BitPay vs Coinbase vs GoCoin

In the world of cryptocurrency payment processors, there are quite a few companies to choose from. Most people know BitPay, as it is the leading Bitcoin payment processor. One should not discount Coinbase or GoCoin either, as both companies have a solid track record. Now is a good time to compare all three companies and see what they have to offer. 3. BitPay When it comes to processing Bitcoin payments, BitPay is a solid choice. The company has a good reputation and provides a service at affordable rates. Do keep in mind there is a 1% surcharge for all transactions,

In the world of cryptocurrency payment processors, there are quite a few companies to choose from. Most people know BitPay, as it is the leading Bitcoin payment processor. One should not discount Coinbase or GoCoin either, as both companies have a solid track record. Now is a good time to compare all three companies and see what they have to offer.

3. BitPay

When it comes to processing Bitcoin payments, BitPay is a solid choice. The company has a good reputation and provides a service at affordable rates. Do keep in mind there is a 1% surcharge for all transactions, though. Merchants can convert incoming payments to fiat currency directly if they want to do so.

Additionally, companies such as BitPay provide all of the necessary tools to process Bitcoin payments securely. Moreover, it is a good solution for anyone who expects a lot of incoming Bitcoin transactions in the future. Unfortunately, their service is limited to Bitcoin only, which could be a bit of a drawback.

2. Coinbase

Similarly to what BitPay provides, Coinbase offers Bitcoin merchant services to users all over the world. They also charge a 1% fee for incoming transactions, and users can convert (a portion of) the incoming payments to fiat currency if they want to. Most people are familiar with Coinbase because of the company being a cryptocurrency exchange primarily.

For now, Coinbase also only supports Bitcoin for merchant transactions, despite the trading platform supporting multiple currencies. It is unclear if Ethereum and Litecoin payments will ever come to the merchant service, though. On the upside, the company also provides a convenient wallet service for all users, which means one can store incoming Bitcoin transfers in BTC on the same platform.

1. GoCoin

Cryptocurrency enthusiasts often tend to overlook GoCoin, despite the company providing some exciting merchant tools. It is the only payment processor on this list to support currencies other than Bitcoin. GoCoin allows anyone to accept Litecoin and Dogecoin payments as well. That is quite significant since both of these currencies are still very popular these days. GoCoin also charges a 1% transaction fee for all payments, which is in line with the other companies.

It is quite interesting to see so few companies accept payment methods other than Bitcoin. People who want to attract a lot of cryptocurrency customers may want to look into what GoCoin has to offer for sure. Accepting Litecoin, especially since the network activated Segregated Witness, can be one of the smartest business decisions. GoCoin is a company no one should overlook by any means.

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What’s Going On With Dogetipbot?

dogetipbot bankruptcyThe Dogecoin community is one of the friendliest around when it comes to cryptocurrencies, and I have yet to find a cryptocommunity that is as helpful to newcomers and as entertaining to veterans. So whenever anything bad happens there, it seems to feel that much worse. As many of you may know, there is a bit of drama brewing on the dogecoin subreddit. What happened? Considering that this is a rather recent development, I’ll do my best to provide a dispassionate account of what seems to have transpired without much speculation on motives and causation. Full disclosure: I am also

dogetipbot bankruptcy

The Dogecoin community is one of the friendliest around when it comes to cryptocurrencies, and I have yet to find a cryptocommunity that is as helpful to newcomers and as entertaining to veterans. So whenever anything bad happens there, it seems to feel that much worse. As many of you may know, there is a bit of drama brewing on the dogecoin subreddit.

What happened?

Considering that this is a rather recent development, I’ll do my best to provide a dispassionate account of what seems to have transpired without much speculation on motives and causation. Full disclosure: I am also affected by this, as many others are. However as any losses I’ve suffered due are fairly low and I feel that I can stay true to remaining unbiased in presentation of the known facts.

Dogetipbot appears to be dead, at least in its current form. News came as its creator submitted a lengthy post on /r/dogecoin outlining the situation. The balance of the hot wallet -the one that facilitates sending and storing coins of active users- was wiped. This means that anyone who had any Doge in their dogetipbot account has lost those coins. Its creator did say that they have recorded all account balances, though this does not change the fact that users do not have access to their funds.

How did we get here?

Dogetipbot’s creator made it clear that this was no hack. In fact, the hot wallet has not been hacked in the entirety of its existence apparently outside of individual compromised accounts. Due to a poorly performing business and a lack of new investment, dogetipbot’s creator made the decision to cash out the cold storage of the bot in 2015, the funds of account holders. All in all, between a $140,000 and $1.4 million worth of Doge was taken out.

The plan appeared to be using this funding to encourage new investment into the dogetipbot venture, then once they had secured that new funding the company would be able to purchase the coins back. Unsurprisingly, they were unable to secure the funding necessary to purchase and return to withdrawn Dogecoin.

By investing personal capital and credit into their business, dogetipbot’s creators apparently incurred an insurmountable level of debt. These circumstances -either in full or in part- contributed to the tipbot being insolvent. The company chose to file a Chapter 7 Bankruptcy, which can eliminate most personal consumer debts, while a Chapter 11 would have been more appropriate if it were the business that had incurred the losses.  

So how was this running for 2 years after withdrawing from the Cold Wallet?

The creator and maintainer of dogetipbot said that they had continued to transfer every crypto asset that they had into the hot wallet so that people could still withdraw their balances. This can be seen as a kind of vaporware, not so dissimilar from fractional reserve banking. Finally dogetipbot’s creator seemed unable and/or unwilling to continue this practice, and we find ourselves where we are now.

Such Sad, Very RIP

So the fun and friendly cryptocurrency no longer has a quick and easy way to give each other coins over the internet. For me, this is particularly sad because I believe that reciprocity is the best way to grow communities and engender relationships. While some are saying they may try to come up with an alternative tipbot, we all may just be a bit burnt. Let’s hope this event has not exhausted all the trust of this great community. Any future tipbot would have to be far more decentralized. 

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The Dark Days of Dogecoin: How Scammers and Bandits Brought Down Crypto’s Friendliest Currency

CoinDesk’s Bailey Reutzel examines the darker side of dogecoin, chronicling the scams and bad actors that almost killed the cute, iconic ‘doge’.
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CoinDesk's Bailey Reutzel examines the darker side of dogecoin, chronicling the scams and bad actors that almost killed the cute, iconic 'doge'.

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