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Title: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: colinistheman on May 20, 2015, 07:19:09 PM "In 5 or 10 years I think every online retailer will accept Bitcoin." - Gavin Andresen
https://youtu.be/iQ2TOFIgvis Awesome 15 second quote from Gavin during this New York Public Library discussion on May 19, 2015. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: LFC_Bitcoin on May 20, 2015, 07:23:09 PM "In 5 or 10 years I think every online retailer will accept Bitcoin." - Gavin Andresen https://youtu.be/iQ2TOFIgvis Awesome 15 second quote from Gavin during this New York Public Library discussion on May 19, 2015. Music to my ears Colin. Thanks for that, when Gavin speaks people listen. If even 25% of online retailers accept bitcoin in 5-10 years we'll be laughing. Just going to have a quick look at the link now - thanks for sharing. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Amph on May 20, 2015, 07:23:32 PM so we can assume that we need at least two halving, and that the coming one is not enough, it make sense seeing how the price is still crippled
Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: rjclarke2000 on May 20, 2015, 07:26:03 PM This is a good thing to hear. I hope he is right and that we can get past each obstacle between now and then.
Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: jaberwock on May 20, 2015, 07:29:16 PM like Satoshi said(not exactly):
in 5 or 10 years either the vast mojority of retailers will accept Bitcoin or none will accept it Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: NyeFe on May 20, 2015, 07:36:10 PM like Satoshi said(not exactly): in 5 or 10 years either the vast mojority of retailers will accept Bitcoin or none will accept it Hopefully it'll be the first option. Look at where we are 7 years ahead. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: okae on May 20, 2015, 07:44:27 PM "In 5 or 10 years I think every online retailer will accept Bitcoin." - Gavin Andresen https://youtu.be/iQ2TOFIgvis Awesome 15 second quote from Gavin during this New York Public Library discussion on May 19, 2015. well, thats exactly whay all of us are thinking, yes? or at least thats our hope, if not, what are we doing here? :P If even 25% of online retailers accept bitcoin in 5-10 years we'll be laughing. exactly, we dont need that every online retailer accept Bitcoin to be happy ;) Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: newcripto on May 20, 2015, 07:46:46 PM "In 5 or 10 years I think every online retailer will accept Bitcoin." - Gavin Andresen My honest opinion is this yes in next 5 years and onwards Bitcoin will be accepted by most of the online retailers.For better understanding we can watch the adoption of Bitcoin in last 6 months and can predict where it will be in future.https://youtu.be/iQ2TOFIgvis Awesome 15 second quote from Gavin during this New York Public Library discussion on May 19, 2015. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Honeybooboo on May 20, 2015, 07:47:58 PM Well I'd love to hope so, but let's remember his opinion is obviously biased. I can't see any reason why online retailers won't accept bitcoin as it cost them nothing to do so and can only bring them in money, but we all know merchants and the general public don't always listen to logic.
Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: GambitBTC on May 20, 2015, 07:51:18 PM I'm skeptical that Bitcoin will ever be taken serious as a currency.
The tech is what's valuable Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: gogxmagog on May 20, 2015, 07:54:33 PM retailers can accept it no problem, will consumers use it?
I certainly hope so. How much of a percentage of online transactions would BTC need to move the price? Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Meuh6879 on May 20, 2015, 08:03:24 PM Well, it's like Paypal now ... 70% of all seller in the world accept this ... with a "hell" of fee and chargeback.
So, when sellers realise that Bitcoin ... have nos fees and NO CHARGEBACK, the world change. ;D We, the bitcoiners, are like Eobard Tharwe in Flash Serie. We look the world with a winning view (after the sellers accept bitcoin massivly). and it's good. 6300 nodes of bitcoin do this at this time. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: MakingMoneyHoney on May 20, 2015, 08:14:47 PM Well, it's like Paypal now ... 70% of all seller in the world accept this ... with a "hell" of fee and chargeback. So, when sellers realise that Bitcoin ... have nos fees and NO CHARGEBACK, the world change. ;D We, the bitcoiners, are like Eobard Tharwe in Flash Serie. We look the world with a winning view (after the sellers accept bitcoin massivly). and it's good. 6300 nodes of bitcoin do this at this time. Of course sellers should be taking Bitcoin. But you need to move the buyers to use Bitcoin and to accept the fact that they don't have protection from scams. I love to take Bitcoin, but to pay someone in Bitcoin, you need a little trust that you're going to get what you paid for. Paypal is good for buyers on eBay; Bitcoin may not be. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: dothebeats on May 20, 2015, 08:21:18 PM Eh, even if all the online retailer in the internet started accepting bitcoin, how about the buying side? If consumers won't start buying things online with their bitcoins, you can't expect anything to happen massively. Surely the economy of bitcoin will expand because of the retailers, but it isn't enough without the buying support from the consumers. In 5 to 10 years, it is basically all or nothing for bitcoin.
Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: DigiByte on May 20, 2015, 08:28:44 PM Two - three years max. Change is happening fast. #singularity
Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: victoryboy on May 20, 2015, 09:00:23 PM From this year onwards Bitcoin will be welcomed and become very popular and we will see dramatic increase of bitcoin's use by common people.Everyday we hear something new about bitcoin's adoption and its tech.Things will move very fast just in months not in years.
Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Meuh6879 on May 20, 2015, 09:14:56 PM Paypal is good for buyers on eBay; Bitcoin may not be. right. that why bitcoin is a perfect choice ... for food, supermarket ... and other face-to-face product (like in little market). Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: nvaler on May 21, 2015, 12:42:19 AM nice!!! no more WU? Moneygram? other Remittances? :) hahaha
and banks...bye bye banks Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Ruthful on May 21, 2015, 12:52:13 AM Paypal is good for buyers on eBay; Bitcoin may not be. right. that why bitcoin is a perfect choice ... for food, supermarket ... and other face-to-face product (like in little market). The transaction time is actually a hindrance to that.The transaction fee also makes it unattractive for small purchases, especially when conversion favours the local currency(like in my case). Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: kwukduck on May 21, 2015, 01:16:10 AM "Assuming no major crisis in bitcoin"...
The delusion in this guy is strong. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: colinistheman on May 21, 2015, 03:01:47 AM "Assuming no major crisis in bitcoin"... The delusion in this guy is strong. He's just super conservative Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: thebenjamincode on May 21, 2015, 03:12:53 AM i also believe that because as time passes by, day by day there are more and more people who are being aware of bitcoin
Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Amph on May 21, 2015, 06:07:58 AM like Satoshi said(not exactly): in 5 or 10 years either the vast mojority of retailers will accept Bitcoin or none will accept it the correct sentence was referring to transactions volume, "I’m sure that in 20 years there will either be very large (bitcoin) transaction volume or no volume." for future reference http://crypt.la/2014/01/06/satoshi-nakamoto-quotes/ Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: NorrisK on May 21, 2015, 06:14:44 AM so we can assume that we need at least two halving, and that the coming one is not enough, it make sense seeing how the price is still crippled Not neccesarily related to the halving and the price of bitcoin. Retailers accepting probably means through current methods, ie. changing directly to fiat at purchase. Price won't matter than. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: louise123 on May 21, 2015, 07:18:53 AM "In 5 or 10 years I think every online retailer will accept Bitcoin." - Gavin Andresen https://youtu.be/iQ2TOFIgvis Awesome 15 second quote from Gavin during this New York Public Library discussion on May 19, 2015. I think it's going to bee sooner than that. More like two to three years from now. It doesn't make sense to give 3%+ of your sale to any payment processor instead of just paying a few cent. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: PenguinFire on May 21, 2015, 07:21:45 AM I would venture to guess it will be sooner than that. I am sure every online retailer won't in five years but the ones that don't won't be around another five years. :D
Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: BIT-Sharon on May 21, 2015, 07:30:46 AM How is the time limit evaluate? However, more and more retailers accept Bitcoin now and we could charge for items with Bitcoin often, then the business with bitcoin can run well.
Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: jacktheking on May 21, 2015, 07:35:39 AM Disagree. Five years seem too short. Ten years seem too short too. I dont think Bitcoin will be accepted by every online retailers. Everything that is popular will have haters. Take the famous Korean Pop song example. Many people like it and it hit Youtube max count. I'm one of those who dont like the song.
If he say more than 75% of online retailers then.. I might agree with it. It might take around 10 years before 75% of online retailers will accept Bitcoin. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: S4VV4S on May 21, 2015, 07:37:29 AM I would venture to guess it will be sooner than that. I am sure every online retailer won't in five years but the ones that don't won't be around another five years. :D You never know. It is cheaper, faster and easier to set-up accepting Bitcoin payments other than anything else. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: hasmukhh on May 21, 2015, 07:43:58 AM yeah . totally true. bitcoin has grown alot from before. it is been used in many sites and places.
it is use mostly by the people for buying goods online and also used for paying bills and online transactions. in future bitcoin will be used at most of the places. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Lauda on May 21, 2015, 07:58:24 AM so we can assume that we need at least two halving, and that the coming one is not enough, it make sense seeing how the price is still crippled Not neccesarily related to the halving and the price of bitcoin. Retailers accepting probably means through current methods, ie. changing directly to fiat at purchase. Price won't matter than. However we know there are companies that keep a certain % or some that don't convert at all. There was a list around somewhere on the forums. We need that kind of merchants. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Kakmakr on May 21, 2015, 08:08:26 AM Let me be the one to burst the bubble. Do not get me wrong, I am a huge BTC fan and I will support it to the end BUT I am a realistic too. We assume BTC will be the de fact coin and everyone will be converted. WU and the banks are not sitting on their hands, they are investing millions into the development of their own technologies. <Mastercard Send, was launched yesterday to counter Bitcoin>
My prediction would be a maximum of 3 years dominance for Bitcoin and then a complete replacement by a NEW technology. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: dothebeats on May 21, 2015, 08:13:15 AM so we can assume that we need at least two halving, and that the coming one is not enough, it make sense seeing how the price is still crippled Not neccesarily related to the halving and the price of bitcoin. Retailers accepting probably means through current methods, ie. changing directly to fiat at purchase. Price won't matter than. However we know there are companies that keep a certain % or some that don't convert at all. There was a list around somewhere on the forums. We need that kind of merchants. Those merchants would only appear if bitcoins are widely accepted throughout the globe. In the current times, merchants would be glad to convert their coins to fiat for some profit. That's why they're doing business in the first place. Also, what would they do with the bitcoins if it isn't generally accepted by the public if they start implementing it? Speculate just as what the day traders do? I don't think so. These businesses need some steady inflow of profits so that they could use it to expand. Bitcoins wouldn't help in that cause mainly because of the price volatility and it isn't that mainstream yet. In order to compensate with the implementation of bitcoins as a form of payment in their businesses, bitcoins must be a widely-accepted money around the globe so that these businesses could use bitcoins to expand without risking some percentage of their gains because of price volatility. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: hasmukhh on May 21, 2015, 09:56:03 AM it is gonna be such a wonderful life when every online retailer will accept btc. bitcoins and bitcoins everywhere. people will be mesmerized to use bitcoins. its about 5 years left for 2020 when i think the world will be bitcoin proven . where each person will be using bitcoins for every transaction.
Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Ruthful on May 21, 2015, 10:09:58 AM Last time i check transaction is instant. You think CC confirmation is instant? Firstly , credit card transaction felt instant because merchants trust the CC company to honour their part of the deal.Considering the amount of petty larceny and scamming attempt they already facing ,do you expect a chain retailer would trust some anonymous stranger that easily? Secondly, I don't use CC or even debit card for very small transaction.Paying around 10%( even go to 50% for some of my smallest purchases) transaction fee to use bitcoin isn't really a selling point. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: virtualx on May 21, 2015, 10:16:02 AM Let me be the one to burst the bubble. Do not get me wrong, I am a huge BTC fan and I will support it to the end BUT I am a realistic too. We assume BTC will be the de fact coin and everyone will be converted. WU and the banks are not sitting on their hands, they are investing millions into the development of their own technologies. <Mastercard Send, was launched yesterday to counter Bitcoin> My prediction would be a maximum of 3 years dominance for Bitcoin and then a complete replacement by a NEW technology. Mastercard Send is not the same type of technology as bitcoin. It's comparing apples and oranges. Both can be used as payment system but at the fundamental technical core they are so vastly different. The alts are more of a technical competition to Bitcoin but none of them seems to be catching up with bitcoin thus far. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Ruckspin on May 21, 2015, 10:18:57 AM "Assuming no major crisis in bitcoin"... The delusion in this guy is strong. I think he's just an optimist. I think bitcoin has a very good chance of being widely used online by then but I'm also a realist so we can only wait and see. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Honeybooboo on May 21, 2015, 10:43:50 AM "Assuming no major crisis in bitcoin"... The delusion in this guy is strong. I think what he says is true, though. If there is no major crisis then why shouldn't retailers accept bitcoin within five years? "In 5 or 10 years I think every online retailer will accept Bitcoin." - Gavin Andresen https://youtu.be/iQ2TOFIgvis Awesome 15 second quote from Gavin during this New York Public Library discussion on May 19, 2015. I think it's going to bee sooner than that. More like two to three years from now. It doesn't make sense to give 3%+ of your sale to any payment processor instead of just paying a few cent. You're right it doesn't, but in that case why haven't most merchants already jumped on board? How is the time limit evaluate? However, more and more retailers accept Bitcoin now and we could charge for items with Bitcoin often, then the business with bitcoin can run well. It's just a rough guess based on his speculation really. Wishful thinking or hopeful optimism at best so don't take it as a fact. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: coinpr0n on May 21, 2015, 11:09:00 AM Not accepting Bitcoin in online retail will be a dumb move and there is no excuse as companies like Stripe or Braintree starting to accept it. Even major ecommerce platforms like Shopify accept it. Should be ubiquitous for online retail.
Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: bandana on May 21, 2015, 11:11:27 AM bitcoin is not developed. yeah you saw it right. bitcoin is not developed. it is developing. bitcoin is used by may people and getting used my most of the people.in future bitcoin will be seen in many places . bitcoin is gonna turen the future.
Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: rishabh6115 on May 21, 2015, 11:27:38 AM You are quite true and i also agree to you because everyone likes bitcoin because bitcoin is good and if not everyone will accept they will just stick it to other people whats your opinion
Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Lauda on May 21, 2015, 11:37:28 AM Those merchants would only appear if bitcoins are widely accepted throughout the globe. In the current times, merchants would be glad to convert their coins to fiat for some profit. That's why they're doing business in the first place. Also, what would they do with the bitcoins if it isn't generally accepted by the public if they start implementing it? Speculate just as what the day traders do? I don't think so. These businesses need some steady inflow of profits so that they could use it to expand. Bitcoins wouldn't help in that cause mainly because of the price volatility and it isn't that mainstream yet. In order to compensate with the implementation of bitcoins as a form of payment in their businesses, bitcoins must be a widely-accepted money around the globe so that these businesses could use bitcoins to expand without risking some percentage of their gains because of price volatility. I was trying to point out that the majority of them do not have faith in Bitcoin. They're accepting it only for their sake, but that is okay.I'm saying that we should be trying to find merchants that won't use services like Bitpay. There was a decent list, but I can't find that thread. I'd spend mine there more likely than at those that instantly convert. You are quite true and i also agree to you because everyone likes bitcoin because bitcoin is good and if not everyone will accept they will just stick it to other people whats your opinion This is wrong on so many levels. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: bryant.coleman on May 21, 2015, 11:42:44 AM it is gonna be such a wonderful life when every online retailer will accept btc. bitcoins and bitcoins everywhere. people will be mesmerized to use bitcoins. its about 5 years left for 2020 when i think the world will be bitcoin proven . where each person will be using bitcoins for every transaction. I think you are a bit over-optimistic there. Do you really think Bitcoin will completely replace fiat cash, Paypal and credit cards by 2020? That is, in less than 5 years time? IMO, Bitcoin will be used by a great many people in 2020, but it will still be overshadowed by fiat currencies such as the US Dollar and Euro. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Q7 on May 21, 2015, 11:45:40 AM At this point, anything is still possible especially when we are referring to bitcoin. Things are so dynamic that when we are talking about a year or two time period, that is already considered long. I definitely see things changing for the better in 10 years time.
Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Slark on May 21, 2015, 01:04:08 PM If more and more retailers will start to accept bitcoin when main economy is still based on FIATS. Then you know what happen? Retailers will start to sell bitcoin for money as they earn it.
It will made bitcoin price go lower. Bitcoin no longer will be investment asset but instead a payment method. I am not sure that everyone here is aware of that. We can lose our coins. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: micheline on May 21, 2015, 01:11:19 PM If more and more retailers will start to accept bitcoin when main economy is still based on FIATS. Then you know what happen? Retailers will start to sell bitcoin for money as they earn it. It will made bitcoin price go lower. Bitcoin no longer will be investment asset but instead a payment method. I am not sure that everyone here is aware of that. We can lose our coins. I doubt it. You forget that retailers are people, too. So when more retailers accept Bitcoin, more retailers will be able to buy things form other retailers using Bitcoin. Apart from that, to spend Bitcoin, people need to buy it first. So the only reasonable expectation from increased Bitcoin acceptance is an increase in demand for Bitcoin which will in turn lead to higher prices. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: umairsaleem on May 21, 2015, 01:23:22 PM Hmm.....I don't think so, at least it won happens in China, it likely in 5 or 10 years, most technology online retailer would accept Bitcoin, I don't think they all would accept.
Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Krang on May 21, 2015, 01:29:00 PM it is gonna be such a wonderful life when every online retailer will accept btc. bitcoins and bitcoins everywhere. people will be mesmerized to use bitcoins. its about 5 years left for 2020 when i think the world will be bitcoin proven . where each person will be using bitcoins for every transaction. Assuming every online retailer does accept it. Not ever online retailer accepts paypal so not everyone will accept bitcoin either (though bitcoin will have lower fees compared to PP). I think both the public and merchants need to have a reason to accept it. Merchants already do but there's not much reason for the general public to get involved with bitcoin at this moment in time. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: NorrisK on May 21, 2015, 01:43:04 PM If more and more retailers will start to accept bitcoin when main economy is still based on FIATS. Then you know what happen? Retailers will start to sell bitcoin for money as they earn it. It will made bitcoin price go lower. Bitcoin no longer will be investment asset but instead a payment method. I am not sure that everyone here is aware of that. We can lose our coins. I doubt it. You forget that retailers are people, too. So when more retailers accept Bitcoin, more retailers will be able to buy things form other retailers using Bitcoin. Apart from that, to spend Bitcoin, people need to buy it first. So the only reasonable expectation from increased Bitcoin acceptance is an increase in demand for Bitcoin which will in turn lead to higher prices. That would be true if the retailers did not directly convert the bitcoin to fiat as they currently do Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: MicroGuy on May 21, 2015, 04:07:47 PM "In 5 or 10 years I think every online retailer will accept Bitcoin." - Gavin Andresen https://youtu.be/iQ2TOFIgvis Awesome 15 second quote from Gavin during this New York Public Library discussion on May 19, 2015. This proves that Gavin is 100% delusional. But I still trust him as my lord and savior for bitcoin core updates. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: kalenjordan on May 25, 2015, 03:07:07 PM Been thinking it would be awesome to be a part of online retailer adoption of bitcoin. I have been quite involved in the magento community for several years and have been thinking of ways to outreach to merchants on magento to adopt it.
Also agree that incentives to end customers could be a critical part of the equation. 1% rebates for bitcoin usage as well as creative promotional elements within the checkout experience could be interesting to experiment with. There are some downsides to accepting bitcoin for merchants. Any additional element added to the checkout has the potential to increase friction in the checkout and reduce sales. Especially for online retailers that have less tech savvy customers. That said this would be a great opportunity for a/b testing. If anyone is interested in collaborating on this type of thing let me know. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Bitware on May 25, 2015, 03:32:02 PM Paypal is good for buyers on eBay; Bitcoin may not be. right. that why bitcoin is a perfect choice ... for food, supermarket ... and other face-to-face product (like in little market). The transaction time is actually a hindrance to that.The transaction fee also makes it unattractive for small purchases, especially when conversion favours the local currency(like in my case). No, it's not. Right now anyone can monitor the blockchain in real time using bitcoinj and listen for transactions, and within a few seconds can confirm a payment was made. While it is true that that there is an ever-so-slight chance of a double spend attempt, it would need to be expertly choreographed and/or synchronized with finding a block to succeed, which makes Bitcoin perfect for small item sales because the double-spend effort would not be worth the return on investment. Double-spend attempts for large purchases can be easily mitigated by identifying the purchaser at the time of sale. Like for a car there is a title, registration and such. For a house and land, there is a deed and title transfer. Online purchases have a period of time between the order and shipping for the confirmation process... etc. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Rishblitz on May 25, 2015, 03:44:03 PM The best decision for any retailer would be to have as many possible ways of accepting payment as possible.
Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Chomsky on May 25, 2015, 03:54:08 PM I admire Gavin's optimism and if everything goes to plan I think he will be right, but I'm not so convinced myself though I hope I'm just being sceptical. I guess we can only wait and see what te future holds for bitcoin.
Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: JusticeForYou on May 25, 2015, 04:21:39 PM Let the math geeks go...
In 5 years what will the size of the block chain be? In 10 years? Projections anyone? Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: jjacob on May 25, 2015, 04:41:14 PM The best decision for any retailer would be to have as many possible ways of accepting payment as possible. Yup. If he decides on passing any savings on transaction costs to bitcoin users, Bitcoin will be the most popular payment option. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Submotion on May 25, 2015, 05:02:45 PM The best decision for any retailer would be to have as many possible ways of accepting payment as possible. Yup. If he decides on passing any savings on transaction costs to bitcoin users, Bitcoin will be the most popular payment option. Why would he need to do that? Bitcoin is already very cheap to send and it's the miners that need to be adequately rewarded to keep on mining. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: psybits on May 25, 2015, 05:06:44 PM "In 5 or 10 years I think every online retailer will accept Bitcoin." - Gavin Andresen https://youtu.be/iQ2TOFIgvis Awesome 15 second quote from Gavin during this New York Public Library discussion on May 19, 2015. Music to my ears Colin. Thanks for that, when Gavin speaks people listen. If even 25% of online retailers accept bitcoin in 5-10 years we'll be laughing. Just going to have a quick look at the link now - thanks for sharing. Bitcoin usage by online merchants has been skyrocketing for well over a year now. Music to my ears as well, and most likely the truth too :) Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Amph on May 25, 2015, 07:16:16 PM I admire Gavin's optimism and if everything goes to plan I think he will be right, but I'm not so convinced myself though I hope I'm just being sceptical. I guess we can only wait and see what te future holds for bitcoin. actually he is very pessimist, and very conservative on his words, if you look at bitcoin now, bitcoin can achieve such objective in a far less than 5 years, hell i could say the next year is perfect for achieving all the great aiming which bitcoin needs Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: shulio on May 25, 2015, 07:47:22 PM I admire Gavin's optimism and if everything goes to plan I think he will be right, but I'm not so convinced myself though I hope I'm just being sceptical. I guess we can only wait and see what te future holds for bitcoin. actually he is very pessimist, and very conservative on his words, if you look at bitcoin now, bitcoin can achieve such objective in a far less than 5 years, hell i could say the next year is perfect for achieving all the great aiming which bitcoin needs Less than 5 years is impossible. The shortest amount will be atleast 5 years and Gavin is correct in this . As we can see, there are only small numbers of retailer that accepts bitcoin now. For the whole online retailer to accept bitcoin it will take a lot of years and also we can see that only a small number of people that know bitcoin now Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: SOAD on May 25, 2015, 07:56:40 PM I admire Gavin's optimism and if everything goes to plan I think he will be right, but I'm not so convinced myself though I hope I'm just being sceptical. I guess we can only wait and see what te future holds for bitcoin. actually he is very pessimist, and very conservative on his words, if you look at bitcoin now, bitcoin can achieve such objective in a far less than 5 years, hell i could say the next year is perfect for achieving all the great aiming which bitcoin needs Less than 5 years is impossible. The shortest amount will be atleast 5 years and Gavin is correct in this . As we can see, there are only small numbers of retailer that accepts bitcoin now. For the whole online retailer to accept bitcoin it will take a lot of years and also we can see that only a small number of people that know bitcoin now Amph rarely knows what he's talking about but will feel compelled to offer his drivel at any opportunity, but you're likely more right than he is. If bitcoin was going to go mainstream this fast it would have already happened. 5-10 years is a reasonable guesstimate and even that isn't guaranteed, but of course I would like it to be much less than that but the mainstream sadly isn't as excited about btc as I am. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Elwar on May 25, 2015, 11:29:50 PM Through brawker.com this was already possible. Unfortunately they are no longer around but it does create a vacuum that needs to be filled.
I could see this being done using OpenBazaar and maybe a browser plugin. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: futureofbitcoin on May 25, 2015, 11:35:06 PM Through brawker.com this was already possible. Unfortunately they are no longer around but it does create a vacuum that needs to be filled. However, if they closed down, it shows that it probably isn't feasible as a business yet. I could see this being done using OpenBazaar and maybe a browser plugin. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Amph on May 26, 2015, 06:25:16 AM I admire Gavin's optimism and if everything goes to plan I think he will be right, but I'm not so convinced myself though I hope I'm just being sceptical. I guess we can only wait and see what te future holds for bitcoin. actually he is very pessimist, and very conservative on his words, if you look at bitcoin now, bitcoin can achieve such objective in a far less than 5 years, hell i could say the next year is perfect for achieving all the great aiming which bitcoin needs Less than 5 years is impossible. The shortest amount will be atleast 5 years and Gavin is correct in this . As we can see, there are only small numbers of retailer that accepts bitcoin now. For the whole online retailer to accept bitcoin it will take a lot of years and also we can see that only a small number of people that know bitcoin now Amph rarely knows what he's talking about but will feel compelled to offer his drivel at any opportunity, but you're likely more right than he is. If bitcoin was going to go mainstream this fast it would have already happened. 5-10 years is a reasonable guesstimate and even that isn't guaranteed, but of course I would like it to be much less than that but the mainstream sadly isn't as excited about btc as I am. no one actually knows here, what will be the right time, we are just guessing, every guess is a good guess you know, so saying he is more right than me is just throwing another random guess nothing else...useless, and 10 years is definitely too much, 5 is even more than enough, i still think that the 2016 will bring what we want from this whole bitcoin thing Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Jeremycoin on May 26, 2015, 03:02:08 PM I hope this is really going to happen in the future, especially all of the Digital Game Store. So I could buy a game easily with Bitcoin ;D
Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: fdylstyx on May 26, 2015, 03:05:19 PM I think once retailers (with 300-1000% markup) have a good understanding of BTC, and it's been proven it can handle the load (exponential increase of adoption) they will begin to offer significant discounts to their customers that use BTC so they can both sell off a portion for their day to day expenses plus taking an immediate profit in fiat and HODL a percentage of that markup in BTC for future risk/profit.
Any broker service that they (retailers) can trust to successfully manage their BTC holdings (for a fee) and realize a minimum 12% average interest on those holdings would simply be using sound business practice over the long run. imo It will be the retailers who will eventually persuade/dictate that their supply chains, fixed cost providers and personnel accept, in part or in full, payments in BTC. I see a merging between the centralized and decentralized economy becoming the melting pot where the best of both will rise to the top. Full saturation in the 23rd century. Of course by then BTC may not even be a major player. Ups and downs, ebb and flow. As always. fdyl Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Light on May 26, 2015, 03:22:12 PM I think once retailers (with 300-1000% markup) have a good understanding of BTC, and it's been proven it can handle the load (exponential increase of adoption) they will begin to offer significant discounts to their customers that use BTC so they can both sell off a portion for their day to day expenses plus taking an immediate profit in fiat and HODL a percentage of that markup in BTC for future risk/profit. Any broker service that they (retailers) can trust to successfully manage their BTC holdings (for a fee) and realize a minimum 12% average interest on those holdings would simply be using sound business practice over the long run. I'm curious about a couple of things here. First off, why would any major business (I'm going to define it as at least being present on the stock market) decide to actually keep Bitcoin? I can understand why they'd be happy to accept it and then sell it off - but keeping it presents a risk that investors wouldn't necessarily be keen to take. You'd have to have society overwhelmingly accept Bitcoin for investors to be happy to have their company hold Bitcoin. Secondly, where are you getting your figure of 12%? Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Elwar on May 26, 2015, 04:38:50 PM I think once retailers (with 300-1000% markup) have a good understanding of BTC, and it's been proven it can handle the load (exponential increase of adoption) they will begin to offer significant discounts to their customers that use BTC so they can both sell off a portion for their day to day expenses plus taking an immediate profit in fiat and HODL a percentage of that markup in BTC for future risk/profit. Any broker service that they (retailers) can trust to successfully manage their BTC holdings (for a fee) and realize a minimum 12% average interest on those holdings would simply be using sound business practice over the long run. I'm curious about a couple of things here. First off, why would any major business (I'm going to define it as at least being present on the stock market) decide to actually keep Bitcoin? Imagine a major company actually keeping this currency: https://chart.finance.yahoo.com/z?s=EURUSD%3DX&t=1y&q=l&l=off&z=m&a=v&p=s&lang=en-US®ion=US Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: MUFC on May 26, 2015, 04:43:27 PM I think once retailers (with 300-1000% markup) have a good understanding of BTC, and it's been proven it can handle the load (exponential increase of adoption) they will begin to offer significant discounts to their customers that use BTC so they can both sell off a portion for their day to day expenses plus taking an immediate profit in fiat and HODL a percentage of that markup in BTC for future risk/profit. Any broker service that they (retailers) can trust to successfully manage their BTC holdings (for a fee) and realize a minimum 12% average interest on those holdings would simply be using sound business practice over the long run. I'm curious about a couple of things here. First off, why would any major business (I'm going to define it as at least being present on the stock market) decide to actually keep Bitcoin? Imagine a major company actually keeping this currency: https://chart.finance.yahoo.com/z?s=EURUSD%3DX&t=1y&q=l&l=off&z=m&a=v&p=s&lang=en-US®ion=US And that's why they'll use a payment processor, but if the price of bitcoin goes the opposite way and skyrockets they might regret not holding some, but most businesses wont be able to take the risk. I also hope that at some point in the future bitcoin wont be as volatile and will achieve some sort of fixed price. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: Ludi on May 26, 2015, 05:43:41 PM I think once retailers (with 300-1000% markup) have a good understanding of BTC, and it's been proven it can handle the load (exponential increase of adoption) they will begin to offer significant discounts to their customers that use BTC so they can both sell off a portion for their day to day expenses plus taking an immediate profit in fiat and HODL a percentage of that markup in BTC for future risk/profit. Any broker service that they (retailers) can trust to successfully manage their BTC holdings (for a fee) and realize a minimum 12% average interest on those holdings would simply be using sound business practice over the long run. I'm curious about a couple of things here. First off, why would any major business (I'm going to define it as at least being present on the stock market) decide to actually keep Bitcoin? I can understand why they'd be happy to accept it and then sell it off - but keeping it presents a risk that investors wouldn't necessarily be keen to take. You'd have to have society overwhelmingly accept Bitcoin for investors to be happy to have their company hold Bitcoin. Secondly, where are you getting your figure of 12%? Businesses can't afford to take that risk. It's a shame many of them are put off by the fluctuations but don't realize they can use companies like bitpay etc just to straight get the cash. I guess most just don't see the point in accepting it at the moment. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: MadGamer on May 26, 2015, 07:28:59 PM Well it's simple , in Ten years there is two scenarios and two only .
Either millions of people will be using Bitcoin , either no one will use it at all ... forever . So if it last that long that would be something special . ;D Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: fdylstyx on May 26, 2015, 10:18:44 PM I think once retailers (with 300-1000% markup) have a good understanding of BTC, and it's been proven it can handle the load (exponential increase of adoption) they will begin to offer significant discounts to their customers that use BTC so they can both sell off a portion for their day to day expenses plus taking an immediate profit in fiat and HODL a percentage of that markup in BTC for future risk/profit. Any broker service that they (retailers) can trust to successfully manage their BTC holdings (for a fee) and realize a minimum 12% average interest on those holdings would simply be using sound business practice over the long run. I'm curious about a couple of things here. First off, why would any major business (I'm going to define it as at least being present on the stock market) decide to actually keep Bitcoin? I can understand why they'd be happy to accept it and then sell it off - but keeping it presents a risk that investors wouldn't necessarily be keen to take. You'd have to have society overwhelmingly accept Bitcoin for investors to be happy to have their company hold Bitcoin. Secondly, where are you getting your figure of 12%? The 12+% is simply an acceptable return on any investment imo. I didn't mean to say that I was predicting what would happen in the next 5-10 years. If you read the post again you'll see that it's a reasonable assumption that BTC will not reach "household word" status if it doesn't both serve a purpose (simple BTC card without the credit card fees) and make people money (investors). If those businesses with high margins and high profit could be persuaded to use BTC because it's an acceptable risk to HODL a percentage, and compel those they do business with to accept BTC transactions, then, imo, the blockchain will put down sound economical (socio/financial) roots. The blockchain(s) then can become the shining star that it's attempting to become. Security and bloat are the major issues that need to be addressed to gain the confidence of the masses that do want a ledger of truth and justice going forward for future generations. Those who wish to remain off the books (decentralization) will have to learn to hide their BTC well. Or trust in physical assets that are easy to hide. fdyl Businesses can't afford to take that risk. It's a shame many of them are put off by the fluctuations but don't realize they can use companies like bitpay etc just to straight get the cash. I guess most just don't see the point in accepting it at the moment. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: fdylstyx on May 26, 2015, 10:22:36 PM I don't know how my post ended up in the quote. That's weird.
But some of you get the gist of what I'm saying I'm sure. Just spitball'n ;) EDIT; Here it is again so it doesn't get lost in the middle of that quote. The 12+% is simply an acceptable return on any investment imo. I didn't mean to say that I was predicting what would happen in the next 5-10 years. If you read the post again you'll see that it's a reasonable assumption that BTC will not reach "household word" status if it doesn't both serve a purpose (simple BTC card without the credit card fees) and make people money (investors). If those businesses with high margins and high profit could be persuaded to use BTC because it's an acceptable risk to HODL a percentage, and compel those they do business with to accept BTC transactions, then, imo, the blockchain will put down sound economical (socio/financial) roots. The blockchain(s) then can become the shining star that it's attempting to become. Security and bloat are the major issues that need to be addressed to gain the confidence of the masses that do want a ledger of truth and justice going forward for future generations. Those who wish to remain off the books (decentralization) will have to learn to hide their BTC well. Or trust in physical assets that are easy to hide. fdyl Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: fdylstyx on May 26, 2015, 10:40:48 PM And by "ledger of truth and justice" I merely refer to the immutable nature of contracts and agreements being readily available for review on the blockchain. Much like the DNA of trade and commerce there will be less for expensive lawyers to argue over. That alone would be a game changer in social engineering.
Again, just my opinion. Title: Re: "In 5 or 10 years I think every online retailer will accept Bitcoin." -Gavin Post by: bryant.coleman on May 27, 2015, 11:54:18 AM Businesses can't afford to take that risk. It's a shame many of them are put off by the fluctuations but don't realize they can use companies like bitpay etc just to straight get the cash. I guess most just don't see the point in accepting it at the moment. What about those companies, who decided to keep a part of their revenue in the form of Bitcoins? Both Overstock and TigerDirect had announced (a year ago), that they will keep 10% of all their Bitcoin revenue in the form of BTC. These companies, for sure must have incurred heavy losses, as the exchange rates slid from $600 to $240. |