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Accepting payments for high risk industries using bitcoins?


1:02 pm on Apr 26, 2017 (gmt 0)

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I heard about backpage going the Bitcoin way after all of the credit card processors pulled the plug on them.
I also read countless people having huge problems with getting an account for their high risk industry.

Backpage does accept bitcoin, but the payment procedure is clunky as hell: you need to purchase bitcoins, and THEN pay them. It's complicated, and it's messy.

But, does it need to be?

Is there a bitcoin service that offers an API where you:

* Set the price of the product the customer is buying (say $10)
* Offer the customer a link to pay a certain BTC amount by credit card using a processor
* Get the processor (with whom you have an account) to deposit the equivalent in bitcoin into your wallet
* Get the processor to notify you (wit ha push) once the transaction has cleared. Yes, it might take 10 minutes.

This way:

* The credit card processor has sold bitcoins, not high-risk services
* You get the bitcoins
* The customer will get whatever high-risk object they purchased

Is this something that is technically impossible? Or are CC->bitcoin gateways not allowed to do this? Or... simply nobody thought of it? (I'd be surprised...)

Thank you...

2:52 pm on May 11, 2017 (gmt 0)

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joined:Aug 11, 2008
votes: 263

Doing that has two flaws:
1) Breaks the A-to-B payment. If B claims not to have received bitcoins, but the card processor claims to have sent them, who to believe?
2) Removes anonymity

Given what many BTC transactions are used for, these trust-based issues would render the business model somewhat niche.