Monetizing website content for Bitcoin is both a blessing and a curse right now. Even though there are many people who own Bitcoin that are willing to pay for content, there is no real profitable level of digital currency just yet. But what if you could bypass a paywall by using your credit card, and still have the content creators paid in Bitcoin?
Creating An Awkward Eco-system That May Just Work
The whole concept of letting users pay with a credit card & paying content creators in Bitcoin sounds very strange and risky. Credit cards are always subject to chargebacks and a high fraud rate, while Bitcoin is a non-reversible payment method. It goes without saying these two payment methods do not compute properly.
That being said, there are various platforms allowing customers to use their credit card in order to obtain Bitcoin. Purse.io lets you fill a Bitcoin seller’s Amazon order with a credit card, and the buyer will receive the specific amount of Bitcoin in return. And Circle lets you buy Bitcoin with a credit card through their platform as well, once you have gone through all of the necessary verification levels.
Piggy.link is a platform dedicated to bringing Bitcoin and credit cards together in a way so that content creators can receive digital currency, without the customer having to own BTC. Piggy.link-enabled websites will charge their customers a certain amount of Piggy Credits, which can be purchased with any major credit card.
“We still need to hook up the credit card part, which I think we really need before people start to take the idea seriously. We’ll be linking sites in the coming weeks, and I anticipate it being a tough slog to get started simply because people don’t generally understand the application or its potential. So I guess we’ll be ‘hands on’ in terms of guiding people through the setup process initially, but it really is so simple to set up that I’m confident it won’t take long to achieve critical mass.” – A Piggy.Link Spokesperson told DigitalMoneyTimes.
Conversion From Fiat to Bitcoin
There are quite a few details regarding the Piggy.link service that remain extremely vague at this point. The main pressing question is where Piggy.link obtains their Bitcoin from, as they are not selling Bitcoin directly. And credit card payments can take up to 30 business days to clear in their bank account, so they are taking a huge risk by “fronting” the Bitcoin payment.
To make matters even more dubious, Piggy.link will not require any verification from its users before making a Piggy Credits purchase. Needless to say, this opens up the door for all kinds of credit card fraud and chargebacks, which is not something the Bitcoin ecosystem should be associated with. Oddly enough, Piggy.link boldly states there is “no possibility of chargebacks”, which is next to impossible when it comes to credit card payments.
Images courtesy of Piggy.link & Shutterstock