Introducing Boncoin

Since Google Checkout was taken down late last year, we've been spending much time scouring the earth (or at least the Internet) for alternative payment methods for our sellers. Admittedly, progress has been slow. We've made some headway toward finding a partner to help sellers accept payments directly, but this effort has been hampered by our need to have a plan to curtail buyer fraud that could occur if the platform is not carefully implemented.
 
While we wait for the finer details of credit card processing to be ironed out, we need a better option for accepting payments. Today, I'm excited to announce that we will soon launch that option. As of next month, Bonanza will begin processing all payments in our exclusive new cryptocurrency, Boncoin!
 
 
Boncoin builds on the runaway success of its cryptocurrency brethren such as Bitcoin. Unlike Bitcoin, Boncoin can be mined with everything from a computer to an iPhone to a calculator. Unlike Bitcoin, Boncoin has not already caught the attention of government regulators. And, unlike Bitcoin, we made up Boncoin, so its design and implementation can be more special.
 
There are several advantages to Boncoin. Users too frugal to buy a designer handbag with their own dollars can generate Boncoin on their mobile phone and get access to the latest Louis Vuitton hotness they've been eyeing. Additionally, since Boncoin happens to use the same "B" icon as our rewards tokens, it's conceivable that one could earn rewards tokens on Bonanza and convert those to real life riches.
 
When we launch Boncoin, its initial market value will be set to one Boncoin per $900 USD.  This makes it basically twice as valuable as Bitcoin, giving it a key psychological edge over the incumbent. To help our sellers' start thinking in terms of Boncoin, we have added the Boncoin conversion value to each of your sold transactions. Note that this conversion is only visible to sellers, buyers will still see only dollars for the time being.
 
 
As we prepare our final launch, we'd like to get your feedback. Should we continue to offer Paypal and Amazon Payments for buyers after launching Boncoin, or should we make a clean break from the "ordinary" options and move exclusively to processing transactions in Boncoin? We can't wait to hear your opinions.
 
Update 4/2: I think we'll hold off on implementing Boncoin until it's not a terrible idea. We'll spend our resources on credit card integration instead. Happy 4/1! laugh


95 responses to Introducing Boncoin

  • tomwayne1 says:
    04/01/14 at 00:01:25

    Yeah, I’d keep PayPal around. You know… just in case Boncoin doesn’t work out. LOL.

    bharding says in response:
    04/01/14 at 00:31:28

    I defy you to name even one possible reason that Boncoin won’t beat Paypal. You can’t, because Boncoin doesn’t exist yet.

  • Decal-Pros says:
    04/01/14 at 00:14:24

    Keep Paypal! if it ain’t broke don’t fix it!

    bharding says in response:
    04/01/14 at 00:29:13

    There are those that would say Paypal is broken though.

  • Ipad-world says:
    04/01/14 at 00:20:07

    If I had a lot of sales then I would be interested in trying it but Paypal is enough for 10-20 sales I make on here Every month. All the time and money you guys are "Wasting " should be used in hiring a great team marketing people and paying for advertising. We need advertising to make sales and money.

    Thanks.

  • inedibill says:
    04/01/14 at 00:25:30

    Hmm, I could definitely see ditching Paypal for this. But all of my recent transactions say they would be equivalent to less than 1 Boncoin (0.002 Boncoin, 0.013 Boncoin, etc). How does that work? If people are mining Boncoin, can they somehow mine less than one Boncoin?

    bharding says in response:
    04/01/14 at 00:26:01

    Hmm, that’s a really good question. I guess we hadn’t thought it through quite that far yet.

  • ComputerGuy says:
    04/01/14 at 00:35:31

    I have some car wash tokens. Can I paint them, add the “b” to them and convert them to cash?

    You said that 1 Boncoin = $900. I’d happily accept $500 for each token that I paint.

    bharding says in response:
    04/01/14 at 00:51:39

    Of course not. Car wash tokens are not digital enough.

  • Dillen_de says:
    04/01/14 at 00:39:46

    April 1st… Hmm…
    :-)

  • permacrisis says:
    04/01/14 at 00:54:47

    Mount Bonx!!!

  • AbbysAttic says:
    04/01/14 at 02:07:58

    April fools???

  • X3soccerjerseyshop says:
    04/01/14 at 02:28:23

    Just keep paypal

  • toyzfromthedarkside says:
    04/01/14 at 02:31:20

    i would like to switch to boncoin, but im still unsure how this works. Does it go right into a accout at bonanza and then I can direct deposit it to my bank account? Also what are the fees?

  • Richzea says:
    04/01/14 at 02:45:51

    Please, keep PayPal

  • NecktieGuy says:
    04/01/14 at 03:14:48

    Will USPS accept boncoin? Another April Fools Joke? Remember last year.

  • ccmom says:
    04/01/14 at 03:25:38

    Happy April Fools

  • KJZacks says:
    04/01/14 at 04:00:21

    I have Not had enough go juice yet this morning, you got me going on that one. Lol

  • permacrisis says:
    04/01/14 at 04:18:07

    Boncoin. Everything but negotiable!

  • Alilbirdy2 says:
    04/01/14 at 04:27:10

    If you get rid of Paypal and the other payment options you will lose customers. Not everyone will want to use the Boncoin. Old habits die hard, and I for one use paypal exclusively for my online payment methods every where I sell. Like wise I also use it to pay for my purchases everywhere I buy online. If Boncoin were everywhere like Paypal and folks trusted it, then removing the other payment options might work.

  • Ifixitall says:
    04/01/14 at 05:21:32

    I would keep Paypal around for few years.

  • gearseller2 says:
    04/01/14 at 05:56:44

    PLEASE do not get rid of Paypal and Amazon Payments. We have finally started to generate a lot of Amazon Payment sales since more search engines being included in the advertising fees. Ana Paypal has bee something we have used here and on our other sites for 10 years- with no problems at all I might add. Can’t afford for buyers to have to get to know and trust new payment methods after all this growth time. I, for one, have no clue what Bitcoin even is,,,, Are you really asking us or is your mind already made up?

  • gearseller2 says:
    04/01/14 at 05:57:43

    Oh…this is a joke, right? Please?

  • Nanook2U says:
    04/01/14 at 06:12:33

    Worst April Fools Joke Ever

  • QUARKS says:
    04/01/14 at 06:20:01

    seriously keep paypal

  • Frugalfinds says:
    04/01/14 at 06:55:49

    If you Bon coins how many are equivalent to a US Dollar. Would it not take a while accumulate such currency?

  • QuickDelivery says:
    04/01/14 at 07:05:30

    Haha, Clever Move!

  • Barb'sPlace says:
    04/01/14 at 07:26:13

    Yes, keep PayPal and Amazon – more options for buyers is a plus.

  • MyTexasTreasures says:
    04/01/14 at 08:01:20

    Get rid of Paypal and Amazon, fees are too high and sites are unstable, particularly with the latest chapter 7 filing.
    But I have some questions about Boncoin. Can they be used to purchase pets? And can you access with a landline?

    bharding says in response:
    04/01/14 at 10:03:59

    Absolutely no pets will be purchased with Boncoin. Selling pets online is a cruel and inhumane thing to joke about, shame on you.

  • Fathertime says:
    04/01/14 at 08:25:02

    Kudos, You got me for a bit there, It is April Fools day Right. I got Mother Nature real good earlier today. I would keep Paypal and Amazon Payments around, Just in case the Government does not take kindly to Boncoin

  • velocityoutfitters says:
    04/01/14 at 08:41:10

    1. Paypal has brand name reputation. Bitcoin is especially in the crapper right now, esp. with the whole Mt. Gox fiasco, which is what people will think of in relation to Boncoin.
    2. Bitcoin has an edge over Boncoin in that it is more widely accepted. Assuming Boncoin can only be used on Bonanza, then in essence there is only swapping of items on Bonanza. Currency is valued because it can be traded and is valued in many places.

    Personally, I’d leave if everything was bought/sold in Boncoin.

    (BTW, I realize that this is being released on 4/1, but can never be too sure when it comes to business).

  • toon_tyme says:
    04/01/14 at 08:57:52

    I’d keep Paypal around. That is the only payment form I accept and it makes it convenient to retrieve payments from ATM or just use my paypal card at the grocery store, gas station, etc. If I have to tell the family to wait 3-5 days until a Boncoin transfer is complete in the bank account to eat or to fill up the gas tank I will have skeletons at the dinner table and no gas to drop off the packages at the post office or the money to pay for the postage to mail them off.

  • twangerstudios says:
    04/01/14 at 09:03:44

    is this a gag?

  • Designershopp says:
    04/01/14 at 09:15:56

    Keep all Options available so a customer can choose which way he wants to pay.

  • too1s says:
    04/01/14 at 09:28:01

    Keep Paypal and make 1 Boncoint = $1.00 This way you change the name of $ only and people will accept same way as $ and value it as $.

  • RoomtoSpareStorage says:
    04/01/14 at 09:37:53

    This is an April Fools Joke, Right>? I mean Come onnnnnnn.

  • Sofy'sSeasonal says:
    04/01/14 at 09:50:23

    so where’s BizzY?

  • konoponopdesigns says:
    04/01/14 at 09:51:44

    LOL!!! good one!

  • st3phan3y says:
    04/01/14 at 09:52:53

    If you do away with PayPal, I will no longer sell on Bonanza.

  • loveofwhimsy says:
    04/01/14 at 09:59:51

    Please keep PayPal. No point in staying without it.

  • Lcanuk says:
    04/01/14 at 10:09:29

    YES, Please keep all for a while, change is hard for people and i would hate to loose sales because people just are not sure, untrusting and unknowing of how it will work, but it sounds and looks great.

  • Tackmakr says:
    04/01/14 at 10:10:28

    LOL!!!!! I admit you had me through the first 2 paragraphs!

  • Trublu says:
    04/01/14 at 10:36:48

    VERY GOOD guys!! HAHAHAH Ya hadme fora little bit I’ll admit it

  • Lcanuk says:
    04/01/14 at 10:43:29

    good one, you guys and gals are funny

  • FrogAndBearCreations says:
    04/01/14 at 10:47:21

    please keep Paypal!

  • sglory777 says:
    04/01/14 at 10:47:43

    Keep PayPal I get most of my sales through PayPal.

  • Peek-A-Booth says:
    04/01/14 at 11:14:55

    Keep paypal

  • oldschoolx says:
    04/01/14 at 11:19:05

    Please keep the other payment options.. You’ll definitely lose sellers without.

  • twenty9 says:
    04/01/14 at 11:24:56

    I have too many customers as it is that have no clue how to use a computer or checkout properly or how to use ANY payment system. I’m all for adding MORE options but you should still stick with at least Paypal as an option. If you make ANYTHING more confusing to a buyer, that equals less sales for us.

  • bonniebags says:
    04/01/14 at 11:33:35

    sounds freakin stupid , How would we get paid , What the heck ?? One coin is 900.00 ? Doesn’t make any sense

  • zanderbooks says:
    04/01/14 at 12:11:57

    Wow, has it been a year already? Happy AF Day to you, Bill! Great to see you and Mr. R.C. . . . right on time!

  • katwright says:
    04/01/14 at 12:22:55

    There are so many people are not looking on to the calendar.

  • TaggingAndShoutouts says:
    04/01/14 at 12:46:49

    It will only be a matter of time before the IRS states that Boncoin is a property – similar to any other valuable commodity – rather than a currency.

    Happy April Fool’s Day!

  • AtticCollection says:
    04/01/14 at 13:07:20

    Wondering if this is a April Fools joke??

  • cydoniamensae says:
    04/01/14 at 13:24:31

    I really like the idea. The main thing is you need to keep the virtual currency price stable instead of jumping around like bitcoin.

    I also like the Pet Exchange April Fools Day joke from last year.

  • reksplace36 says:
    04/01/14 at 14:43:36

    @ Since Google Checkout was taken down late last year, we’ve been spending much time scouring the earth (or at least the Internet) for alternative payment methods for our sellers.

    Now youse can use all that time for more useful endeavors

    Good AFD to y’all to

  • taylorsdreams says:
    04/01/14 at 14:49:58

    4/1/2014

  • taylorsdreams says:
    04/01/14 at 14:50:56

    If this isn’t an April Fools joke

    Please Please do not remove anything. Despite you efforts to separate from BitCoin the average user will remember only that there was a huge scandal with BitCoin. Also how will you explain BonCoin to the average user

  • crazyanniesstitchin says:
    04/01/14 at 14:54:56

    Keep paypal. People that don’t know what boncoin is will not want to use it. That will mean losses for sales for us and Bonanza. Why mess with a good thing. Paypal is a well known form of accepted payment everywhere. And I too, like someone else mentioned, use paypal for my supplier orders. I really do not understand this boncoin thing at all. But I would say keep paypal. If I were a buyer and all of a sudden a site removed the most common form of payment I would be leary on using something I have never heard of, especially with all the fraud, identity theft etc out there these days. People need to fee safe when they are paying and don’t want to take to many risks. And most feel comfortable and safe with Paypal. Please do not do this or give the option still for paypal. This could hurt a lot of our business that we have worked to hard to setup here on bonanza. I am hoping this is just a bad April Fool’s joke. But you have me really concerned. You could also lose a lot of seller to other sites that offer paypal if this happens….so does not seem like a win win situation for anyone in my opinion.

  • BeadedBundles says:
    04/01/14 at 15:00:40

    I will only sell on Bonanza if I can accept paypal. Paypal integrates with my bookkeeping software and my shipping software. Paypal does cost money but, it works for me. If this is an April Fools Day thing – what a waste of time. spend your time getting visibility on search engines – not jokes.

  • sousewandsew says:
    04/01/14 at 15:55:36

    Don’t think an alternative currency is wise. Too much under the control of those running Bonanzle. I’d rather take my chances with the US mint that I know is devaluing the currency. Thats my 2 cents worth (1960 price…today more like $15,000,000,000,000US)

  • krochetkritters says:
    04/01/14 at 16:00:35

    new buyers who already have the ease of using paypal are more likely to go to the trouble of creating an account with bonanza
    to purchase an item ..I say definitely keep it ( people are becoming more convenience oriented every day)

  • funteescollection says:
    04/01/14 at 17:59:53

    so, on other word,..Now Bonanza , Build their own cryptocurrenc,. BONCOIN ??, and BONCOIN is not BITCOIN ? CMIIW. thx

  • mmmmddkc says:
    04/01/14 at 18:04:06

    I definitely want to keep the PayPal option for payments!

  • AbbeyJoyShop says:
    04/01/14 at 18:05:13

    “Virtual Currency” isn’t going to make it. Let me know when the change occurs so I can close up shop. I require cash promptly and do not have time to play games with tokens and “coins”.

  • discreet says:
    04/01/14 at 18:55:26

    PLEASE, No Boncoin, let me sell with PAYPAL, Please !!!

  • NJKIM says:
    04/01/14 at 19:30:47

    If this is April Fool’s joke, then let it be. If not, seriously think twice. Removing PayPal is like ripping off the trust between buyers and sellers. I don’t want to make it look bad but lets not forget what happened to Bitcoin recently.

  • NJKIM says:
    04/01/14 at 19:35:56

    Please do not make something like this as a jokes. Its not funny at all.

  • NootropicsPurity says:
    04/01/14 at 19:43:09

    If anything add bitcoin as a payment option alternative to paypal.

  • sistahqueen says:
    04/01/14 at 20:02:32

    Every year the April 1st announcement get funnier….You guys got comedy skills….LOL

  • cozycorners says:
    04/01/14 at 20:29:04

    “Bon-coin”….you guys are pretty funny, that’s what I like about Bonanza! You’ve got wit in a friendly sort of way. Yes, you almost had me there! Happy April Fool’s Day to you too

  • TheBargainPrincess says:
    04/01/14 at 21:10:59

    Keep paypal. As much as we all hate paying fees and as “broken” as paypal can be, paypal is known and trusted by both buyers and sellers. There’s comfort in the familiar.

  • pangurban says:
    04/01/14 at 22:00:23

    sheesh. I can’t believe how many folks fell for this one. i have an idea for you: change your name to Conanza so you can call these bits Concoins. They’ll byte!

  • WindowLux says:
    04/01/14 at 22:19:35

    Please do not take Paypal away. Buyers trust it.

  • WLS_Sales says:
    04/02/14 at 10:40:06

    This would have been funny if I had read it on the 1st. But since today is the second, the thought of a prank did not cross my mind. I was already starting to cancel my account.

  • savegasbooks says:
    04/02/14 at 19:41:18

    Lol

  • loves_birds says:
    04/02/14 at 20:03:18

    Sarcasm can go south pretty quick, as demonstrated in some folk’s reaction to this April Fool joke. Boncoin doesn’t sound like a good payment option. Now wooden nickels on the other hand…

  • loves_birds says:
    04/02/14 at 20:03:30

  • nelliekellie says:
    04/02/14 at 23:31:02

    Do not get rid of PayPal! It is a staple for so many things on the internet! I have been a PayPal member for over 15 years and I would not like to lose that as a payment method!

  • Eliray says:
    04/03/14 at 04:22:53

    Sometimes I have a real hard time understanding why I want my professional business in the hands of juveniles.

  • Barb'sPlace says:
    04/03/14 at 08:11:11

    Joke? Check your sales! I had 2 sales on the 1st and it shows ‘boncoin’ values on my sale page, time for Bonz Boyz to let us know what is ‘boncoin’ being used for?

  • NamasteLifeandLiving says:
    04/03/14 at 13:58:47

    paypal fees blow, so please pursue other options including boncoin and keep paypal just so we don’t miss out on those sales. thx

  • nepalmade says:
    04/03/14 at 23:01:00

    This one made my day… LOL

    “Boncoin can be mined with everything from a computer to an iPhone to a calculator.”

  • tahiti_sales19 says:
    04/04/14 at 06:39:03

    Bobucks???? It’ll be the second uprising of bucks after starbucks! Lol Nice April Fool’s Joke…We should continue to use Paypal as one of the options for payment. I do think that Bonanza should come up with its own payment system though that can be used as a debit account but there are a a lot of obstacles that will arise if it is used; for example, disputes. But one of my main priorities would be marketing and get more people here!

  • marie2art says:
    04/04/14 at 08:53:13

    Please leave PayPal,as a option.Customers know PayPal.Thank You

  • DutchPenny says:
    04/04/14 at 08:55:03

    “Unlike Bitcoin, Boncoin has not already caught the attention of government regulators”

    LOL – made my day too!

  • SecondGlanceBoutique says:
    04/05/14 at 17:03:50

    Keep paypal

  • BargainHunterCrafts says:
    04/06/14 at 16:49:36

    Keep Paypal.

  • krochetkritters says:
    04/06/14 at 20:16:56

    got me good!

  • CAMEOMUSIC2 says:
    04/07/14 at 03:47:11

    Please keep paypal

  • decoratewithlace says:
    04/07/14 at 06:37:59

    You obviously have not checked out “Stripe”. I use this on 2 other sites I sell on and it is great. Customers can use there credit card to purchase. Most of my sales go through Stripe. Fee structure is exactly like Paypal. Absolutely wonderful!

  • CAMEOMUSIC2 says:
    04/07/14 at 07:49:31

    I say leave well enough alone things are working fine the way they are now

  • CAMEOMUSIC2 says:
    04/07/14 at 07:49:33

    I say leave well enough alone things are working fine the way they are now

  • yellowsand1964 says:
    04/07/14 at 21:56:33

    i do the same keep paypal in just the case


Login to see more comments