Friday, May 24, 2013

Why Bitcoin isn't really 'mainstream' yet

May 23, 2013, by Roger Wehbe. The issue with Bitcoins isn’t actually Bitcoin itself. The problem is the difficulty level in buying and selling them. People constantly complain about the verification process at Mt.Gox, Lack of liquidity on localbitcoin in many regions (or just sheer distance), and lastly the overall process to do it.

Cash for bitcoins is an option, where you can fill out paperwork, make a deposit at CVS and you’ll get your coins. In order for that to happen, it must go though multiple companies and hope everything goes ok.

People often complain much more about the process of getting a bitcoin than the actual cost.

For purchasing small amounts of bitcoins the wire transfer fees generally exceed the actually purchase price of the bitcoins themselves.

There has to be a better way, and honestly the key to that is Paypal. An article today showed up on CNN Money regarding Paypal and Bitcoin.

The moment Paypal accepts and allows for purchase and sales of Bitcoins is the exact moment Bitcoin will exceed thousands of dollars per coin. Though it’s possible 90% of the population has heard of bitcoin, 99.99999% of the people on the street have no idea how to purchase one. - Read more here:

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