Post
Topic
Board Bitcoin Discussion
Re: What is the biggest problem in crypto currencies?
by
HeliKopterBen
on 05/08/2014, 01:03:08 UTC
When do you think it's a good idea to start telling merchants who are currently "accepting bitcoins" that they are in fact not doing so at all? if you ask me that time is WAY overdue. We need to ween the retailers away from these services because right now what we have is identical to PayPal and it is starting to show the same flaws PayPal has. In fact if you ask me, it could turn out worse than PayPal.

What we have is not identical to PayPal.  Bitcoin users cannot pay with bitcoin through PayPal and that is the whole point of services such as bitpay and coinbase.  Merchant services are just as much to the benefit of bitcoin users as it is to the benefit of the merchants themselves.  The incentive to the merchant initially is to open up their businesses to an entire new customer base:  bitcoin users.  They don't get that customer base through PayPal.  Also, bitcoin users have new places to spend their bitcoins.  Eventually, merchants may choose to keep some or all of their bitcoins, pay their bills in bitcoin, and pay their employees with bitcoin.  Baby steps first.