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How does Bitcoin and 365cups work together?

365cups lets customers pay for their order using Bitcoin with no transaction fees.

Bitcoin (BTC) is the first ever digital internet currency that has no central authority like a private bank, government or reserve bank.  It is gaining popularity around the world extremely fast.

You can learn more about Bitcoin here, but in summary:

  • No transaction fees - In keeping with our 'free for the customer' motto, no % cut per transaction, no fees per transaction
  • No chargebacks - Bitcoin transactions are irreversable
  • Easy to use - Accept payments just like store credit.  Its invisible to your staff.
  • Secure - Your Bitcoins are stored offline - if our server is hacked, your Bitcoins are still safe
  • Bitcoins cannot be duplicated or printed - Unlike government backed currencies, Bitcoin cannot be printed out of thin air
  • Accepted worldwide - You can spend Bitcoins you earn anywhere people accept Bitcoin - in any country, wherever internet is available.

What are the risks of using Bitcoin:

  • Currency risk
    • Bitcoins are traded online like any other international currency, so the price fluctuates against local currencies
    • 1 Bitcoin can be worth $150 today, and tomorrow it could be $10 more, or less.  But the general trend over the past 3 years has been upwards.
  • Risk of loss
    • Once a bitcoin is lost, it is lost forever (similar to destroying a $100 note in a fire).
    • If you choose to store your Bitcoins locally or on another service you bear full responsibility of those coins.
    • However, while your Bitcoins are located at 365cups we store them offline.  We bear the full responsibility of any lost or stolen Bitcoins, so you are sure your money is safe in our Wallet.

Is it really 100% free?

There are some optional fees that you can pay to ensure your deposits and withdrawals take seconds, instead of hours:

  • As a customer topping up your Bitcoin account can be free.  However a miners fee (paid by the customer) is recommended to ensure a fast top-up.  The fee optional, and is generally between 1 to 5 cents.
  • As a customer or venue, withdrawing money from your 365cups wallet will use the recommended miners fee.  Which is currently 0.0005 BTC, or approximately 5 cents.
  • There are no fee's for sending or receiving orders for customers or venues.

How does it work?

  1. Customers top up their account with Bitcoins
  2. When an order is sent, it can be pre-paid using Bitcoin credit
  3. You then receive payments into your 365cups Bitcoin wallet
  4. You can withdraw your Bitcoins at anytime to another online or offline wallet.
  5. You can then spend your Bitcoins at another business, pay suppliers, buy goods & services online, or convert them to a local currency

 

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