Bitcoin News

Erik Voorhees (@ErikVoorhees) describes Bitcoin for business use. Excerpts from his blog post:

“Bitcoin is not a company nor organization. It is best thought of as a technology protocol, like VoIP or HTTP.  [Just as] email lowers the cost of transferring writing across distance, Bitcoin lowers the cost of transferring money across distance.”
- 
“Bitcoin is increasingly being adopted as a payment method for online commerce because it carries several advantages over traditional payment methods such as credit cards, bank wires, or PayPal. Unlike traditional payment methods, […]”
-
“From the consumer side, Bitcoin accounts are not attached to personal identifying information. This means consumers do not need to expose sensitive financial data every time they buy online.”
-
“Bitcoin thus offers a far more secure, and far less expensive, way for business to be transacted online.”
—
“Typically, Bitcoin makes the most economic sense for online retailers selling in an ecommerce environment (especially if they have international customers or have a high chargeback risk, which Bitcoin solves).”
-
“With a Bitcoin payment, there is no 3% fee to these processing companies, and this savings goes directly to the bottom line of the merchant. Consider also that Bitcoin removes all chargeback risk and payment reversal liability from the merchant.”
-
“There is no reason that a digital payment of US dollars from one country to another should take a matter of days, when a digital email is sent and received in a seco-nd. Bitcoin makes money as efficient as email.”

- http://bit.ly/NErXU3
- http://bit.ly/OvVUKK (as a PDF)

Additional Community Discussion Of This Document:
 - http://bitcointalk.org/index.php?topic=91782.0
 - http://www.reddit.com/r/Bitcoin/comments/w3fm9

All News - Twitter: @BitcoinNews