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
--
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