The Need & the Folly of #bitcoin as Payment Method
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Only Cash Makes Happy. Or Does It? Photo: Jonathan Saavedra (Unsplash)Will Bitcoin prevail as a means of payment and in which areas? Let’s first look at what Bitcoin sets out to replace: Credit cards.The process of paying by credit card for online purchases is more complicated than customers usually think. The procedure is the following:• Customer orders in the online shop with a credit card.• The online shop forwards the data to a payment gateway.• This is software that processes payment data.• From there it comes back and is sent to a credit card processor. He ensures that the merchant has an account at all and can accept this payment.• The payment is then transferred to the credit card company, which debits the customer and credits the merchant.Finally, the last booking is sent to the bank (...)
#economics #bitcoin-as-payment-method #bitcoin-payment-method #blockchain