Published on January 16th, 2014 | by ToyDemon4
ToyDemon Now Ships All Over the World with Bitcoin Payment
ToyDemon is glad to announce that with the addition of the Bitcoin payment method, we will be shipping to all the countries across the world allowed by the United States.
We are sure that some of you have no clue what a bitcoin is. For those people, you can read more about it here.
Others will be excited to hear that ToyDemon is accepting bitcoins as an additional payment method and is now shipping all over the world. However, there are a couple of catches:
-Only international orders are able to pay with bitcoins.
-All orders paid with bitcoins are FINAL.
The decision to only let international customers use bitcoins instead of everyone was discussed long and hard within TD, but in the end the reasons were:
1. Before bitcoins, international payments were unsafe and very costly. Before bitcoins became popular, to avoid fraud on international orders was to take wire transfers or western union. Both are very costly and requires a lot of additional work for all parties involved. In the US and Canada, credit cards can easily be verified thru AVS to prevent fraud and there isn’t much of a currency difference issue. We feel that by expanding our shipping location to world wide, bitcoin was the way to go.
2. The value of bitcoin fluctuates way too much. We are accepting bitcoins through BitPay and are only receiving USD equivalent. We do not hold any BTC ourselves. 1 BTC worth $1000 USD today could only be worth $500 USD tomorrow. Since we receive everything in USD, how do we go about processings refunds when values of bitcoins are constantly changing? We can’t! If the BTC value is high, a customer would want the refund in BTC. When BTC value is low, the customer would want the refund in equivalent USD value at the time of the order. Since we don’t hold any BTC ourselves, it simply won’t work for us. We do not want to become an currency exchange for Bitcoin and for people to use ToyDemon to hedge against BTC value.
3. We need to be more familiar with Bitcoins ourselves. As with everything, we will only get better with experience. As much test as we do in the backend, the best way we can learn the is to process and deal with bitcoin live. Starting out with only international customers, we can learn and improve our procedures so that once we open it up to everyone, it would be smooth sailing.
So we hope everyone reads and understands why this decision is made. We hope this will be the first step for everyone around the world to experience ToyDemon and its products. As for ToyDemon, the first step towards digital currency.