May offer a path to lower payment processing and more secure transactions
The currency known as bitcoin — a much-hyped and much-doubted type of digital cash that can be bought with traditional money — has mostly attracted attention for its popularity in the black market, and for its wildly gyrating valuation.
But some entrepreneurs, investors and even merchants are eyeing a far more mainstream use for it. They are convinced that bitcoin, though not widely understood, offers a path to lower payment processing and more secure transactions. Instead of using bitcoin to buy illegal guns in the recesses of the web, they say, ordinary consumers will use it to buy legal goods from legal retailers — and as easily as they now swipe their credit cards or exchange paper bills.
“I’m confident you will see major worldwide retailers adopting systems built on bitcoin,” said Jim Breyer, the Silicon Valley venture capitalist and early Facebook investor who also served on the board of Walmart Stores for more than a decade.
Mr. Breyer is an investor in Circle Internet Financial, one of the host of start-ups trying to find a way to make bitcoin a widely adopted currency for retail payments. The company was started by Jeremy Allaire, a serial entrepreneur, and it aims to be a payment processing system for online and physical merchants, similar to the service PayPal offers online. Along with his venture firm, Accel Partners, and another called General Catalyst Partners, Mr. Breyer has invested $9 million in the company.
One potential obstacle to mainstream acceptance of bitcoin is the sometimes wild fluctuations in its value, which makes it alluring to currency speculators but could scare off ordinary consumers. One bitcoin was worth just over $200 Wednesday afternoon. Someone who bought a bitcoin in early April paid as much as $266 for it.
Only a small and motley assortment of merchants now accept bitcoin as payment, and in many cases they do it largely as a marketing strategy. The list includes a winery in British Columbia, the popular online dating site OkCupid and a Seattle lunch truck that specializes in grilled cheese sandwiches. A start-up called Gyft lets people buy electronic gift cards for major retailers with bitcoin, and this week an A.T.M. in Vancouver, Canada, began issuing bitcoin to people in exchange for cash.
Go deeper with Bing News on:
- Cryptocurrency Market Outlook 2025, Size, Forecasts, Demand, Competitive Analysis, Growth Factors, Key Playerson April 7, 2020 at 8:45 am
Global Cryptocurrency Market industry valued approximately USD 294 million in 2016 is anticipated to grow with a ...
- Will iMining Blockchain and Cryptocurrency (CVE:IMIN) Spend Its Cash Wisely?on April 7, 2020 at 8:02 am
Nonetheless, only a fool would ignore the risk that a loss making company burns through its cash too quickly. So should iMining Blockchain and Cryptocurrency (CVE:IMIN) shareholders be worried about ...
- Cryptocurrency Mining Market 2020 Global Industry – Key Players, Size, Trends, Opportunities, Growth- Analysis to 2026on April 7, 2020 at 1:25 am
The leading outlook and arrangement, the prediction of the different segments and sub-segments, are also discussed. Global Cryptocurrency Mining Market Research Report includes comprehensive ...
- Investors Allege Securities Violations by Cryptocurrency Issuers, Exchangeson April 6, 2020 at 10:08 pm
Investors have brought class action lawsuits in federal court against seven cryptocurrency issuers and four exchanges, claiming they sold billions of dollars in unregistered assets in violation of U.S ...
- Cryptocurrency New York: 11 cryptocurrency companies suedon April 6, 2020 at 9:55 pm
One of your neighbors posted in Neighbor Posts. Click through to read what they have to say. (The views expressed in this post are the author’s own.) ...
Go deeper with Google Headlines on:
Go deeper with Bing News on:
- Bitcoin Spikes by 2x in 26 Days: What’s Actually Behind the Big Rally?on April 7, 2020 at 11:40 am
The Bitcoin price has increased by two-fold in less than a month, surging from $3,600 to over $7,350. Here are three main factors that likely contributed to it. Bitcoin price rose by 2x in less than a ...
- Bitcoin miners made $380 million in revenue during March, new data showson April 7, 2020 at 11:30 am
New data gathered by The Block Research shows that bitcoin miners brought in an estimated $380.1 million during the month of March.The post Bitcoin miners made $380 million in revenue during March, ...
- Michael Novogratz says investors shouldn't trust this bounce, and he's bullish on gold and bitcoinon April 7, 2020 at 8:34 am
Novogratz, the chairman and CEO of Galaxy Digital, said on "Squawk on the Street" that short sellers are partly responsible for the strong start to the week for stocks.
- Up 3%: Bitcoin Leaves S&P 500 Behind in Year-to-Date Recoveryon April 7, 2020 at 6:33 am
With HODLers now dominating the market, bitcoin appears on track to extend its recent upward move toward $8,000.
- Bitcoin Price Surges Past $7,000, May Hit $10,000, Analyst Sayson April 7, 2020 at 6:09 am
Bitcoin is now inching closer to its pre-crash level and key resistance level at $8,000 By breaking above those levels, analysts believe that it could renew the confidence of investors in sparking a ...