Best of the Week
Most Popular
1. 2019 From A Fourth Turning Perspective - James_Quinn
2.Beware the Young Stocks Bear Market! - Zeal_LLC
3.Safe Havens are Surging. What this Means for Stocks 2019 - Troy_Bombardia
4.Most Popular Financial Markets Analysis of 2018 - Trump and BrExit Chaos Dominate - Nadeem_Walayat
5.January 2019 Financial Markets Analysis and Forecasts - Nadeem_Walayat
6.Silver Price Trend Analysis 2019 - Nadeem_Walayat
7.Why 90% of Traders Lose - Nadeem_Walayat
8.What to do With Your Money in a Stocks Bear Market - Stephen_McBride
9.Stock Market What to Expect in the First 3~5 Months of 2019 - Chris_Vermeulen
10.China, Global Economy has Tipped over: The Surging Dollar and the Rallying Yen - FXCOT
Last 7 days
Dow Jones Stock Market Topping Pattern - 20th Mar 19
Gold Stocks Outperform Gold but Not Stocks - 20th Mar 19
Here’s What You’re Not Hearing About the US - China Trade War - 20th Mar 19
US Overdosing on Debt - 19th Mar 19
Looking at the Economic Winter Season Ahead - 19th Mar 19
Will the Stock Market Crash Like 1937? - 19th Mar 19
Stock Market VIX Volaility Analysis - 19th Mar 19
FREE Access to Stock and Finanacial Markets Trading Analysis Worth $1229! - 19th Mar 19
US Stock Markets Price Anomaly Setup Continues - 19th Mar 19
Gold Price Confirmation of the Warning - 18th Mar 19
Split Stock Market Warning - 18th Mar 19
Stock Market Trend Analysis 2019 - Video - 18th Mar 19
Best Precious Metals Investment and Trades for 2019 - 18th Mar 19
Hurdles for Gold Stocks - 18th Mar 19
Pento: Coming QE & Low Rates Will Be ‘Rocket Fuel for Gold’ - 18th Mar 19
"This is for Tommy Robinson" Shouts Knife Wielding White Supremacist Terrorist in London - 18th Mar 19
This Is How You Create the Biggest Credit Bubble in History - 17th Mar 19
Crude Oil Bulls - For Whom the Bell Tolls - 17th Mar 19
Gold Mining Stocks Fundamentals - 17th Mar 19
Why Buy a Land Rover - Range Rover vs Huge Tree Branch Falling on its Roof - 17th Mar 19
UKIP Urged to Change Name to BNP 2.0 So BrExit Party Can Fight a 2nd EU Referendum - 17th Mar 19
Tommy Robinson Looks Set to Become New UKIP Leader - 16th Mar 19
Gold Final Warning: Here Are the Stunning Implications of Plunging Gold Price - 16th Mar 19
Towards the End of a Stocks Bull Market, Short term Timing Becomes Difficult - 16th Mar 19
UKIP Brexit Facebook Groups Reveling in the New Zealand Terror Attacks Blaming Muslim Victims - 16th Mar 19
Gold – US Dollar vs US Dollar Index - 16th Mar 19
Islamophobic Hate Preachers Tommy Robinson and Katie Hopkins have Killed UKIP and Brexit - 16th Mar 19
Countdown to The Precious Metals Gold and Silver Breakout Rally - 15th Mar 19
Shale Oil Splutters: Brent on Track for $70 Target $100 in 2020 - 15th Mar 19
Setting up a Business Just Got Easier - 15th Mar 19
Stock Market Elliott Wave Analysis Trend Forercast - Video - 15th Mar 19
Gold Warning - Here Are the Stunning Implications of Plunging Gold Price - Part 1 - 15th Mar 19
UK Weather SHOCK - Trees Dropping Branches onto Cars in Stormy Winds - Sheffield - 15th Mar 19
Best Time to Trade Forex - 15th Mar 19
Why the Green New Deal Will Send Uranium Price Through the Roof - 14th Mar 19
S&P 500's New Medium-Term High, but Will Stock Market Uptrend Continue? - 14th Mar 19
US Conservatism - 14th Mar 19
Gold in the Age of High-speed Electronic Trading - 14th Mar 19
Britain's Demographic Time Bomb Has Gone Off! - 14th Mar 19
Why Walmart Will Crush Amazon - 14th Mar 19
2019 Economic Predictions - 14th Mar 19
Tax Avoidance Bills Sent to Thousands of Workers - 14th Mar 19
The Exponential Stocks Bull Market Explained - Video - 13th Mar 19
TSP Recession Indicator - Criss-Cross, Flip-Flop and Remembering 1966 - 13th Mar 19
Stock Investors Beware The Signs Of Recession / Deflation - 13th Mar 19
Is the Stock Market Still in a Bear Market? - 13th Mar 19
Stock Market Trend Analysis 2019 - 13th Mar 19
Gold Up-to-Date' COT Report: A Maddening Déjà Vu - 12th Mar 19
Save Fintech? Ban Short Selling. It's Not That Simple - 12th Mar 19
Palladium Blowup Could Expose Scam of Gold & Silver Futures - 12th Mar 19
Next Recession: Concentrating Future Losses & Bringing Them Forward In Time As Profits - 12th Mar 19
The Shift of the Philippine Peso Regime - 12th Mar 19
Theresa May BrExit Back Stab Deal Counting Down to Resignation, Tory Leadership Election - 12th Mar 19

Market Oracle FREE Newsletter

Stock and Finanacial Markets Trading Analysis Worth

Bitcoin Use - eBay, PayPal, Apple & Dish Approve Of Bitcoin. Is Google Next?

Currencies / Bitcoin Jun 07, 2014 - 12:47 PM GMT

By: Jeff_Berwick

Currencies

Justin O'Connell writes: Bitcoin has proven itself as an established payments system, with some of the world's most influential people commenting on its utility and innovation. Stephen Colbert called it "gold for nerds," and Joe Rogan has been fascinated by the technology, having Andreas Antonopoulos on as a guest to the Joe Rogan Experience twice now. Some political figures have expressed concerns over the currency's potential non-crime of "money laundering", but overall the sentiment has focused on the technology and its goundbreaking nature. And so its really no surprise that many companies have adopted bitcoin. Bitcoin has now surpassed Western Union in total transaction volume and looks set to pass Paypal this year.


Despite a year of detailed press coverage of bitcoin, tens of millions of dollars in capital investment, and a devoted userbase, eBay has been skeptical of the new innovation, as has Apple. But this has changed halfway through 2014 with the CEO of eBay himself admitting to owning some bitcoins and Apple allowing bitcoin wallet apps in its App Store. 

EBAY/PAYPAL TO ACCEPT BITCOIN

Ebay's CEO John Donahoe hinted recently that the auction company, and so also its payments subsidiary, PayPal, will have to adapt and adopt bitcoin. Donahoe said on CNBC, “I think there’s no doubt digital currency is going to play an important role going forward, and at PayPal, we’re going to have to integrate digital currencies into our wallet.”

“I think you’ll see Bitcoin used in different use-cases, whether it’s a peer-to-peer use-case, a cross-border transaction, someone’s sending currency to someone else,” Donahoe told CNBC. “And over time, you’ll start to see it with some merchants accepting bitcoin.” Of course bitcoin is already beyond this point, further along than Donahoe has seemingly heretofore internalized. “I don’t know how big it will get how quickly,” Donahoe said. “But the underlying theme is that a digital currency is something we’re aware and something we should be paying attention to.”

"I think there are two sides of it, the investment side and the digital currency side," he continued on CNBC, which aired the interview on Thursday. "I'm more interested in the digital currency side about how you and I can exchange value seamlessly using technology."

The CNBC appearance is not Donahoe's first hint of bitcoin and PayPal's possible future together. The CEO of the e-commerce behemoth mentioned in a recent Q&A at the company's annual shareholder meeting that bitcoin is "a new, exciting and emerging technology" with lots of potential. The move would come after Overstock.com made the move, and recently reported over $1 million in bitcoin sales.

Overstock CEO Patrick Byrne told Wired,  “We want a money that some government mandarin can’t just whisk into existence with a pen stroke.”

Bitcoin has gone up 75% in the last two months from under $400 to nearly $700 today on little to no mainstream media fanfare as it crashes up.

APPLE TO ALLOW BITCOIN APPS ON THE APP STORE

Apple awoke the ire of the bitcoin community when it suspended bitcoin wallet applications from the Apple App store earlier this year. Many people commented that this was probably because Apple had weighed the possibility of entering into the payments sphere. After all millennials have said they would bank somewhere they currently patronize not already offering banking services, like Google, Apple and Amazon. 

But after having banned bitcoin apps, Apple came out this week and approved bitcoin and apps tied to wallet services for the virtual currency. It has given bitcoin its stamp of approval. Now bitcoiners won't smash their Apple products in YouTube videos.

Before Apple's announcement, popular bitcoin wallets like Blockchain.info, Coinbase and Gliph could not have their bitcoin wallets featured on the site overtly. This dark age is over.  Apple's ban certainly created a barrier for adoption for people new to bitcoin, but now iPhones can be used to pay with bitcoin, a massive boost for the bitcoin community.  iPhone users can now expand the bitcoin economy. Before Blockchain.info's app ban it had been downloaded 120,000 times, demonstrating how eager iPhone users are to utilize the bitcoin payment system.

DISH NOW LARGEST COMPANY TO ACCEPT BITCOIN

But, as if eBay and Apple hadn't stoked the bitcoin fire enough, Dish Network announced it will become the largest company that accepts bitcoin in the third quarter of 2014. Subscribers will be able to make one-time bitcoin payments at mydish.com. Dish is the No. 2 satellite company in the world. “Bitcoin is becoming the preferred way for some people to transact and we want to accommodate those individuals,” says Dish COO Bernie Han.

Dish's decision is “a large step forward in the growing momentum of customers paying companies in bitcoin for things we do everyday, like watching premium TV.” Dish's market cap is $27 billion, with 14 million subscribers and 35,000 employees. 

AMAZON PATENTING BITCOIN RELATED TECHNOLOGY

In April the company said bitcoin was not on its radar, but within just four weeks Amazon was awarded a patent that mentions bitcoin. The patent centers around the idea of accepting payment for services without the services being tied to an account.  The cloud computing patent will allow digital currencies as a payment for cloud computing services on Amazon Web Services (AWS). The patent mentions bitcoin:

“Various types of digital cash, electronic money or crypto-currency can be used, such as bitcoins provided by the Bitcoin P2P Currency System.” 

IS GOOGLE NEXT?

YouTube recently announced its intention to introduce a tipping feature much like Vimeo's tipping jar. This creates an excellent opportunity for bitcoin to further demonstrate its power in the micropayments arena. Google has been positive in regards to bitcoin, as Google Director of Ideas Jared Cohen told Google Chairman Eric Schmidt: “I think it’s very obvious to all of us that cryptocurrencies are inevitable,” he said. Forbes reported that Google is looking into bitcoin integration, as Senior Vice President of Ads and Commerce Sridhar Ramaswamy said: “We are working in the payments team to figure out how to incorporate Bitcoin into our plans.” Google CEO Eric Schmidt has also commented positvely on bitcoin.

BITCOIN AND THE FUTURE

Bitcoin is an idea whose time has come. There is nothing all the unseen forces of history can do to turn back the tides of such a spontaneous solution to a very old problem.  More than 72% of young people in the US and Canada would look to bank with a well-known, non-bank company. And no other near-futuristic payment system has a better team of marketers and innovators than does bitcoin.  There is no way that centralized companies will be able to compete with a commons based "corporation" like bitcoin. In just ten years the world could be a radically transformed, freer place thanks to decentralized technologies like bitcoin.

The dominant banking system is pushing people away. The European Central Bank just announced negative interest rates on deposits. Soon savers in Europe won't only have the threat of losing all of their money in a bail-in looming over their head, but also the fact that their banks no longer pay them to hold onto their money. Rather, they pay the banks. Yet another reason why the traditional banking system is not long for this quickly changing world. 

[Ed. Note: TDV has been at the forefront of this revolution in the The Dollar Vigilante (TDV) Newsletter. Subscribe today and be one of the first to receive our forthcoming Bitcoin Report, co-written by bitcoin's most prolific evangelist, Jeff Berwick, and Justin O'Connell.]

I'm willing to bet that bitcoin is the world's economic black swan event. The anarchic evolution of economics and finance has led to decentralized finance, and the world will soon never have been freer. 

Anarcho-Capitalist.  Libertarian.  Freedom fighter against mankind’s two biggest enemies, the State and the Central Banks.  Jeff Berwick is the founder of The Dollar Vigilante, CEO of TDV Media & Services and host of the popular video podcast, Anarchast.  Jeff is a prominent speaker at many of the world’s freedom, investment and gold conferences as well as regularly in the media.

© 2014 Copyright Jeff Berwick - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Jeff Berwick Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules