We’re now accepting both Bitcoin Cash (BCH) and Bitcoin SV (BSV).
As many of you know, we already accepted Bitcoin Cash, but with the split back in November and seeing our community divided in half, we had to take some time to decide our heading.
We’ve decided that accepting both is the best course of action for us and our customers, and we are looking to resume from where we left off in 2018.
How are we accepting both?
Receiving payments from customers and paying commissions to artists is pretty straight forward when we’re only dealing with one cryptocurrency. The customers pays, and the artist gets his commission.
However, what happens when the artist wants to be paid in BSV and the customer in BCH?
At that point we have several options:
- Accept payment in BCH, convert and credit BSV in the artist’s account.
- Accept payment only in BSV for the items from that artist.
- Accept payment in BCH and pay the artist in BCH.
Unfortunately none of these options is perfect.
The first option exposes us to the risk of volatility and further accounting requirements. Additionally, we also need the added infrastructure to run, the resources to actually implement and integrate it into our platform. We are a team of 2, with one developer. So that is not really an option we want to explore right now.
Option two forces the payment method on the customer, this means for the same cart checkout the customer might have to end up paying twice, once with BCH and once with BSV if he has chosen two or more products from different artists. This is a bad user experience and one that will quickly send customers away. Especially if they don’t have one coin and are trying to figure out which items than can and cannot purchase.
We thus chose the third option. It has no impact on our customers and it requires smaller development effort compared to the first option. More importantly, our artists will be able to quickly exchange their funds on services such as Shapeshift, Changely and CoinEx. This is the most frictionless option.
Come aboard and check it out! We’re always looking for some feedback with our new BSV implementation :).