The year 2015 has been quite an interesting time for Bitcoin and any company active in the cryptocurrency industry. While the total amount of funding from VC’s and business angels has been enormous during the first two-quarters of the year, things have dropped significantly during Q3. What will Q4 hold regarding VC investment? Only time will tell.
Bitcoin adoption hinges on two core principles: merchant adoption, and consumer awareness. Over the course of the past two years, merchant adoption has steadily increased all over the world, while consumer awareness remains something that still needs to be worked on. Little over 24 hours ago, news broke that gaming industry giant G2A.COM is now accepting Bitcoin payments.
Make sure to read: RibbitRewards Digital Wallet Adds Ethereum Support – Ripple Integration Soon
Things are starting to change in the Bitcoin ecosystem and not all of those changes will be welcomed with open arms. BitPay, the world’s leading Bitcoin payment processor, will no longer offer their “free and unlimited” plan to new merchants. This is in stark contrast to earlier promises of keeping this plan around “forever”.
BitPay Shakes Up Bitcoin Payment Processing Plans
BitPay’s “free and unlimited” Bitcoin payment processing plan was first introduced to the world in July 2014, as the company wanted to sign up as many merchants around the world as possible. Giving these merchants the option to accept Bitcoin payments and convert the funds to fiat currency without additional costs is part of the reason BitPay became a household name.
More and more platforms and services around the world are embracing Bitcoin payments; as not only are Bitcoin transactions instant, but they also invoke lower transaction fees compared to traditional payments. Furthermore, Bitcoin payments work identically all around the world, allowing service providers to increase their global customer base by quite a margin.
FXPrimus – Retail Forex Meets Bitcoin
Bitcoin is often touted as the virtual currency that will disrupt the financial ecosystem as we all know it. While there may be some merit to that statement, the evolutionary change to virtual currencies will not happen for quite some time. Until that time, there will be more and more options for enthusiasts to spend Bitcoin and make an additional income on the side.
The only way to grow the Bitcoin ecosystem is by forming a united front. Major Bitcoin companies should be leading by example in this regard and put their competition and differences aside for the time being. If the world’s leading Bitcoin payment processor BitPay has a say in the matter, the “Bitcoin Association” is ready to be formed and a push for virtual currency awareness is imminent.
Forming the Bitcoin Association
Bitcoin has had a “united front” before; or so it seemed at the time. The now all but redundant Bitcoin Foundation was called into life, to help grow the bitcoin ecosystem and raise global virtual currency awareness. After years of corruption and mismanaging funds, the Bitcoin Foundation was deemed bankrupt and people stopped believing in a “representative body”.
While various governments around the world are looking at ways to regulate Bitcoin, companies dealing in virtual currencies are subject to subpoenas. This should come as no surprise, as any company in the world needs to adhere to specific laws of the country they operate in. That being said, subpoenas for a Bitcoin payment processor are a clear sign of why centralized services are not the answer.
The Bitcoin community is still a few light years away from seeing a consensus being reached on whether or not BIP 101 and the 8MB block size will become the new norm for Bitcoin in the future. Bitcoin Core and Bitcoin XT developers are still debating who is right and who isn’t, but that’s not keeping various major Bitcoin companies from expressing their opinion either.
2014 was quite an interesting year for Bitcoin, as the total number of transactions processed by BitPay were on the rise, compared to the year before. It has come to our attention that that number of transactions processed by BitPay is just a fraction of the total network transactions, most of which took place through marketplaces on the darknet.
Shady Marketplaces Favour Bitcoin Payments
Even though this topic has been touched upon multiple times in the past, people still associate Bitcoin transactions with illegal activities. To a certain extent, there is merit to that statement, as shady online marketplaces prefer Bitcoin payments for its alleged anonymity. Bitcoin is not anonymous, it’s pseudonymous, and it is far from an ideal payment method when involved in illegal transactions of any kind.
In recent months, we have seen an increase in the partnerships between Bitcoin companies and [mobile] game developers. Bitcoin lends itself better for microtransactions compared to traditional payment methods. This is due to lower fees and near-instant transactions. Goodgame Studios is the latest game development company to start accepting Bitcoin payments.
Goodgame Studios – Casual Free Online Games
More and more people are being drawn to the aspect of casual and free games they can play with family, friends and even strangers. Human nature makes us very competitive, and when it comes to games, we all play to be the best and improve our character over time.
Even the world’s leading Bitcoin payment processors have revealed their mobile Bitcoin wallet. And, not just targeting businesses, as individuals can enjoy the benefits offered by BitPay’s mobile Bitcoin wallet, too. There are a lot of features packed into this mobile Bitcoin wallet bi BitPay, so let’s get started!
CoPay – A Mobile Bitcoin Wallet For Everyone
One of the most important elements of gaining mainstream Bitcoin adoption is creating an intuitive and clean user interface to get acquainted with digital currency. While Bitcoin technology allows us to work on many technological advances, most everyday consumers don’t care about these state-of-the-art things they can do with a Bitcoin wallet. For them, ease-of-use and not too many bells and whistles are the number one priority.