Let the math geeks go...
In 5 years what will the size of the block chain be? In 10 years?
Projections anyone?
Topic: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin - page 2. (Read 3114 times)
May 25, 2015, 11:21:39 AM
May 25, 2015, 10:54:08 AM
I admire Gavin's optimism and if everything goes to plan I think he will be right, but I'm not so convinced myself though I hope I'm just being sceptical. I guess we can only wait and see what te future holds for bitcoin.
May 25, 2015, 10:44:03 AM
The best decision for any retailer would be to have as many possible ways of accepting payment as possible.
May 25, 2015, 10:32:02 AM
Paypal is good for buyers on eBay; Bitcoin may not be.
right.
that why bitcoin is a perfect choice ... for food, supermarket ... and other face-to-face product (like in little market).
The transaction time is actually a hindrance to that.The transaction fee also makes it unattractive for small purchases, especially when conversion favours the local currency(like in my case).
No, it's not. Right now anyone can monitor the blockchain in real time using bitcoinj and listen for transactions, and within a few seconds can confirm a payment was made.
While it is true that that there is an ever-so-slight chance of a double spend attempt, it would need to be expertly choreographed and/or synchronized with finding a block to succeed, which makes Bitcoin perfect for small item sales because the double-spend effort would not be worth the return on investment. Double-spend attempts for large purchases can be easily mitigated by identifying the purchaser at the time of sale. Like for a car there is a title, registration and such. For a house and land, there is a deed and title transfer. Online purchases have a period of time between the order and shipping for the confirmation process... etc.
May 25, 2015, 10:07:07 AM
Been thinking it would be awesome to be a part of online retailer adoption of bitcoin. I have been quite involved in the magento community for several years and have been thinking of ways to outreach to merchants on magento to adopt it.
Also agree that incentives to end customers could be a critical part of the equation. 1% rebates for bitcoin usage as well as creative promotional elements within the checkout experience could be interesting to experiment with.
There are some downsides to accepting bitcoin for merchants. Any additional element added to the checkout has the potential to increase friction in the checkout and reduce sales. Especially for online retailers that have less tech savvy customers. That said this would be a great opportunity for a/b testing.
If anyone is interested in collaborating on this type of thing let me know.
Also agree that incentives to end customers could be a critical part of the equation. 1% rebates for bitcoin usage as well as creative promotional elements within the checkout experience could be interesting to experiment with.
There are some downsides to accepting bitcoin for merchants. Any additional element added to the checkout has the potential to increase friction in the checkout and reduce sales. Especially for online retailers that have less tech savvy customers. That said this would be a great opportunity for a/b testing.
If anyone is interested in collaborating on this type of thing let me know.
May 21, 2015, 11:07:47 AM
"In 5 or 10 years I think every online retailer will accept Bitcoin." - Gavin Andresen
https://youtu.be/iQ2TOFIgvis
Awesome 15 second quote from Gavin during this New York Public Library discussion on May 19, 2015.
https://youtu.be/iQ2TOFIgvis
Awesome 15 second quote from Gavin during this New York Public Library discussion on May 19, 2015.
This proves that Gavin is 100% delusional. But I still trust him as my lord and savior for bitcoin core updates.
May 21, 2015, 08:43:04 AM
If more and more retailers will start to accept bitcoin when main economy is still based on FIATS. Then you know what happen? Retailers will start to sell bitcoin for money as they earn it.
It will made bitcoin price go lower. Bitcoin no longer will be investment asset but instead a payment method. I am not sure that everyone here is aware of that. We can lose our coins.
It will made bitcoin price go lower. Bitcoin no longer will be investment asset but instead a payment method. I am not sure that everyone here is aware of that. We can lose our coins.
I doubt it. You forget that retailers are people, too. So when more retailers accept Bitcoin, more retailers will be able to buy things form other retailers using Bitcoin. Apart from that, to spend Bitcoin, people need to buy it first. So the only reasonable expectation from increased Bitcoin acceptance is an increase in demand for Bitcoin which will in turn lead to higher prices.
That would be true if the retailers did not directly convert the bitcoin to fiat as they currently do
May 21, 2015, 08:29:00 AM
it is gonna be such a wonderful life when every online retailer will accept btc. bitcoins and bitcoins everywhere. people will be mesmerized to use bitcoins. its about 5 years left for 2020 when i think the world will be bitcoin proven . where each person will be using bitcoins for every transaction.
Assuming every online retailer does accept it. Not ever online retailer accepts paypal so not everyone will accept bitcoin either (though bitcoin will have lower fees compared to PP). I think both the public and merchants need to have a reason to accept it. Merchants already do but there's not much reason for the general public to get involved with bitcoin at this moment in time.
May 21, 2015, 08:23:22 AM
Hmm.....I don't think so, at least it won happens in China, it likely in 5 or 10 years, most technology online retailer would accept Bitcoin, I don't think they all would accept.
May 21, 2015, 08:11:19 AM
If more and more retailers will start to accept bitcoin when main economy is still based on FIATS. Then you know what happen? Retailers will start to sell bitcoin for money as they earn it.
It will made bitcoin price go lower. Bitcoin no longer will be investment asset but instead a payment method. I am not sure that everyone here is aware of that. We can lose our coins.
It will made bitcoin price go lower. Bitcoin no longer will be investment asset but instead a payment method. I am not sure that everyone here is aware of that. We can lose our coins.
I doubt it. You forget that retailers are people, too. So when more retailers accept Bitcoin, more retailers will be able to buy things form other retailers using Bitcoin. Apart from that, to spend Bitcoin, people need to buy it first. So the only reasonable expectation from increased Bitcoin acceptance is an increase in demand for Bitcoin which will in turn lead to higher prices.
May 21, 2015, 08:04:08 AM
If more and more retailers will start to accept bitcoin when main economy is still based on FIATS. Then you know what happen? Retailers will start to sell bitcoin for money as they earn it.
It will made bitcoin price go lower. Bitcoin no longer will be investment asset but instead a payment method. I am not sure that everyone here is aware of that. We can lose our coins.
It will made bitcoin price go lower. Bitcoin no longer will be investment asset but instead a payment method. I am not sure that everyone here is aware of that. We can lose our coins.
May 21, 2015, 06:45:40 AM
At this point, anything is still possible especially when we are referring to bitcoin. Things are so dynamic that when we are talking about a year or two time period, that is already considered long. I definitely see things changing for the better in 10 years time.
May 21, 2015, 06:42:44 AM
it is gonna be such a wonderful life when every online retailer will accept btc. bitcoins and bitcoins everywhere. people will be mesmerized to use bitcoins. its about 5 years left for 2020 when i think the world will be bitcoin proven . where each person will be using bitcoins for every transaction.
I think you are a bit over-optimistic there. Do you really think Bitcoin will completely replace fiat cash, Paypal and credit cards by 2020? That is, in less than 5 years time? IMO, Bitcoin will be used by a great many people in 2020, but it will still be overshadowed by fiat currencies such as the US Dollar and Euro.
May 21, 2015, 06:37:28 AM
Those merchants would only appear if bitcoins are widely accepted throughout the globe. In the current times, merchants would be glad to convert their coins to fiat for some profit. That's why they're doing business in the first place. Also, what would they do with the bitcoins if it isn't generally accepted by the public if they start implementing it? Speculate just as what the day traders do? I don't think so. These businesses need some steady inflow of profits so that they could use it to expand. Bitcoins wouldn't help in that cause mainly because of the price volatility and it isn't that mainstream yet. In order to compensate with the implementation of bitcoins as a form of payment in their businesses, bitcoins must be a widely-accepted money around the globe so that these businesses could use bitcoins to expand without risking some percentage of their gains because of price volatility.
I was trying to point out that the majority of them do not have faith in Bitcoin. They're accepting it only for their sake, but that is okay.I'm saying that we should be trying to find merchants that won't use services like Bitpay. There was a decent list, but I can't find that thread. I'd spend mine there more likely than at those that instantly convert.
You are quite true and i also agree to you because everyone likes bitcoin because bitcoin is good and if not everyone will accept they will just stick it to other people whats your opinion
This is wrong on so many levels. May 21, 2015, 06:27:38 AM
You are quite true and i also agree to you because everyone likes bitcoin because bitcoin is good and if not everyone will accept they will just stick it to other people whats your opinion
May 21, 2015, 06:11:27 AM
bitcoin is not developed. yeah you saw it right. bitcoin is not developed. it is developing. bitcoin is used by may people and getting used my most of the people.in future bitcoin will be seen in many places . bitcoin is gonna turen the future.
May 21, 2015, 06:09:00 AM
Not accepting Bitcoin in online retail will be a dumb move and there is no excuse as companies like Stripe or Braintree starting to accept it. Even major ecommerce platforms like Shopify accept it. Should be ubiquitous for online retail.
May 21, 2015, 05:43:50 AM
"Assuming no major crisis in bitcoin"...
The delusion in this guy is strong.
The delusion in this guy is strong.
I think what he says is true, though. If there is no major crisis then why shouldn't retailers accept bitcoin within five years?
"In 5 or 10 years I think every online retailer will accept Bitcoin." - Gavin Andresen
https://youtu.be/iQ2TOFIgvis
Awesome 15 second quote from Gavin during this New York Public Library discussion on May 19, 2015.
https://youtu.be/iQ2TOFIgvis
Awesome 15 second quote from Gavin during this New York Public Library discussion on May 19, 2015.
I think it's going to bee sooner than that.
More like two to three years from now.
It doesn't make sense to give 3%+ of your sale to any payment processor instead of just paying a few cent.
You're right it doesn't, but in that case why haven't most merchants already jumped on board?
How is the time limit evaluate? However, more and more retailers accept Bitcoin now and we could charge for items with Bitcoin often, then the business with bitcoin can run well.
It's just a rough guess based on his speculation really. Wishful thinking or hopeful optimism at best so don't take it as a fact.
May 21, 2015, 05:18:57 AM
"Assuming no major crisis in bitcoin"...
The delusion in this guy is strong.
The delusion in this guy is strong.
I think he's just an optimist. I think bitcoin has a very good chance of being widely used online by then but I'm also a realist so we can only wait and see.
May 21, 2015, 05:16:02 AM
Let me be the one to burst the bubble. Do not get me wrong, I am a huge BTC fan and I will support it to the end BUT I am a realistic too. We assume BTC will be the de fact coin and everyone will be converted. WU and the banks are not sitting on their hands, they are investing millions into the development of their own technologies.
My prediction would be a maximum of 3 years dominance for Bitcoin and then a complete replacement by a NEW technology.
My prediction would be a maximum of 3 years dominance for Bitcoin and then a complete replacement by a NEW technology.
Mastercard Send is not the same type of technology as bitcoin. It's comparing apples and oranges. Both can be used as payment system but at the fundamental technical core they are so vastly different. The alts are more of a technical competition to Bitcoin but none of them seems to be catching up with bitcoin thus far.
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