November 14, 2013
Today I thought I will ask you some of the burning questions that I have come across. They were asked to me directly or otherwise. Please feel free to add, comment and pitch in, to answer them.
1. Is bitcoin a system, an economy, a payment network, a tech stock, a currency, a Ponzi scheme, an autonomous digital corporation?
Well, a friend of mine who happens to be a payment expert believes its a bit of everything but a Ponzi scheme. As a currency it enables you to pay somebody or receive payments even across borders, has an ATM and you can get a Bitcoin loan. As a payment network it allows transactions to be processed online and in real time. Its traded and has gone up by more than 600% this year so its provides an alternative investment to stocks.
Its an economy for some because it is enabling geeks, gamers and developers to transact amongst themselves only using Bitcoins. Some of the latest offerings include playing games such as Counter Strike and receiving Bitcoins as prize money. Another game that offers Bitcoins is the popular MMORPG Casino game Dragon’s Tale . The game uses Bitcoins instead of casino chips.
2. If mobile payments is doing well, why is the ATM growth still good?
According to a report from RBR the number of ATMs is set to grow from 2.6 Mn 2012 to 3.7 Mn ATMs by 2018 globally.
I think any transformation takes time. It took us hundreds of years to go from cash to plastic. Its definitely going to take much lesser time going to ...