Q. Do you accept bitcoins (BTC) as payment for goods and services?

A. Yes.

Q. How do you calculate bitcoin price vs the price I pay in normal Australian currency?

A. We take the current exchange rate from Mt.Gox between Aud and BTC and subtract 20%. The resulting amount is applied to the transaction.

For example if you buy a welding package valued at $1500Aud and 1BTC is worth $400Aud, we would calculate required BTC as follows.

Required BTC is (1500Aud/(400Audx0.8))=4.6875BTC

Q. Why do you skim 20% of BTC value?

A. In our view BTC is relatively new and subject to volatility. By taking a small cut we reduce our risk and pass it back to the purchaser. The purchaser has the option instead to cash out BTC from an exchange of their choice and use a more stable currency like Aud.

Q. Why deal in BTC if it is volatile?

A. Fun. It could be a big bubble or it could be the gold rush of the 21st century, either way it is fun to be a part of it.

Q. Do your BTC transactions include GST?

A. Yes they do. The total price paid for any goods or services are subject to 1/11th being given to the ATO.

Q. What about refunds?

A. Yes we issue refunds as per the store refund policy. Refunds for purchases made by bitcoin are made in bitcoin also however the rate will vary based on the exchange rate of the day between Aud and BTC. If returning the original purchase of $1500Aud and the BTC exchange rate on the day is 1BTC = $490Aud we would calculate the refund amount as follows.

Refund owed = ($1500/(490+(490x0.2)))= 2.551 BTC

Whether a BTC transaction is incoming or outgoing a 20% fee is applied.