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Topic: Accepting cryptocurrency payment
Message: Posted by: Troyze (Feb 24, 2021 07:28PM)
What does everyone think about this? since the world is so hyped up about bitcoin anyways

magic stores accepting cryptocurrency payment.

theonlinemagicstore.com announced last night that "they are the first magic store to accept cryptocurrency as payment" via coin base

A few hours later ellusionist announced they also accept cryptocurrency via bitpay.

Is it a coincidence? maybe..

will this be a trend in magic?

what are your thoughts?
Message: Posted by: cardistry master (Feb 24, 2021 07:43PM)
I mean I'm sure more will start to. If they can make more sales there's no reason for them not to do it.
Message: Posted by: floatingcardtrick (Feb 24, 2021 09:09PM)
We will be accepting it on our new website for sure.
magictrickdownloads.com Now accept fake money JK 😂
But for real. We will be accepting cryptocurrency.
Message: Posted by: Mr. Mindbender (Feb 24, 2021 11:46PM)
It makes total sense for magic stores to accept it - any store for that matter. And why do you think Tesla may soon allow you to buy one of their cars with Bitcoin? Because the goal is to collect Bitcoin, not spend it!!

Let's say a year ago, you spent a fraction of Bitcoin to buy some magic props totaling $500. The value of a single Bitcoin last year this time was around $8,500. So you sold off $500 worth to get your magic tricks. But if you just would have bought those props with cash, or even a credit card, and saved that Bitcoin? Today, what was worth $500 last year is now worth about $3,000. So basically, you've spent $3K on those magic tricks, not $500!! Hope you enjoyed those tricks! Now of course, Bitcoin could go the other way and be worth less - but the whole point is, right now, it's a highly volatile monetary unit. It's like gold, or stocks (think GameStop!) -- it's value can wildly fluctuate.

So if you're willing to take the gamble as a business owner, collecting Bitcoin is the way to go.
Message: Posted by: pegasus (Feb 25, 2021 01:43AM)
How do you convert money into Bitcoin?
Message: Posted by: Mr. Mindbender (Feb 25, 2021 09:39AM)
PM'd you.
Message: Posted by: Dannydoyle (Feb 25, 2021 09:41PM)
It is easy enough to convert from actual money. But the market for cryptocurrency is just so volatile.

Some software places ONLY accept crypto.
Message: Posted by: Dominic Reyes (Feb 26, 2021 04:01PM)
MagicShop.co.uk has been accepting crypto at the checkout since 2016.

It's actually quite a popular payment option.. Especially during the bear market cycle. I think many stores just instantly transfer in into a stable coin pegged to the dollar to avoid the volatility.

It's good to see it becoming more popular on other magic sites. I think BTC is headed more as a store of value like gold, rather than a method of payment.. But I think a viable crypto currency may be coming with the developments happening to Cardano.

The real untapped gem for magic is developing NFT's related to magic. Digital licences for magic downloads within the blockchain that prove right to the product and automatically pay the original author/creator a commission each time the download is resold.. NFT's of magic performances to own and trade.. There's a LOT of scope there over the next few years.

Best wishes as always
Merchant of Magic