Is there a plug in for credit card charges to be converted automatically into bitcoin

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Is there a trusted payment processor that is secure and is able to do the sequence of actions detailed below?

  1. Accept credit card transactions from customers and apply them to purchasing bitcoin & then
  2. Send the newly purchased bitcoins through a series of e-wallets
  3. Before converting the bitcoins into USD and making a final deposit into the Merchant's bank account of choice

In addition, if there is a more suitable cryptocurrency than bitcoin than I am happy to use an altcoin.

Green2Go

Posted 2013-10-23T14:33:32.850

Reputation: 31

There probably is, although I am a bit doubtful about point 2 (sounds a bit like spending transaction fees for the only reason of obfuscating the origin, and hence might belong in that odd twilight area of legitimately providing something like bank secrecy and facilitating money laundering). Look for "bitcoin payment processor." Whilst primarily advertising the opposite route (accepting bitcoins and transfering them to you as either dollar bank transactions or bitcoins), some presumably offer integrated solutions also accepting credit cards. – pyramids – 2013-11-23T16:10:45.780

Answers

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No, and there likely will never be. The reason for this is that bitcoin transactions (and all other crypto currencies as far as I know) are none reversible while credit cards transactions are, for up to about a month at most banks. This means that if someone buys bitcoins with stolen credit card information and you give them the bitcoins, and then a week later the bank tells you the transaction was fraudulent, you will have to return the money, but you are never getting the bitcoins back.

A way around this would be for the seller to hold on to the bitcoins for a month and wait for the credit card transactions to definitely go through before dispersing the coins, but with the price of bitcoin as volatile as it is, I don't see this happening.

Loourr

Posted 2013-10-23T14:33:32.850

Reputation: 3 032