08 Aug '14, 3pm

Bitcoin Solves Two Of The Biggest Problems Merchants Face When Accepting Card Payments

Bitcoin Solves Two Of The Biggest Problems Merchants Face When Accepting Card Payments

Bitcoin's greatest value is as a global payments network — not as a currency. In a nutshell, Bitcoin allows for the simple and secure transfer of value online. There are many players in the Bitcoin ecosystem that help to make this happen, including Bitcoin exchanges, Bitcoin wallets, and miners. But the Bitcoin network's daily average transaction volume stands at around $89 million globally compared with $16.5 billion for Visa and $9.8 billion for MasterCard, meaning it has a long way to go to make any real dent in the current payments system. Bitcoin also faces other significant threats including fraud and regulation. And right now, much power is concentrated among a small group of miners, which opens Bitcoin up to further vulnerabilities. Despite the barriers, we believe the efficiency and low cost of Bitcoin in comparison to legacy payments tools — including credit card...

Full article: http://www.businessinsider.com/bitcoin-solves-two-of-merc...

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