Friday, May 10, 2013

One good reason to accept Bitcoins: It screws credit card companies

One good reason to accept Bitcoins It screws credit card companies - New Bitcoin World, Latest Bitcoin News, ASIC Miner news, Free Bitcoins Info, BTC, LTC Litecoin, economics behind bitcoin
BY ADAM L. PENENBERGON MAY 9, 2013 Seemingly every week, you come across news stories and press releases from restaurants, bars, dating sites, domain registration, and other services announcing that they have begun accepting Bitcoins. It reminds me of the early days of e-commerce, when companies would trumpet that they had a website, and mid-90s TV news anchors would stumble over the URLs, usually butchering the www part of addresses: “double-u-dub-ya-dot…”

Despite mad fluctuations in value, the threat of digital theft, inconvenience of purchasing them, dearth of places where you can spend them, and ties to sleazy underground marketplaces where drugs are sold, a growing number of establishments are adopting Bitcoins as a mode of payment. Their reasons vary. Some recognize a cheap marketing opportunity, a way to seem cutting edge. Others are companies run by early adopters who love technology, intrigued by the promise this completely virtual currency born of cryptography offers.

But there’s also an economic argument: Accepting Bitcoins is like telling usurious credit card companies to go to hell.

It’s well known that consumers despise credit card companies. One survey ranked credit card companies first in its “Hall of Shame,” followed by banks, cable providers, mobile phone carriers, and insurance companies as industries consumers most loathe. Consumer Reports claims that credit cards are one of the lowest-rated services on which the magazine has ever shined its klieg lights. But the people who use credit cards aren’t the only ones to detest these companies. So do, by and large, merchants. - Read more here:

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