Bitcoin Forum

I just wanted to have a discussion and hear your opinions about the implications and advantages of companies like Facebook and Amazon accepting bitcoin. So my questions are:

1. If Facebook and/or Amazon start accepting bitcoin, what would be some advantages and innovations around it? (to the consumer/public, to the merchant, and to bitcoin in general)

2. What are some key companies, or what type of companies would you like to see adopt bitcoin? (I feel like companies that have a strong network and appeal to a younger audience are good for adoption, since general enthusiasts of bitcoin are younger people. Companies like Reddit, Zynga, Kickstarter come to mind)


I'm hoping for the best in 2014

thanks

Amazon is one of the biggest if not the biggest store...

Does facebook even sell anything?

I think they allow games that allow content purchases, and you can send gifts or something through FB. In other words, yes, there is a use case for FB- up to them if they see value in it.

If they accept bitcoin, then the price of bitcoin will climb over $10,000 make. Just hope they will one day.

I believe amazon already has its own coin.

Amazon will never accept bitcoin when these 4 words exist: VISA, MASTERCARD, AMERICAN EXPRESS.

They will just make they're own.
http://www.amazon.com/gp/feature.html?docId=1001166401

Amazon coin is only for amazon, if they accept that and credit cards, why not bitcoin too?

If a sufficiently large company starts to accept bitcoin, the transactional volume is probably too much for the blockchain to handle at this moment. Today the Bitcoin network is restricted to a sustained rate of 7 tps by some artificial limits, however these can be lifted. For a complete explanation about scalability issues, refer to: https://en.bitcoin.it/wiki/Scalability

facebook wont ever accept bitcoin unless there is pressure on mark zuckerberg to do it. hes not into bitcoin because the winklevoss twins bought into it early. Dont quote me but i seem to remember a comment from zuckerberg saying he wouldnt buy into something that would help inflate the winklevi's holdings. The guy has a few screws loose and thinks way too much of himself and "his great ideas".

Similar to a story of a local real estate mogul. He had nice suits, nice cars and a nice family. his business was big, the buildings were nice and he seemed to be doing really well. until he wasnt. as it turned out he inherited the money and within a few years he had run his new business into the ground and lost everything. All but the one room in a hotel he owned due to a deal when he had it built. Just because someone is rich and appears to be a good business man doesnt mean they are either.

Attribute  of bitcoin is if you support and I suppotr , then the two of us will be able to complete the transaction on lakebtc & btc-e or other place.

Fuck Zuckerberg

Did he really? That's fucked up.

It's weird that I'm on the side of the bad guys from "The Social Network"

I think if Amazon accepted Bitcoin, the price would deflate rapidly as some of the big guns unload hundreds of BTC into Amazon.

you already can....

http://www.gyft.com/merchants/amazon-com/

http://www.gyft.com/merchants/facebook/

edit: fixed amazon link

these things aren't an immediate threat though. The open market exchange for BTC is what keeps the speculators interested, if and when it becomes a true consumer spending tool it will not be bound to another service. Don't get me wrong, for the masses, I.e., people that only think of money as a "spending" device, it could be a threat; but right now what makes BTC attractive is the prospect of value trading against other currencies, FB and AMZN will never go there.

I got into BTC because I ran out of ideas in the stock market. I've been investing for 15 years and simply ran out of ideas where to put new money. My positions are doing great (easy market, loaded up when DJIA was 7k) but I don't want to get over-consolidated adding money to those positions now. Like every bull market the bears will come eventually, and my best holdings are all over-bought now. Currency trading looked attractive for a long time, but I never jumped in beyond practice accounts; primary appeal is the exchanges don't close so there's always action. I watched BTC from a distance when I should have been mining, but I decided to mine instead of buy because I don't want the psychological burden of staring at a cost-basis all the time. Anyways, I wonder how many econ-nerds will turn to BTC simply because it's interesting as hell and picking stocks right now is very tricky. "What is Bitcoin" was the #10 most-searched term on Google this past year, which means lots of people have a growing curiosity, and it's got to start somewhere. I don't think PayPal, Dwolla, FB or AMZN bucks can ever capture the excitement of BTC- as an investor the volatility and upwards potential are what brought me here.

My main rule is I only work on one idea at a time, full-time job prevents me from multitasking investment research. When I was young I made the mistake more than once of not doing my research, every time it cost me. Ever since I started focusing on one idea at a time things have been much better. However, this is probably my 'craziest' venture yet, but I'm very comfortable with risk. Even my best recent equity positions are only up 120-150%, I say "only" because even at $550 BTC is still more than double from when I started mining not long ago, and the trend over time looks great. This China thing will pass, government regulation is expected to have this effect. I feel confident with other emerging markets catching on it will steadily climb towards $1,000 again and get hot, and if it doesn't the bottom is 0, keep those eyes on the sky fellas.

What's the benefit of it though?

Gyft accepts BTC and offers an easy method, and for that I can see why someone would do it because their buying power has grown significantly and they don't have to mess with an exchange.

Seems like the payments space is targeted for disruption and it is no surprise that Apple, Facebook, Amazon and every other behemoth out there is in the frame of mind to suck up as much profit and market share as they can. This would mean that they will not accept bitcoin (at least to begin with) but will try and force their customer base to use their own exclusive take on 'coin'. And of course the visa/mastercard/paypals of this world will be lobbying long and hard to not let btc in anyway.

Perhaps if they see an almighty drop in revenue they might try and ride bitcoins coat tails but I cant see it happening with a major brand like they are just yet.

Back to the moon maybe!

No major player like facebook or amazon will accept btc until there is some straight regulation from governments, simple as that
But you can still buy from them using third party like gyft.com so who really cares?

My benefit is that I can take money i've mined and buy a pizza via Gyfts Papa Johns card, or order food or any services via Amazon.  It's quite an amazing concept once you think that you can become self-sufficient. 

What about Groupon or Living Social? Can they somehow use bitcoin? would there even be a point?


the main reason I want to see these popular companies to implement bitcoin is to spread awareness, we need user adoption to happen first and then we can see big advancements in merchant adoption

No no... I understand the value in using your mined BTC to buy things you would otherwise. I was hoping for Walmart cards on Gyft and I was going to mine for groceries, then put my cash into something different. Anyways, I digress.

My question is what is the benefit using Facebook bucks on Gyft?? Is it just so you can send a friend a card?

Re-read my post you responded to.

EDIT: OHHHH! <facepalm> I see. They take BTC and sell FB points, okay I get it. I thought they were accepting some type of Facebook payments, and that I didn't understand. All clear.

Dafar I don’t think Amazon or other big companies should accept the payment in bitcoins like bitcoins are in continuous conflict with world powers that really don’t show sensibility to trade in bitcoins. Moreover bitcoins prices are highly volatile which further discourage big companies to use it as an alternative USD etc

usually it is a one way deal.

if zynga accepts bitcoins it will only be to buy zynga poker chips etc, they cant go the other way otherwise they become a gambling website.

who knows it might happen sooner or later...

They could have a setup where they cash out into fiat moments after someone pays them in bitcoin equivalent. That way they don't have to worry about the volatility and they get the benefits of bitcoin and lowers the risk of fraud charges.... right?