[bitfolk] How to make Bitcoin overpayments

Hi, No doubt because of the surge in price of Bitcoin recently, I've had a few queries about how to pay more than the value of an existing outstanding invoice by Bitcoin. With more usual payment methods like PayPal or bank transfers it is simple to just send us an arbitrary amount of money. If you have outstanding invoices then they get paid, and any left over goes to account credit. The same is not true of Bitcoins because at the moment we can't hold account credit in Bitcoins. It would be technically possible of course, but I do not want BitFolk to be an entity that holds funds in Bitcoins, for a variety of security and regulatory reasons. That means that we can only process Bitcoins by immediately turning them into British Pounds (GBP). Our Bitcoin payment system presents a payment request for the exact Bitcoin equivalent that we're prepared to accept at that point in time. We do not recommend manually editing the payment request in order to pay more as the chance of a typo causing you to send it all to the wrong address is high. If you do want to pre-pay an amount in Bitcoins though, all is not lost. Please contact support stating roughly how much you'd like to pay. We'll create an invoice (in GBP) that roughly matches that amount. When you pay it the GBP sum will go on your account as credit. This may be useful if you have some Bitcoins burning a hole in your virtual wallet and want an easy way to cash out, since many virtual currency marketplaces want lots of personal information about you, and/or are risky. This pre-payment issue was actually considered already and put in the Bitcoin payments FAQ¹ almost 3 years ago, but I am not surprised that it is not known about. https://tools.bitfolk.com/wiki/Bitcoin#Can_I_preload_my_BitFolk_account_usi… (or https://is.gd/7Z5JXv) Please note that: 1) There is going to be a limit to the acceptable amount of such a transaction, as our Bitcoin payment processor would still be left holding that amount of Bitcoins and exposing themselves to risk. A very large transaction would also bring Know Your Customer / Anti-Money Laundering concerns. In the context of how much BitFolk's services cost I wouldn't expect that to be an issue and we will deal with it on a case by case basis. 2) These prepayments will not be refundable. We are not a virtual currency exchange. You would be buying a voucher for use of BitFolk's services. So no paying hundreds of GBP worth of Bitcoin and then immediately asking for it back as GBP. :) Cheers, Andy ¹ https://tools.bitfolk.com/wiki/Bitcoin#Can_I_preload_my_BitFolk_account_usi… or https://is.gd/7Z5JXv -- https://bitfolk.com/ -- No-nonsense VPS hosting _______________________________________________ announce mailing list announce(a)lists.bitfolk.com https://lists.bitfolk.com/mailman/listinfo/announce