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Title: China might be a bigger issue than I thought Post by: byronbb on January 13, 2014, 01:45:59 AM With Overstock taking bitcoin I was thinking that Amazon would be smart to buy Bitpay as a means to get into the payment processing business and try and give Ebay-PayPal a black eye. The HUGE problem that comes up is China's "ban" or at least very negative stance to bitcoin, prevents overstock or any online giant from using bitcoins to pay their suppliers, who of course will be largely Chinese.
Title: Re: China might be a bigger issue than I thought Post by: gentlemand on January 13, 2014, 01:49:43 AM Retailers will usually be paying importers/ wholesalers based in their own country or continent, though it'll be a long time yet, if ever, before Bitcoin transactions remain in Bitcoin.
I guess the real monsters might be a different matter but there'll be Bitpays for foreign currency transactions too. China is still a giant pain up the arse at the moment for all the well documented reasons. Title: Re: China might be a bigger issue than I thought Post by: traderCJ on January 13, 2014, 02:07:09 AM It'll be a very, very, very long time before a big retailer is willing to hold BTC to pay their suppliers. I think we should be satisfied with BTC taking a chunk of the customer payment processing business for the next few years.
Title: Re: China might be a bigger issue than I thought Post by: Carlton Banks on January 13, 2014, 02:42:19 AM Well, the statements made by the owner of bitcoinstore.com contradict everything you guys are saying. Would asian suppliers make a special exception for him, for some reason?
Title: Re: China might be a bigger issue than I thought Post by: gentlemand on January 13, 2014, 02:43:17 AM What are they saying?
Title: Re: China might be a bigger issue than I thought Post by: hyphymikey on January 13, 2014, 03:00:58 AM Did China ban the USE of bitcoin? Why would you not be able to pay your suppliers in bitcoin?
Would the use of a system like Bitpay not be allowed in China, even if they ban bitcoin altogether? Since the person on the China side only receives fiat from Bitpay, they would never even see the bitcoin. Title: Re: China might be a bigger issue than I thought Post by: mb300sd on January 13, 2014, 05:17:00 AM Amazon is already in the payment processing business ( http://payments.amazon.com ) they might have some significant advantages with licensing, etc if they were to get into bitcoin processing.
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