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01-04-2014, 09:03 AM #1Junior Guru
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A cryptocurrency for the web hosting industry
Hello Community,
So with the popularity of cryptocurrencies rising, as far as I am aware there is not specifically for the hosting industry? So maybe we should all consider jointly developing one as an industry.
For example, how many of us get chargebacks? No transactions would be reversible, so it's guaranteed payment.
It would be decentralized, this would allow businesses to connect with eachother in terms of B2B using the currency in order to provide more worldwide locations which could typically be blocked from processors such as paypal. For example this could mean that smaller startups in these countries have a better chance of growing with the ability to be paid by all countries.
More secure for clients in terms of controlling where their payment details are stored and more anonymity.
I know there would be some bad points such as fraud and abuse, for example this would potentially make these sorts of sign ups higher but at least there will be no charge back if they do cause any issues.
Also there would need to be some point of exchange which could be a big target for hackers, unfortunately.
And lastly the value changes, so if this could be set and some of the other negatives above evened out then I don't see why this couldn't work?
I may be being completely deluded and/or stupid with this idea, but just wondering what everyone else's opinions are?Jordan D - DeguWeb Ltd
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01-04-2014, 10:13 AM #2Web Hosting Master
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- Oct 2012
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- 573
Just use Bitcoins. It's a proven system and there are many payment providers who can integrate and automate it. There are already way too many cryptocurrencies, there is no need to create yet another unpredictable currency simply because it's "special for the hosting industry". Like someone would want to buy HostCoins or whatever before they can order a website, for which they'd probably require Bitcoins in the first place (most obscure currencies can only be bought with other cryptocurrencies).
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01-04-2014, 10:26 AM #3Junior Guru
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Valid point, thanks for that feedback.
Jordan D - DeguWeb Ltd
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1 hour first response support guarantee, we focus on quality and not being cheap
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01-04-2014, 12:10 PM #4Web Hosting Evangelist
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- Dec 2011
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We have been accepting Bitcoins for our business quite a while now. However, developing a crypto just for the hosting industry is an interesting idea, especially when it can be so easily done.
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01-04-2014, 12:18 PM #5Junior Guru
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Also, because it would be for the web hosting industry special requirements could be put in place to suit our needs as both businesses and clients. You could be paid the currency by your clients and pay your providers with it.
Jordan D - DeguWeb Ltd
Shared cPanel hosting ~ Softaculous ~ 24x7x365 Support
1 hour first response support guarantee, we focus on quality and not being cheap
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01-04-2014, 01:30 PM #6Junior Guru Wannabe
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Idea is good. But not easy to make it happen. Because, almost every country in the world have their banking rules set that apply to electronic banking aswell. As much i know, at least in EU and USA it wont go that easy that you just wake up in morning and let everybody know that you want to make such business. Basicly,easier sayd than done.
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01-04-2014, 04:02 PM #7Web Hosting Evangelist
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- Charlotte, NC, US
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Its an interesting idea. But still it depend upon the buyer what medium he want to choose. The central bank of a country have different set of rules applied for every bank in its country. Even on paypal many countries applied restrictions. but we can think over it for a permanent solution. The virtual world second life have its own currency to buy and sell.
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01-04-2014, 09:01 PM #8Disabled
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It would be cool however I recommend the above bitcoins. We accepted them until we moved billing systems awaiting the bitcoin gateway to start again.
If it did happen we'd need a trusted source as a bank for example a place we trust like WHT's own iNET Interactive.
For example:
Customer pays iNET Interactive say $10 and gets 3 whc(oins) and then they go the webhost they like and pay with that whc coin. They recieve the product and then at the end of the week you pay iNET Interactive back with the coin(s) and you get your money's worth for the amount.
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01-04-2014, 09:59 PM #9Junior Guru Wannabe
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- Canada
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01-05-2014, 09:22 AM #10Junior Guru
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That's the only issue - the value. Plus having 1 place to buy and sell would give that place control.
Jordan D - DeguWeb Ltd
Shared cPanel hosting ~ Softaculous ~ 24x7x365 Support
1 hour first response support guarantee, we focus on quality and not being cheap
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