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Bitcoin enters mainstream retail Comment1 Share

Bitcoin enters mainstream retail Comment1 Share

The open-source peer-to- peer digital currency,Bitcoin, that functions without any central authority has become a mainstream currency for the retail world. The NY Times reports that Jim Breyer, the Silicon Valley venture capitalist and early Facebook investor sees the future for Bitcoin in mainstream retail.

Mr. Breyer, an investor in Circle of Internet Financial, one of the startups, believes Circle is a way to make Bitcoin a widely adopted currency for retail payments. Jeremy Allaire, a serial entrepreneur, who announced on Friday the launch of Circle, sees it as a payment processing system for online and physical merchants, similar to PayPal.

Dan Primack, Sr. Editor at Fortune, released his interview November 1 with Jeremy Allaire.

When asked how Allaire’s VC backed startup differs from working with merchant’s acceptance of Bitcoin from other startups, Mr. Allaire replied:

“When you look at digital currency and Bitcoin specifically, at the core is utility value. It’s a system to instantly transmit money and to nearly instantly confirm and process those transactions. And you can do all of that at no cost. To drive mainstream adoption you need to take that technological innovation and apply to from a merchant’s perspective of reducing costs and fraud risks”.

 
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This entry was posted on November 2, 2013 by .

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