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January 23, 2013, 03:39:06 AM |
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I remember listening to the talk a year ago, and listened to it again today and my opinion of it has not changed. If were were only making in person transactions and everyone had a credit card, then it is true Bitcoin can very little to offer. The in person payment space is very crowded and there are many old and new alternatives.
The trouble with this video is that he completely dismisses the very market where Bitcoin excels right at the start namely buying over the Internet internationally and by the way it makes no difference if the buyer is using the latest smartphone or some ancient PC. If the buyer does not have a credit / debit card or the seller does not have a merchant account (or equivalent say PayPal) then until Bitcoin came along there was no cost effective way to do business. The reality is that this is a huge market which the for the most part has been completely ignored. I gave the video a fail back then and give it a fail today for completely ignoring this huge market.
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