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

29 responses to Introducing Boncoin

  • Screen shot 2017 11 16 at 5.21.51 pm thumb128
    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.

  • Bonz profile thumb128
    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.

  • Fighting bucks thumb128
    Decal-Pros says:
    04/01/14 at 00:14:24

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

  • Bonz profile thumb128
    bharding says in response:
    04/01/14 at 00:29:13

    There are those that would say Paypal is broken though.

  • Chiko thumb128
    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.


  • Julie thumb128
    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?

  • Bonz profile thumb128
    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.

  • Bonz profile thumb128
    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.

  • Psquare thumb128
    permacrisis says:
    04/01/14 at 00:54:47

    Mount Bonx!!!

  • Article 2204405 150db5d3000005dc 270 634x626 thumb128
    X3soccerjerseyshop says:
    04/01/14 at 02:28:23

    Just keep paypal

  • Hires the collector bobba fett thumb128
    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 thumb128
    Richzea says:
    04/01/14 at 02:45:51

    Please, keep PayPal

  • Av4 thumb128
    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.

  • Meeting thumb128
    Ifixitall says:
    04/01/14 at 05:21:32

    I would keep Paypal around for few years.

  • Blue oval logo thumb128
    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?

  •   kgrhqj  iqe6k83zs2jbomfv j46q  60 57 thumb128
    QUARKS says:
    04/01/14 at 06:20:01

    seriously keep paypal

  • Coco   snoopy thumb128
    Barb'sPlace says:
    04/01/14 at 07:26:13

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

  • Deb new princess avatar 2015 thumb128
    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?

  • Bonz profile thumb128
    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.

  • Da vinci thumb128
    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

  • Img 1985359 1391122455 thumb128
    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).

  • Userpics16
    Designershopp says:
    04/01/14 at 09:15:56

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

  • Disc 5logo thumb128
    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 $.

  • Oacartoonlogocutout thumb128
    RoomtoSpareStorage says:
    04/01/14 at 09:37:53

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

  • Img 0387 thumb128
    konoponopdesigns says:
    04/01/14 at 09:51:44

    LOL!!! good one!

  • Sellerlogo thumb128
    st3phan3y says:
    04/01/14 at 09:52:53

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

  • 3 31 2011 10 50 47 am thumb175 thumb128
    loveofwhimsy says:
    04/01/14 at 09:59:51

    Please keep PayPal. No point in staying without it.

  • Image thumb128
    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.

  • Img 5777341 1530147721 thumb128
    FrogAndBearCreations says:
    04/01/14 at 10:47:21

    please keep Paypal!

  • Sue profile pic thumb128
    sglory777 says:
    04/01/14 at 10:47:43

    Keep PayPal I get most of my sales through PayPal.

  • Dsc04076 thumb128
    Peek-A-Booth says:
    04/01/14 at 11:14:55

    Keep paypal

  • Mike modifie thumb128
    oldschoolx says:
    04/01/14 at 11:19:05

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

  • Isla 280x280.26502004 4ndizm6h thumb128
    bonnietable 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

Login to see more comments