Time Inc. Deal Promises to Ratchet Up Firehose of Selling Pain for Bitcoin

[Nagle]

It's amusing to see speculators complaining about merchant adoption. If Bitcoin isn't used for transactions, it's not good for anything.

[crazy_rabbit]

It's amusing to see speculators complaining about merchant adoption. If Bitcoin isn't used for transactions, it's not good for anything.

It's true. The merchant adoption is a good thing. The price will rise on the back of true usefulness rather than speculation (unfortunately for us!)

[calian]

What ever happened to all the people who used to say "when the time comes to sell my bitcoins, I won't need to?" Broad merchant adoption is a necessary piece of that. I'll admit I want to see this market bottom so that we can be on the euphoria inducing wall of worry that a bull market brings. But you've got to be patient. Bitcoin has a course to run that is plotted out for the next 126 years in the code.

[njcarlos]

I agree this is a chicken and egg problem. No one will integrate payroll solutions if payees don't have a place to spend their bitcoin. Merchant adoption is the path of least resistance to mainstream adoption. Create the avenues for commerce and people will take those avenues. You'll have a much harder time convincing Joe Sixpack he should be paid in bitcoin and "wait" to have a chance to actually use them in day to day living.

[exoton]

In essence, what is happening now is that every time someone purchases a product or service from a bitcoin accepting merchant (aka bitcoin dumper), the buyer is causing that BTC to be immediately sold on the market. There are simply not enough speculators available to offset the combined force of this massive network of merchant sellers.

For every 100 stories about how another company is now accepting (aka selling) bitcoin, we might get 1 about payroll integration. This imbalance is not sustainable over the long term. People need to earn bitcoin, spend bitcoin, and avoid fiat exchanging. I think its just a matter of bringing this awareness to the surface and shifting focus.

It'll happen with time. Give consumers a reason to use bitcoin (IE merchant adoption) and they will come. especially with services like purse.io (15% off amazon), gyft (3% off), other discounts etc. At the very least we will eventually see a 3% discount for using bitcoin, then add on a little more for essentially 100% non-chargeback fraud protection.

You've been around long enough to remember that in 2012 there wasn't much to spend your bitcoin on, times are changing my friend.

Edit: NVM 2013, but the point still stands

I agree, we will probably see normalized discounts in the 3-5% range as companies start to pass along their savings (or at least a portion of it) from credit card processing fees and chargebacks

[MicroGuy]

I agree this is a chicken and egg problem. No one will integrate payroll solutions if payees don't have a place to spend their bitcoin. Merchant adoption is the path of least resistance to mainstream adoption. Create the avenues for commerce and people will take those avenues. You'll have a much harder time convincing Joe Sixpack he should be paid in bitcoin and "wait" to have a chance to actually use them in day to day living.

Excellent points.

I think as long as every bitcoin enthusiast seeks partial compensation in BTC from their employers, and we keep this issue in the public awareness, bitcoin will thrive. Remember, only a tiny percentage of Overstock or Microsoft sales will be in bitcoin. On the payroll side it only needs to be an option, or at the very least discussed. When Bitpay works with a merchant, they should encourage integration on both sides, POS and Payroll.

The problem is that currently we have everyone focused on the POS side of the equation which is causing heavy selling pressure on the market.