Bitcoin is One of the leading virtual currency of the future - MasterCard USA

Tuesday, July 8, 2014

Bitcoin is One of the leading virtual currency of the future

Hello everyone!
Bitcoin is One of the leading future virtual currencies,is basically a platform for users to purchase and trade bitcoins and store it in their digital wallet.
If you were a Bitcoin payment firm trying to break into the retail market, perhaps that’s where you’d start? After all, it’s true that most of the payment card infrastructure simply isn’t needed in the Bitcoin world.
Bitcoin is facing two huge problems. First, retailers are not (yet) familiar with it and second, shoppers do not have incentive to spend it. But bitcoin merchant processing sites are trying to innovate their trading platforms, to address the latter while it was agreed at the second Inside Bitcoins convention conference in Las Vegas, that a need for a bigger adoption of bitcoin should commence.
Admittedly, Bitcoin has very limited niche, much more on its uses. This is because people and business establishments are still apprehensive about this crypto-currency. But thank god for libertarians who are seeing the potential of bitcoins, they are opening their minds to optimize its capabilities. Currently, there are at least 300,000 hotels around the world that accept bitcoin for reservations as well as airlines that accept bitcoin payment. And to complete you vacation, there are at least three (and growing) restaurants in Europe that nonchalantly allow bitcoin if want to have dinner.
Gift card and discounts
But more than these uses, both speculators and businessmen are opening their doors for bitcoin. Take for example Gyft which offer their users to “combine retail gift cards” from retailers such as Gap and Target. They are offering a 3% discount to anyone who purchases using Bitcoin.
This is a good initiative on their part because it gives the consumers a reason to buy using bitcoin. This is a win-win situation for the consumer and the merchant because the latter does not have to pay the 3% fee that they have to pay to credit card companies while the former can have significant savings.
The Gyft program is the first of its kind because it “represents a consumer incentive and a friction-free retail experience”. These two factors are what are missing in the regular bitcoin trading system.
Alternative for Remittances
Many businessmen believe that Bitcoin is a good way to remit money, especially for those who are working abroad. Because it works on a peer-to-peer network, there are no banks that require fees and taxes, thus escaping staggering transfer fees charged by credit card and wire transfer companies.
Even speculators believe that Bitcoin might trample Western Union, one of the biggest money transfer and remittance company in the world, in this game. At present, WU charges from $8-$100 per transaction. Even Bank of America reported that bitcoin has “clear potential for growth” and that it exceeded Western Union’s market cap.
The Wrap Up
Bitcoin is designed for the Internet so it is most ideal to use in online shopping but the two aforementioned above are alternative ways to use bitcoin—may it be or incentive or for a more practical purpose. But here’s what’s important: Bitcoin is making waves in the financial and technology world and its presence is growing every day. It’s only a matter of time when it will reach its climax.
UP TO DATE YOURSELF :: Bitcoins daily news updates

No comments:

Post a Comment