Netflix Executive Wants Bitcoin as Global Currency, Considers It Cost-Effective

[ArdiPrabowo]

good information and good news
if netflix support payment use bitcoin
but until now this my country not support payment use bitcoin

[thejaytiesto]

It would be cool to be able to buy movies and series with bitcoin, there is a big market there to be made because there is a lot of people that always travel and currency changes in countries are annoying as hell, with bitcoin you can bypass all of that.

[Denker]

It would be cool to be able to buy movies and series with bitcoin, there is a big market there to be made because there is a lot of people that always travel and currency changes in countries are annoying as hell, with bitcoin you can bypass all of that.

Video on demand, streaming and Bitcoin would indeed fit perfectly.
This is the same with almost any digital good and services which can be bought or rented.
In a few years it will be normal behaviour to use crypto currencies, and hopefully Bitcoin as the main one, for online purchases.

[Wind_FURY]

It would be cool to be able to buy movies and series with bitcoin, there is a big market there to be made because there is a lot of people that always travel and currency changes in countries are annoying as hell, with bitcoin you can bypass all of that.

Video on demand, streaming and Bitcoin would indeed fit perfectly.
This is the same with almost any digital good and services which can be bought or rented.
In a few years it will be normal behaviour to use crypto currencies, and hopefully Bitcoin as the main one, for online purchases.

Not only will it apply in the subscription based video/audio streaming businesses, but this type of subscription based business model might even be applied successfully to online poker and online sports betting. Instead of collecting money from the users thru the rake or the vig, the users can pay the gambling site ahead of time thru a monthly or yearly subscription. This could make it cheaper for the more active gamblers and it is also an opportunity for the online bookies to offer better odds because there is no vig.

[Betwrong]

Why would the netflix executives wants bitcoin as a global currency since netfilx is a US based business model and you cannot subscribe to netflix without a US based VPN if you are not from the US,so i dont understand the logic behind it .

According to Netflix, it is available in every country except China, Crimea, North Korea and Syria.

oh i didnt know that netflix was available elsewhere,i thought you can view only with an US based IP

I thought so too several months ago but what I didn't know is that the situation have changed significantly in 2016 when it had become available everywhere worldwide outside of Mainland China, Syria, North Korea and the territory of Crimea. So no need of using VPN to stream Netflix anymore.

Btw a friend of mine told me that you can buy a lifetime Netflix account for a fraction of a US Dollar in BTC on a Darknet market. So whether the Netflix CEOs are aware of this or not people are already buying Netflix accounts for BTC.

[wxa7115]

It would be cool to be able to buy movies and series with bitcoin, there is a big market there to be made because there is a lot of people that always travel and currency changes in countries are annoying as hell, with bitcoin you can bypass all of that.

Video on demand, streaming and Bitcoin would indeed fit perfectly.
This is the same with almost any digital good and services which can be bought or rented.
In a few years it will be normal behaviour to use crypto currencies, and hopefully Bitcoin as the main one, for online purchases.

Not only will it apply in the subscription based video/audio streaming businesses, but this type of subscription based business model might even be applied successfully to online poker and online sports betting. Instead of collecting money from the users thru the rake or the vig, the users can pay the gambling site ahead of time thru a monthly or yearly subscription. This could make it cheaper for the more active gamblers and it is also an opportunity for the online bookies to offer better odds because there is no vig.

In a way something like what you are describing is happening already, since the bitcoin casino industry is flourishing since they can accept customers from all over the world and their users don’t have to worry about possible legal repercussions on their countries.

[tbterryboy]

This is a very good news to bitcoin, like everybody here speculates bitcoin will never go down, now you should believe in bitcoin more as you can see everyday we hear good news about bitcoin adoption. Bitcoin is moving toward main stream of adoption.

[Caladonian]

This is a very good news to bitcoin, like everybody here speculates bitcoin will never go down, now you should believe in bitcoin more as you can see everyday we hear good news about bitcoin adoption. Bitcoin is moving toward main stream of adoption.

and theirs a lots more to come as it is really moving good in the main stream im looking forward to adopt in any aspect of the web
so we can enjoy many things using our beloved btc.

[suzanne5223]

Seems like netflix soon gonna start accepting bitcoin which will be really nice news for all of us actually to the users from countries where paypal like payment processors are restricted as well as don't have any working international visa/mastercard debit cards. Streaming of netflix should be expanded to meet users from all around the world and allowing bitcoin can be one way for netflix to achieve this worldwide coverage.

Isn't this old news? and netflix haven't started accepting bitcoin yet.  

Well yes they haven't, i am sure they still think about that. It took long time for steam to accept bitcoins so that's nothing strange that netflix takes some time to start accepting them

thinking from many aspects,factor,and how good it is for the business,indeed time is needed before netflix fully implement bitcoin officially,there's nothing wrong if a huge company thinking about their movement,and yeah it's also happening to the steam

I think you're right cos netflix is a company with good reputation and they will not to loose their reputation. Therefore,we all have home work to do cos bitcoin catch the attention of netflix thru cryptoners.

[hulla]

I'm so excited to see this thread and this is one of the best good news I have seen on this forum so far. I can't wait for the Netflix to endorse bitcoin

[Shiroslullaby]

Bitcoin or other crypto payment coins would definitely enable people from emerging markets to make online payments,
as long as there was some sort of service for them to convert their fiat currency to electronic coin.
This will still be a barrier, but it provides a huge opportunity for a company based in some of those areas.

[shinratensei_]

I'm so excited to see this thread and this is one of the best good news I have seen on this forum so far. I can't wait for the Netflix to endorse bitcoin

You can see the previous page if someone is already mentioning about some news if Netflix is already accepting bitcoin payment but there is no more clarification about that. and I guess it's so vague for me. try for read before make any posted.

[Snorek]

For instance, users from underbanked countries such as Argentina and India or users under the age of 18 that illegible for bank and credit card applications can purchase a variety of gift cards from physical locations such as gasoline stations and convenience stores to pay for Netflix services.

Finally someone mentioned and admit that standard FIAT payments can be more crooked and problematic that cryptocurrency payments.

Netflix is actively looking into Bitcoin payments due to increasing cases of fraud and criminal activity revolving around gift and prepaid card payments.

This kind of fraud will continue as long as credit card will be used.  Carding is so popular and hard to deal with that bitcoin might be a real solution this time.

[pooya87]

if Netflix and other internet giants like them start warming up to bitcoin we can start expecting so much more price because of the adoption these type of sites would bring to bitcoin. there are already millions of users on these sites that many of them are paying to be there and these can go through bitcoin.

i just hope block size can handle this number when comes the time.

[Tyrantt]

I support every bitcoin integration with every business even tho I can't use it at all, but this is what's needed more, big companies implementing bitcoin as a payment option, just as today I've noticed that Steam has bitcoin as a payment option.

[davis196]

At the Citi Internet, Media & Telecommunications conference, Netflix chief financial officer David Wells expressed his optimism towards Bitcoin, and how it is shaping to become the global currency of most major industries.

According to Market Realist, a prominent investment research establishment which covered the event, Wells stated:

“It sure would be nice to have Bitcoin in terms of a global currency that you could use globally.”

Why Netflix is Interested in Bitcoin

As MR researcher Shirley Pelts explained in a 5-part series entitled “Tools in Netflix's Wheelhouse to Meet International Challenges,” Netflix is actively looking into Bitcoin payments due to increasing cases of fraud and criminal activity revolving around gift and prepaid card payments.

In contrast to many streaming and digital content distribution networks, Netflix has provided both its users and content creators with a wide range of payment options, outside the traditional field of banking and credit card payments.

For instance, users from underbanked countries such as Argentina and India or users under the age of 18 that illegible for bank and credit card applications can purchase a variety of gift cards from physical locations such as gasoline stations and convenience stores to pay for Netflix services.

In June 2015, Libran Research & Consulting and prepaid commerce solution provider CashStar, co-released a study entitled “Gift Cards Through the Eyes of Consumer,” to analyze the ecosystem and industry surrounding gift card distribution.

In its research, the two firms stated that gift card sales surpassed the $129 bln margin in 2015, emphasizing its rapid growth compared to other conventional payment tools including credit and debit card services.

However, like many other financial tools, a rapid increase in growth also relates to an increasing number of fraud cases, due to the emergence of hackers and criminals trying to bypass the system.

Security veteran and cryptography expert, Tony Martin-Vegue wrote in a study that bypassing gift card security and essentially double spending its balance is not a difficult operation and can be completed with fairly shallow knowledge of security.

“This type of fraud is fairly low-level and does not result in a huge loss to the merchant, but is quite a shock to the customer when the recipient of a gift card tries to redeem it and finds that the balance is zero,” cutives/risk-management/gift-card-fraud-how-its-committed-and-why-its-so-lucrative/]stated Martin-Vegue.

As a response, the Netflix financial team and CFO David Wells are looking into Bitcoin, which can be considered as a more practical and cost-efficient alternative to gift cards.

https[Suspicious link removed]cutive-wants-bitcoin-as-global-currency-considers-it-cost-effective

If bitcoin really becomes a global currency.Will it remain cost-effective?

That guy is right.Bitcoin is a better alternative to gift cards.

[alyssa85]

Given how volatile the foreign exchanges are, I expect more and more online companies will start offering bitcoin simply because it is holding it's value.

[hulla]

Bitcoin or other crypto payment coins would definitely enable people from emerging markets to make online payments,
as long as there was some sort of service for them to convert their fiat currency to electronic coin.
This will still be a barrier, but it provides a huge opportunity for a company based in some of those areas.

Hmm. You're quite right and there should be process to stop the barrier of convert fiat into crypto currency and cryptocurrency to fiat cos a lot of people don't trust exchangers this days.

[xdrpx]

I understand speaking about Bitcoins would gain a lot of traction for the executive, but it's better if Netflix atleast considers implementing Bitcoins as a form of payment since this would enable most of us to pay using it. But I'm sure there will be a lot of clauses in their terms and Content restrictions country wise which could be the reason that they wouldn't want anyone to pay using Bitcoins yet, cause the IP could be masked and identity as well and Bitcoin could aid that, and this wouldn't be something that they'd be happy about.

[CoolJakeB]

If a huge company like Netflix accepted Bitcoin as a form of payment, not only would Bitcoin become known worldwide and tens of millions of new people would learn about it, but it would also mean that other big companies would take notice of Bitcoin, and it could lead to a number of possibilities for the cryptocurrency. This is great news for Bitcoin, and this might be the key to getting it known in the mainstream market.