Tony Gallippi, a well-known Bitcoiner and founder of the Bitcoin payment processing service BitPay, once said that this cryptocurrency has a “lower cost, lower risk” and is “a more accessible form of payment from anything else we have today, especially for shopping online”. Maybe that is why Bitcoin managed to beat PayPal during the last year, temporarily turning into the world’s fifth biggest payment network.
It was a short victory, but one that makes the cryptocurrency community proud. However, some still defy this achievement and that is why today’s infographic analyzes that matter in detail, going to the source of all information related to Bitcoin: the numbers and the volume.
Nevertheless, Bitcoin’s implications and the possibilities brought by the virtual currency to the table, especially in the electronic commerce field, keep intriguing economists and financial analysts. Some of them actually believe this experiment could change the global marketplace forever, as well as the remittances market.
Tony Gallippi agrees with these forecasts, assuring Bitcoin’s electronic nature makes it appealing for e-commerce, but even he acknowledges that there are still some curves in the system that need to be straightened such as tax implications and the potential regulation. In this case, PayPal’s president is on Gallippi’s side, maybe without even knowing they share the same opinion.
David Marcus recently said people are mistaken when they think Bitcoin is a currency. According to PayPal’s big boss, until this cryptocurrency is regulated and more stable, it can’t be seen as a currency. For now, it’s more like an asset. “It won’t be a currency until volatility slows down. Whenever the regulatory framework is clearer, and the volatility comes down, then we’ll consider it”, Marcus said, opening to door to Bitcoin acceptance in PayPal.
For now, we will have to settle with watching Bitcoin grow. This new year will most certainly be an amazing time for the cryptocurrency lovers.
This article was written for Business 2 Community by Alan Draper.
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