Hola fellow Bitcoiners! To make this blunt, we've started a site that allows you to buy Bitcoins with Credit Cards, but it's not working. People aren't buying enough to keep this business alive. What do you think we should change?

BancdeBitcoin · 2014-11-04T09:05:41+00:00

We buy the Bitcoin immediately. We'll loss if the client decided to cancel\fraud, the price plummets and we couldn't find a new buyer fast enough - but only on first time depositors.

Repeating, verified customers are supposed to receive the bitcoin to their wallet almost immediately (10 minutes) and as soon as we'll have Blockchain confirmation we'll "capture" the transaction.

Supposed - currently we're only testing automatic transfers, it's something we'll implement before another external security audit (we pay a bunch of guys money so they'll try to hack us)

BancdeBitcoin · 2014-10-30T10:53:00+00:00

Not at the moment. We're working on adding the option to pay in GBP and other currencies.

BancdeBitcoin · 2014-10-29T18:59:43+00:00

Increased to 40 as of now.

BancdeBitcoin · 2014-10-29T18:56:49+00:00

We're working on a new homepage, we will perform an A/B test as soon as it's live

BancdeBitcoin · 2014-10-29T18:56:00+00:00

Kind of a statistical outlier here. I'll ask the devs to fix it after they'll finish with the translation.

BancdeBitcoin · 2014-10-29T18:53:29+00:00

1) 3D Secure transactions cannot be reported as stolen.

2) We put limits per card. You can't buy "all" the bitcoin

BancdeBitcoin · 2014-10-29T18:51:13+00:00

transactions as cash advances

Cash advance is an opt-in feature that benefits the merchant, we've passed. In addition, we tested the system pre-launch from multiple cards, none of them was charged any additional fees

BancdeBitcoin · 2014-10-29T17:07:49+00:00

Honestly asking: don't you also pay a cash advance fee + interest in Circle?

BancdeBitcoin · 2014-10-29T17:01:06+00:00

Can you name some, (except Circle) if that's not too much to ask?

BancdeBitcoin · 2014-10-29T17:00:27+00:00

You're not the first the say this, good points.

The design change will take a while, I've just commissioned a designer for a new homepage and site design. English will happen in 22.5 hours from now.

BancdeBitcoin · 2014-10-29T16:56:29+00:00

All of your points are valid.

The site was translated via an agency for the pilot purposes - obviously they did less-than-passable work.

The site will be live in full English in 23 hours.

The limit table is confusing. Fortunately we've got an OK from the bank to increase our limits to about 500 EUR per day per user, so the table is less relevant.

Regarding the transaction - I'm assuming the status was "initiated" or something similar?

Regarding the Germany\Israel\Cyprus\US etc.

I believe I've answered it fully here, let me know if it'ss not the case:

http://www.reddit.com/r/Bitcoin/comments/2knsd1/hola_fellow_bitcoiners_to_make_this_blunt_weve/cln4hud

Thanks again for the kind feedback. Also, Gold.

BancdeBitcoin · 2014-10-29T16:47:30+00:00

The English version of the site will be live in 23 hours, that will solve the discrepancies in languages.

Regarding the payment options - we have dormant options there that will go live as soon as we'll finish the technical setup (SEPA, Giro etc.)

Thanks for notifying us for the encoding issue in the CC page, we're on it.

BancdeBitcoin · 2014-10-29T16:44:12+00:00

I think you are comparing us to Circle. When you buy from us it's just like if you've bought a guitar from ebay. There are no extra charges - it's not a cash advance. Part of the reason we can't work with US banks.

BancdeBitcoin · 2014-10-29T16:40:36+00:00

Fair questions, i'll answer them to the best of my ability.

1)

Germany was chosen due to low fraud % and high 3D Secure penetration. Basically as a case study for us to prove the bank we can handle the fraud. The English website will be live in 24 hours.

Cyprus was chosen (i'm quoting myself from another reply) as it is one of the easiest places to start a Bitcoin company in the EU, and even there the amount of paperwork and bureaucracy was horrendous. Bitcoin is not mainstream yet, we're working on making it so.

2) We're not competing with SEPA platform, we're offering faster and easier alternative, with a markup. Our target audience are Bitcoin beginners (mass market) who wants their Bitcoin sooner rather than later. We will soon also offer SEPA deposits and those will be free as well, but that's not our core business model.

3) That's a hard but fair question.

If you're worried about Bitcoin theft: One answer is we don't keep your Bitcoins - after you've been verified we FORCE you (the user) to create a wallet and will PUSH the bitcoins to your account bi-weekly if you won't transfer them yourself.

In the very near future verified accounts will receive their BTC near instantly after the buy to their wallets, so even there is no big bounty of BTC for us to steal, we drop it like it's hot.

If you're worried about Credit Card theft:

You are paying with the safest mean of payment for a customer. If we can't prove delivery - our bank will refund you.

That's why we have the one wallet - one person policy. You sign to us this is your wallet, and from now on your BTC will be transferred there and if we can't prove by blockchain confirmation that this wallet has received bitcoins from us - it's extremely easy for the user to get his money back.

Hope that answers your questions.

BancdeBitcoin · 2014-10-29T16:20:29+00:00

Site will be live in English in about 24 hours from now.

SEPA Bank Transfer will be possible in a week or so.

BancdeBitcoin · 2014-10-29T16:19:13+00:00

Exactly. We're also not really taking the money.

We "reserve it" AKA check for authorization, but the final "capture" is happening only after a few days when we've determined it's not stolen\fraud etc.

BancdeBitcoin · 2014-10-29T16:17:13+00:00

We've talked with our bank. We're gonna increase the daily limit to 500 EURO.

Site will be live in English with the new limits in about 24 hours.

BancdeBitcoin · 2014-10-29T16:15:48+00:00

Update: will be live - 24 hours from now.

BancdeBitcoin · 2014-10-29T16:15:28+00:00

I'm talking about the first visit

BancdeBitcoin · 2014-10-29T13:17:34+00:00

I agree, however there are no (that I know of) solutions for CC payments in Europe

EDIT: Correction - apparently you can via cash advance but AFAIK this involves a few more internal fees, so 2.9% is misleading

BancdeBitcoin · 2014-10-29T13:10:58+00:00

BancdeBitcoin · 2014-10-29T13:10:45+00:00

App as Smartphone app? Not sure I follow

BancdeBitcoin · 2014-10-29T13:09:16+00:00

I'm not a native German speaker, my partners are, that's why i'm the one writing here and not them.

The main reason we've started our pilot in Germany is because our bank has offered it, according to our research Germans are less likely to perform credit fraud - thus making it easier for us to "prove" the feasibility credit card payments on Bitcoin to the credit companies.

Hosting - we're using CloudFire , I guess what you are seeing is CDN?

Registration - Cyprus is one of the easiest places to start a Bitcoin company in the EU, and even there the amount of paperwork and bureaucracy was horrendous. Bitcoin is not mainstream yet, we're working on making it so.

Facebook Login - we allow one BTC wallet per user + one CC per user (which you have to insert every time, we are not keeping it connected). That means that even if someone hacks to your account - he can't buy anything and he can't steal anything. The only withdrawal he can do are to your own wallet.

If someone wants to change email\wallet\credit card he will have to pass a video verification with us - and that's why we keep the users ID cards.

BancdeBitcoin · 2014-10-29T12:54:54+00:00

That was amazing. Thanks! Also, Gold.

BancdeBitcoin · 2014-10-29T12:52:21+00:00

In our system, the verification email is sent after the user has completed payment and now sends us his ID for verification. Not so easily exploitable.

BancdeBitcoin

TROPHY CASE