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Author Topic: What Bitpay and Coinbase need to do to increase bitcoin adoption in the US  (Read 988 times)
Robin_Good
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September 28, 2014, 04:23:26 PM
 #1

At the moment, you can buy online with bitcoin on sites that support bitpay or coinbase transactions. This is great for the merchant, however there are some major drawbacks for the consumer:

1) The bitcoin price might fluctuate between the time the consumer first bought the coins till the time they make the transaction, resulting in significant indirect transaction fees for the consumer.
2) There is significant security risk, given that the bitcoins can be stolen from the online wallet of the consumer.
3) Bitcoin is still hard understand for the average consumer. In most bitcoin wallets, if you lose your password you lose all your coins.

So, what has to happen is for bitpay and coinbase to provide a service that will automatically charge your bank account when you make an online purchase. You will be able to use dollars in your bank account to buy stuff online, only when the merchant will give you a 3% cash back, compared to the price you would have to pay if you were using a credit card. In that case, bitcoin is only used in the backend, the consumer doesn't know anything about it and they don't have to have a bitcoin wallet at all. At the same time, they get the benefit of cash back and the merchant gets the benefit of no fraud and no chargebacks.

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farlack
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September 28, 2014, 04:34:10 PM
 #2

Why use Bitcoin in that case? Bitcoin isnt ment for people to see something online for $10 go to coinbase and buy $10 worth of Bitcoin.

A television commercial would be better.

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collinstar
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September 28, 2014, 07:48:02 PM
 #3

I don't know how to break it to you, but this isn't going to increase bitcoin adoption with anybody but people who have already adopted bitcoin.
applesRyummy
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September 28, 2014, 09:40:21 PM
 #4

I believe that coinbase actually offers a similar service to what you are describing. I think it is something along the lines of buy and refill (?)

Also coinbase does try to make holding your bitcoin with them very user friendly while making it difficult for others to steal from you via your coinbase account
Bizzaran
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September 30, 2014, 11:14:35 AM
 #5

Screw them both. These are bitcoin BANKS!
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September 30, 2014, 11:29:19 AM
 #6

I think what they need to do is make a ton of Coinbase ATMs and a bunch of BitPay ATMs.  A long time ago people only used checks and cash.  Along came debit cards and credit cards.  Many people loved credit cards but many stayed clear.  One way the banks won people over was to have ATM machines and debit cards.  Banks said just get your cash from a machine near your house using this card and it will be easier than getting cash from here every time.  Then once a person had the debit card and they realized that shops would take it, they started using it instead of cash.  ATMs were a huge factor in people switching over from cash/checks to debit/credit cards.  I think the same will be for bitcoin.  We need those ATMs on the ground everywhere.  Then all the stores will accept bitcoin and then there won't be a need for the ATMs.  It is kind of hard to grasp, but I am sure this is an important step.  

Oh, and these ATMs need really really low fees and very tight exchange rates otherwise there is no point.

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RappingSniper
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October 01, 2014, 08:15:23 AM
 #7

Screw them both. These are bitcoin BANKS!

Yes, but they make it convenient for the user who doesn't know anything about bitcoin.
Ondago
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October 01, 2014, 08:38:54 AM
 #8

I'm pretty sure coinbase or bitpay have that feature. Instant buyback or somthing.
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