said:
But what happens if the "value" of BTC drops 15% during that 2 day period, which has happened to BTC in the past?

We know it can go the other way. BTC could shoot up 15% as well.

It seems to unstable and volatile for the retailer to know what their income will be on each transaction.
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You don't get it. The volatility of BTC is irrelevant from both the customer and the merchant's perspective. The volatility is only a matter of concern for Bitpay, but nobody cares about them because the price fluctuation is their job to manage in return for scraping 1% off the transaction. Remember, the responsibility of Bitpay is to take the customer's BTC, scrape 1% off the top, convert the rest into dollars or euros, and then deposit that remainder in the merchant's bank account within two days.
 
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Baron said:
You don't get it. The volatility of BTC is irrelevant from both the customer and the merchant's perspective. The volatility is only a matter of concern for Bitpay, but nobody cares about them because the price fluctuation is their job to manage in return for scraping 1% off the transaction.
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...A Breitling or whatever. It is worth 1 BTC today. You buy it for 1 BTC today.

So we do the transaction through Bitpay. We exchange the watch for 1 BTC. I the seller get 1 BTC, and you the buyer gets the watch. Bitpay gets a percentage for being the broker.

K, K, I get it. But I just cannot get around the volatility of the currency, which in this case is BTC, which is equated to fiat.

(Baron, you are so lucky, I was about to rip into you about this, but then I remembered the idea you typed above about the third-party. And I also remembered your triceps.)
 
Baron said:
Incorrect. The customer pays the price displayed on the website for the watch, regardless of the payment method. The chosen payment method is simply a matter of what is most convenient for that particular customer, whether it be Amex, Apple Pay, BTC, etc.
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Okay. Shall we do an example then. Superocean Automatic 46 is quoted as USD 4,750. Say a BTC is $20K bid on exchanges. Selling 0.2375 BTC on exchange would get the potential customer USD 4,750 minus the exchange fee.

Now the customer decides to buy the watch via BitPay. This quote isn't handled by Breitling directly, but now by BitPay. Say BitPay charges 0.25 BTC for the watch. After all, volatility needs to be factored in and what not. Does the customer now pay more?

Overnight said:
I the seller get 1 BTC, and you the buyer gets the watch.
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Wrong, seller doesn't get any crypto. Care to read the thread's last couple pages before posting stuff?
 
longshort said:
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Wrong, seller doesn't get any crypto. Care to read the thread's last couple pages before posting stuff?
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I have a watch I want to sell to you for 2 crypto. You buy my watch for 2 crypto. Are you saying I do not get 2 crypto after I give you the watch? Then what do I get? Talk to me like I am a golden retriever, or a young child.
 
Overnight said:
I have a watch I want to sell to you for 2 crypto. You buy my watch for 2 crypto. Are you saying I do not get 2 crypto after I give you the watch? Then what do I get? Talk to me like I am a golden retriever, or a young child.
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I can't believe you're serious but anyway. BitPay sells the crypto and you get dollars or euros.
 
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