What's the point of Circle, Bitpay and so on? - page 2.

Moonpig

member

Activity: 62

Merit: 10

Quote from: neurotypical on October 26, 2015, 11:41:09 AM

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?

You don't need to use them if you don't want to and ultimately they're not needed but some companies don't want to keep bitcoins and would rather have the cash directly and payment processors like bitpay do that automatically for them. Payment processors will also come in handy if a company scams you and never sends the goods so you can easily get your money back.

Jawguy

newbie

Activity: 13

Merit: 0

I think that gentlemand explained it best. If merchants want to take sales in BTC but have to pay their bills in fiat, they need an easy way to do this. What's more, with the volitility of the bitcoin price, people who aren't interested in speculation want to get their btc back into fiat pretty quickly.

gentlemand

legendary

Activity: 2604

Merit: 3056

Welt Am Draht

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.

thejaytiesto

legendary

Activity: 1358

Merit: 1014

Quote from: 7788bitcoin on October 26, 2015, 11:48:47 AM

These services/interfaces will help people in buying/selling/using bitcoin... or else you will need to download the bitcoin core and the whole blockchain, and make sure it is sync before making any transactions...

Well this is not true. You can download a wallet for your Android/iPhone and start accepting payments in seconds. You can download Ellectrum and start acceptign payment in seconds. Hell you don't even need to download anything these days, you can use a wallet like the one blockchain.info. So I don't see your argument there.
However, I see the "there aren't enough merchants" but what we should be doing is trying to get more merchants. The ultimate goal should be that we don't need Bitpay.

dothebeats

legendary

Activity: 3542

Merit: 1352

Payment processors for bitcoin do exist because there aren't that much merchants willing to receive bitcoin as is for payments on their merchandise.

7788bitcoin

legendary

Activity: 2282

Merit: 1023

These services/interfaces will help people in buying/selling/using bitcoin... or else you will need to download the bitcoin core and the whole blockchain, and make sure it is sync before making any transactions...

AgentofCoin

legendary

Activity: 1092

Merit: 1001

Quote from: neurotypical on October 26, 2015, 11:41:09 AM

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?

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.

neurotypical

hero member

Activity: 672

Merit: 503

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?

Topic: What's the point of Circle, Bitpay and so on? - page 2. (Read 1265 times)