The good, the bad and the future of Bitcoin in Business
BITCOIN FOR BUSINESS The GOOD, BAD and FUTURE Bitcoin, the cryptocurrency, has been creating a lot of buzz, but does it make sense to use it for business? Let's take a look. The GOOD Around 11 million Bitcoins in circulation П PCI compliance is not required as no personal or sensitive data is handled by businesses Transaction fees are optional, and only affect the speed in which transactions are confirmed Payments are not limited to online purchases - Bitcoin apps enable customers to make payments in-store on their smartphones Businesses have total control over finances with multi-signature capabilities to protect business accounts 80,000 businesses accept Bitcoin including Overstock, Amazon, Target, PayPal, Etsy Vendors, Whole Foods and Shopify Transactions can be made from anywhere using any device with an Internet connection The BAD An emerging technology, Just like cash, it can yet to be widely-adopted be lost or stolen As each transaction is anonymous and irreversible, Bitcoin is gaining The FIAT value of Bitcoin fluctuates popularity with criminals, making it less reputable on market demand and speculation, so for most business, it won't be a good choice for holding capital The FUTURE Single Bitcoin Value Exchanged Bitcoin Predictions to USD $100+ million will be B Jan. 1, 2013 worth: $13 invested in Bitcoin startups B Jan. 1, 2014 worth: $800 The Bitcoin community will solve barriers to Chris Dixon predicts Bitcoin will become main payment wide-spread adoption service on the Internet, making one Bitcoin worth: $100,000 Embracing this technology will open up your products to a worldwide audience in a way that existing payment systems cannot. --Matthew Branton, Founder, Coinlock O A findmyshift Sources: http://www.entrepreneur.com/article/226716 http://www.coindesk.com/congressional-hearing-explores-costs-benefits-small-business-bitcoin-use/ https://bitcoin.org/en/bitcoin-for-businesses http://www.theglobeandmail.com/report-on-business/small-business/sb-money/cash-flow/the-truth-about-bitcoin-and-its-impact-on-business/article19824887/ http://www.businessnewsdaily.com/5758-bitcoin-tips.html http://www.bitcoinvalues.net/who-accepts-bitcoins-payment-companies-stores-take-bitcoins.html http://www.entrepreneur.com/article/237026 http://www.zerohedge.com/news/2013-03-10/demographics-bitcoin http://www.vcpost.com/articles/20752/20140113/top-10-predictions-bitcoin-2014-source.htm 13 http://www.wired.com/2014/01/chrisdixon/ %24
The good, the bad and the future of Bitcoin in Business
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