No, let's be honest <They make Bitcoin idiot proof> Uhmmm User-friendly. ^hmf^
Topic: What's the point of Circle, Bitpay and so on? (Read 1262 times)
They are the bridge between Bitcoin being legal and Bitcoin not being legal in some countries. Take the USA for example, IF you adhere to all the AML/KYC regulations, and these companies have to, then they accept it as being legal. These companies put the back in Bitcoin and they also bring the centralization back to make sure the NSA can track all the information they need from one location. ^joking^
No, let's be honest <They make Bitcoin idiot proof> Uhmmm User-friendly. ^hmf^
No, let's be honest <They make Bitcoin idiot proof> Uhmmm User-friendly. ^hmf^
As far as I know. Bitpay is here to allows merchants to accept bitcoin easily. Without bitpay dont expect bitcoin to be supported by so many online meechants today. One good example is gyft.
Why do we need those that cannot handle a bitcoin payment to support Bitcoin?
the same way we need women to accept bitcoin, because those categories are the majority, if bitcoin remain full of nerd geek and what not, it won't grow ever
you need those that are not interested , this is true for everything actually
Those payment processors are basically there to make selling bitcoin (or buying), into your currency, easier for small/large businesses.
It allows businesses the ability to convert their btc faster than waiting for someone to come to their store and say,
"I see you sell rare books, do you also happen to have some btc for sale?". Most businesses still need to pay bills or employees in regulated currencies.
Bitpay for example, is about converting your "pay check" into bitcoin, I think with direct deposit into bitpay banks accts.
It allows businesses the ability to convert their btc faster than waiting for someone to come to their store and say,
"I see you sell rare books, do you also happen to have some btc for sale?". Most businesses still need to pay bills or employees in regulated currencies.
Bitpay for example, is about converting your "pay check" into bitcoin, I think with direct deposit into bitpay banks accts.
This is a solid explanation. Right now the way I see it is that these services act as a crutch - they help to prop up Bitcoin but they also prevent it from moving forward. The way Bitcoin works right now is it is seen more as a commodity (and an unstable one at that) rather than a currency. So merchants still want the business that comes with accepting it as a payment method without the risk of fluctuating value - and so they use Bitpay etc. as a means of getting fiat - while "accepting" Bitcoin. In reality though - it's just an onsell - Bitcoin isn't acting as a currency where it is accepted then kept and spent.
As far as I know, Bitcoin is supposed to be about ease of use, p2p money, fast, uncompromised, decentralized. What's the point of "payment processors" or whatever those services are called, when to use Bitcoin, all you need is to download a wallet, create any addresses you like, and start receiving payment for your work/pay others for their work? (or donating, or whatever you want to do with your money) without needing to give any personal details, and without the permission of anyone.
What the hell is really "Bitpay" and why is that a market?
What the hell is really "Bitpay" and why is that a market?
Bitpay is a tools for a merchant who want to accept bitcoin and bring it to mainstream stage.
they have a useful tools for merchant to accept bitcoin in their platform.
Circle is no longer based around Bitcoin I do not think
It's as Bitcoin as ever but they're pushing the dollar angle more. There may reach a point where it's running their operation but there's very little or no mention of it rather like Abra.
Bit pay processes payments, circle is no longer based around Bitcoin I do not think
Why do we need those that cannot handle a bitcoin payment to support Bitcoin?
Because they've got the customers and the marketing clout to open it up to further adoption, not that it seems to have worked all that well so far. If it was crypto only we'd only be able to use it to buy alpaca socks still.
As far as I know. Bitpay is here to allows merchants to accept bitcoin easily. Without bitpay dont expect bitcoin to be supported by so many online meechants today. One good example is gyft.
Why do we need those that cannot handle a bitcoin payment to support Bitcoin?
As far as I know. Bitpay is here to allows merchants to accept bitcoin easily. Without bitpay dont expect bitcoin to be supported by so many online meechants today. One good example is gyft.
So you think bitcoin is dead for people outside USA and no access to these services then?
There's loads of services outside the USA, often better ones. I would've thought those with no need to interact with their local currency are in a minority.
And if you're in a serviceless country and using for it buying drugs, digital goods or whatever from elsewhere, very few of those items would be available to you unless there was a fiat interface somewhere along the line.
A lot of businesses that are new to bitcoins just want to accept payments due to consumer demand. They dont want to bother converting and exchanging themselves. They may not even have any interest in the actual longevity of bitcoin.
They're a necessary step towards forming an eventual closed loop. Any merchant that's in business has to pay taxes, staff, suppliers, advertising. None of them will take BTC. They want their bills paid. If the merchant gives them an enthusiastic lecture about how wonderful crypto is instead then they won't get no more supply.
If I as a regular person wish to get in on Bitcoin, how else am I supposed to do it other than a Circle esque service? Cash via localbitcoins costs a fucking fortune and isn't practical on a recurring basis.
If I as a regular person wish to get in on Bitcoin, how else am I supposed to do it other than a Circle esque service? Cash via localbitcoins costs a fucking fortune and isn't practical on a recurring basis.
So you think bitcoin is dead for people outside USA and no access to these services then?
they only act like a payment processing system for merchants, atleast thats what bitpay does. circle is more like a wallet and exchange
I disagree.
I think the OP's gist is meddling third parties in general. For better or worse, without their efforts this whole thing would still be an obscure curiosity.
Payment processors for bitcoin do exist because there aren't that much merchants willing to receive bitcoin as is for payments on their merchandise.
Exactly this. Payment processors ultimately exist because Bitcoin adoption is not bit enough yet. Once everyone uses Bitcoin, they will not be much needed.
I disagree. First, Bitpay is different from Circle. Bitpay enables payments from fiat, for those that don't have bitcoin. The use of Bitpay should go down if adoption of bitcoin increases. Circle is a bitcoin bank - same as Coinbase and Xapo. There will always be a need for these firms, more so as adoption increases. They offer a security and convenience that many people appreciate. It's much easier to buy bitcoin through Coinbase than any other method.
As far as I know, Bitcoin is supposed to be about ease of use, p2p money, fast, uncompromised, decentralized. What's the point of "payment processors" or whatever those services are called, when to use Bitcoin, all you need is to download a wallet, create any addresses you like, and start receiving payment for your work/pay others for their work? (or donating, or whatever you want to do with your money) without needing to give any personal details, and without the permission of anyone.
What the hell is really "Bitpay" and why is that a market?
What the hell is really "Bitpay" and why is that a market?
I see what you implying to OP so let me try to explain it to you.
We are to small to survive and to grow further without these payment processors, simple as that! These people are necessary for the Bitcoin to grow to the point when we won't need them any more in the future and we will be able to drop them and use Bitcoin as Satoshi has envisioned it.
But I don't think we can make it there without these aids. Do you know how many people would mess with Bitcoin and accept it if it wasn't for Bitpay, not too many, trust me. This gap to the mass adoption is just too big to jump over without payment processors.
they are the catalyst for bitcoin adoption, some of them are important because they offer off-chain transaction, which avoid the need to wait for confirmations
sincerely i would prefer to have one of those payment processors to be decentralized, but they are helping bitcoin to grow, so they are fien to me
sincerely i would prefer to have one of those payment processors to be decentralized, but they are helping bitcoin to grow, so they are fien to me
They're a necessary step towards forming an eventual closed loop. Any merchant that's in business has to pay taxes, staff, suppliers, advertising. None of them will take BTC. They want their bills paid. If the merchant gives them an enthusiastic lecture about how wonderful crypto is instead then they won't get no more supply.
If I as a regular person wish to get in on Bitcoin, how else am I supposed to do it other than a Circle esque service? Cash via localbitcoins costs a fucking fortune and isn't practical on a recurring basis.
If I as a regular person wish to get in on Bitcoin, how else am I supposed to do it other than a Circle esque service? Cash via localbitcoins costs a fucking fortune and isn't practical on a recurring basis.
Adoption is a slow process, and payment processors are necessary before mainstream adoption takes place. The US taxman was considering letting people pay their taxes in Bitcoin, and eventually we might be able to pay for everything in Bitcoin. Until that time people will need to convert to fiat to pay their bills like gentlemand said.
Payment processors for bitcoin do exist because there aren't that much merchants willing to receive bitcoin as is for payments on their merchandise.
Exactly this. Payment processors ultimately exist because Bitcoin adoption is not bit enough yet. Once everyone uses Bitcoin, they will not be much needed.
Bitpay and Coinbase also lock in the exchange rate and protect against volatility so they have their place.
Payment processors for bitcoin do exist because there aren't that much merchants willing to receive bitcoin as is for payments on their merchandise.
Exactly this. Payment processors ultimately exist because Bitcoin adoption is not bit enough yet. Once everyone uses Bitcoin, they will not be much needed.
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