Bitpay and Bitcoin

This was very much what I’ve been saying all along. Without people earning payment in Bitcoin, there is no incentive for me to take the time to obtain Bitcoin. Bitpay is its own worst enemy because it facilitates merchants “accepting” Bitcoin without actually having to use it to pay out suppliers and employees thus expanding the actual user base. This is why I was promoting the Bitcoin Consumer Fair to try and drive adoption by consumers.

From the article:

BitPay’s CEO Stephen Pair admitted as much in June, when he told BusinessInsider that the company was trying to find another business model. “We keep adding merchants—we’re up to over 60,000 now—but they’re selling to the same pool of Bitcoin early adopters.”

Gavin Andresen, who in 2010 was picked by Bitcoin’s mysterious inventor to lead work on its code, recently told me that he didn’t see that changing soon (see “The Looming Problem That Could Kill Bitcoin”). “Until part of your paycheck is regularly paid in Bitcoin, I’m not sure how it would really go mainstream,” he said.

The other article has a little bit better news, though doesn’t really address the fundamental flaw above. Basically, the article talks about how one of the largest payment terminals can easily now accept Bitcoin.

According to the company, it will be compatible with the majority of Ingenico terminals as they run its operating system, Tellium. –