Tag Archives: Gyft

BitPay and Gyft Makes BTC a “real” currency

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I recommend reading the entire article.

Soruce: Laiseez-Faire Club

BitPay specializes in making it possible for any online merchant to accept Bitcoin without having to become an expert. It has benefited lately from all kinds of new venture capitalist funding, but also from a global broadening of its client base.

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Co-founder and CEO Tony Gallippi compared their services to expert installation of home appliances against do-it-yourself projects that take a considerable amount of time and don’t end up working properly.

A peculiar feature of Bitcoin — and a reason why so many people have a hard time wrapping their brains around it — is that it is both a payment system and an emergent money. Those two features are usually separate.

The payment aspects of Bitcoin are the main focus on this company. As Stephen Pair, a co-founder and the CTO, pointed out, Bitcoin is uniquely suited to a digital age. Real property is exchanged, not just a promise to pay, and it is done person to person, without having to go through banks and large institutions. This is crucial for ending the plague of identity theft online. In fact, before I had seen the numbers presented at this event, I had not fully understood what a profound change this really is…

…But even domestically, it is clear that this market is expanding. As of only a few weeks ago, you could pay for anything at hundreds of mainstream merchants with Bitcoin. This is thanks to a deal that BitPay struck with a smartphone application called Gyft. You buy a gift card from Gyft with Bitcoin and the merchant scans the card. The operation takes under a minute.

Personally, it’s fascinating to see this happening. It was only a few months ago that people were saying, “Oh, this stuff can’t really be money because I can’t spend it at Target.” Well, now you can. Where are these doubters now? Are they taking back their previous snark?

 

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