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Author Topic: Is third party Bitcoin services really into Bitcoin for the technology?  (Read 601 times)
meanwords
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June 09, 2020, 05:53:59 PM
 #21

isn't it obvious that this corporations are just trying to earn as much profit as possible from the start? Because if they don't do it, how can they keep the business running. But we've got to admit that because of them, more and more people are starting to know Bitcoin or cryptocurrency.

For example, a third party wallet in the Philippines. You can buy things, pay bills and even load up your steam wallet using Bitcoin. It's super convenient that it's almost attractive. I've seen a lot of people who doesn't know cryptocurrency are using it because of the benefits. The downside is that you need KYC.
CaVO32
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June 09, 2020, 11:24:08 PM
 #22

isn't it obvious that this corporations are just trying to earn as much profit as possible from the start? Because if they don't do it, how can they keep the business running. But we've got to admit that because of them, more and more people are starting to know Bitcoin or cryptocurrency.

For example, a third party wallet in the Philippines. You can buy things, pay bills and even load up your steam wallet using Bitcoin. It's super convenient that it's almost attractive. I've seen a lot of people who doesn't know cryptocurrency are using it because of the benefits. The downside is that you need KYC.

These third party wallets are of course created for their profit, no doubt about that just like other businesses out there. But with them, they are reaching out those noncrypto users to avail their services as like what you gave as example, so in return, they somehow increase crypto adoption. Just like me, I am using a local third party wallet also, for convenient purposes because at some point, you need to convert your crypto to your local fiat. Even if their rates are relatively lower than the global market, you have no choice but to use their services, because that's one way of getting your fiat. And some of them are already offering payment of bills, purchasing game credits or topping up your phone. So it is truly convenient for the user to use third party wallet one way or another. Adding to the fact that overseas workers are finding this now to be one of the cheapest options to send their remittances from abroad. So I am not against with their services, as they are driving adoption to those individuals that are not even well-versed in crypto.
Sadlife
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June 09, 2020, 11:49:04 PM
 #23

Businesses change products based on demand we've seen this happened a lot of times in history. So it's not surprising that most business owners only target's profit than technology.
Also they cannot avoid being regulated because that a country's law that would cause them to ceaase from operating.
For me, it's still positive for Bitcoin because more and more people are gettiing into it.

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MCobian
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June 09, 2020, 11:59:06 PM
 #24

In my opinion, a natural thing done by third party bitcoin services, because they do that want to make a profit. A business without
profit is certain to go bankrupt, if we don't agree with third party bitcoin services. No need to use services them, but the fact is we
really need a third party bitcoin services to spend the bitcoins that we have.

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gentlemand
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June 10, 2020, 12:52:50 AM
 #25

You can start off with the best of intentions and you can carry on fulfilling them unfettered as long as you stay under the radar. As soon as your head pops above the parapet the  world beyond comes roaring towards you.

I've no doubt most companies are founded and run by shameless hookers, and why not? That's the essence of business. If you're more idealistic and want to do your bit to increase Bitcoin's usage with your own service in line with its principles you will reach the point where you either have to throw it in or send it off in a direction that pains you. Those are your only two choices.

An interesting parallel is Paypal. If you read about its early plans there are quite a few similarities to Bitcoin's goals. They originally wanted it to be a global financial structure completely outside conventional banking. They wanted it to be a database of money.

Then real life happened and look what it became.
TheGreatPython
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June 11, 2020, 11:40:38 AM
 #26

Who said they care about bitcoin? If there are no profits to be made, you wouldn’t be seeing anything like Xapo, Coinbase, Binance and all of them that you’re seeing now. So, they are here for the profit that they are making and not really for Bitcoin. Of course they are doing it for Bitcoin and this community, but these are business people and they are interested in their pockets.

I am not going to blame them, it’s a normal thing, and people will always look for the opportunity to make from anything. And it’s not just about them, even some people here that are acting like they are BTC fanatics are only interested in the profit that they are making. They are the same people that will complain when the price is not rising.

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