A lot of people still struggle with the concept of how traditional fiat currency is “centralized”, and digital currencies like Bitcoin are “decentralized”. Without properly understanding what these terms mean, there is no way for everyday consumers to see the benefits of either option. A recent infographic released by HolyTransaction might bring some clarity.
A recent study conducted by the leading Bitcoin payment processor BitPay shows that Bitcoin is slowly transitioning from a commodity into an everyday currency. As more and more merchants start accepting digital currency payments, either online or offline, there will be more cases, which in turn gives Bitcoin awareness – and hopefully adoption as well – a boost.
The results of this study may surprise you in multiple ways. Even though we have all been advocating that Bitcoin is a far superior payment method compared to traditional means such as credit and debit cards, as well as bank transfers or Paypal, there has been no official sign of merchants being swayed by this argument. But once they see the results provided by BitPay, they may very well change their minds.
A little while ago, several major Bitcoin media outlets reported on how Australia declared Bitcoin as a currency in order to make it taxable. While the exact circumstances were rather unclear at that point in time, a new statement issued by the Australian Taxation Office (ATO) creates some clarity. Yes, Bitcoin will be taxable, but no, it is not a currency.
Bitcoin Is Not Money or a Foreign Currency
The nosedive that the Bitcoin price made in the beginning of 2015 hasn’t gone unnoticed. Mainstream media outlets are dusting off their terms of last year like “scam” and “ponzi scheme” without actually providing objective facts and data to back up their claims. So let us see what a retired senior manager of Exxon has to say about the whole Bitcoin evolution.
Serge: Thanks Mr. Joris to sit down with us and doing this short interview. What are your perceptions of the media and Bitcoin in general?
Even though Bitcoin exchanges may not have the best reputation in the world of finance and “mainstream media” these days, it looks like some of these exchanges are being dragged down because they rely on third party service providers. When the first exchanges started integrating other payment processors for depositing and withdrawing funds, it was only a matter of time until the first problems arose.
EgoPay Freezing Funds With No Communication