Bitcoin Will Impact Mainstream Payments

[bornil267645]

Braintree's Bill Ready thinks that Bitcoin will impact mainstream payments.

https://www.coindesk.com/braintrees-bill-ready-bitcoin-will-impact-mainstream-payments/

[Sindelar1938]

That's great news if true. The million dollar question is what that means for the price if it materialises.

[brian_23452]

To be honest, I think is basic premise is correct, "Consumers will demand that they have a [mobile] wallet, so wallets will become prevalent because of adoption of mobile", but the conclusion to be way off base.  The average consumer is NOT going to want an irreversible payment system like bitcoin for their online wallet.  There is simply too much fraud, theft, etc for the average consumer to feel safe.  They are going to want the credit card type systems that have protection against unauthorized transactions. 

[harrymmmm]

To be honest, I think is basic premise is correct, "Consumers will demand that they have a [mobile] wallet, so wallets will become prevalent because of adoption of mobile", but the conclusion to be way off base.  The average consumer is NOT going to want an irreversible payment system like bitcoin for their online wallet.  There is simply too much fraud, theft, etc for the average consumer to feel safe.  They are going to want the credit card type systems that have protection against unauthorized transactions. 

I think the obvious future direction is for consumers to use multi-currency/card wallets, or at least to use multiple wallets.

Bitcoin because 'There is simply too much fraud, theft, etc for the average consumer to feel safe' about their identity information, to be able to take advantage of any discounts offered, to be able to donate to wikileaks etc., to be able send to anyone overseas, to make cheap transactions, ...

Cards in a wallet are essential as a temporary measure, of course.

Choice is important.

[bitebits]

There is simply too much fraud, theft, etc for the average consumer to feel safe.  They are going to want the credit card type systems that have protection against unauthorized transactions.  

That is really an American point of view. In Europe, people barely have or use a credit card. With their debit card, there is no way to reverse the transaction.

Really, when shopping at an established retailer, the consumer doesn't care about reversable transactions. They care about discount (possible because of low transaction fees).

Secondly, there are so many use cases that reversing the transaction ('consumer protection') is not needed. Why would I want to reverse the transaction, when I pay for a taxi after the ride. I care about the taxi driver not misusing my payment details or identity.

[Undermood]

Reversal transaction is not a big matter in many situations. When you are shopping at bitcoin friendly stores,  the products will still have warranty or return policy even if you are paying with bitcoin. If you require refund, the retailers are still obliged to give some solutions or return the bitcoin payment. So this matter is not my primary concern.

[LiteCoinGuy]

[cellard]

We need to give to the people big solid reasons to risk their money into bitcoin, because you need to put X amount of bitcoin and own a decent chunk unless before you buy anything with bitcoin you want to go to an ATM and do the whole thing then go shopping.

[bornil267645]

I agree, people aren't that eager to invest in something so volatile. We need fix that in order to attract them

[bitebits]

I agree, people aren't that eager to invest in something so volatile. We need fix that in order to attract them

If it again gets volatile in an upwards direction, there will be enough new people eager to purchase some coins. Weird human mind.

The positive side is that after they purchase, they will slowly realize that it is not just a bunch of cryptocurrency coins they own -> More bitcoins get bought