BitPay Staffs Up In San Francisco With Visa, PayPal Alums

He worked there for seven years, and then at a series of startups building products from 3-D drawing software to online games for blind and sighted people to play together. Then he encountered Bitcoin in 2010. Bitcoins were essentially worthless at the time and extremely finicky to get ahold of and use. But Andresen saw technical elegance in Nakamotos design, and a currency outside the control of any government appealed to what he calls his mostly libertarian politics. Rather than being created by a central bank, bitcoins are mined by people running software that races to solve a mathematical puzzle and win a prize of newly minted bitcoins.

Currently, BitPay has 40,000 merchants signed onto its service, which helps companies of all stripes accept payment for their goods and services in bitcoin. Sonny Singh , formerly of Jumio, which handles payment verification, will pick up the chief commercial officer title. Steve Pratt , formerly of Visa, will become the companysdirector of business development.

Why Bitcoin’s Growth Should Explode – Yahoo Finance

Better Technology Things move fast in the technology space There are already hundreds of bitcoin competitors. Bitcoin does have a huge lead right now, as venture capital money, brand recognition and entrepreneurship have given bitcoin what seems to be an insurmountable edge. However think about AOL, Netscape, BlackBerry and MySpace — all these companies dominated their space and then quickly ceded their dominance. The same risk exists for bitcoin. If a better digital currency was created and bitcoin couldn’t compete, there is the possibility that a newcomer could overtake bitcoins lead. Related Link: Why Bitcoin’s Growth Should Explode Technical Risk There also exists the possibility that technical reasons will hinder bitcoin.

4 Risks Bitcoin Must Overcome – Yahoo Finance

That explosive growth will ensure a critical mass of people. One of the great things about bitcoin is that unlike WhatsApp, Facebook and other rapidly growing companies, retail investors have the same opportunity as big venture capital firms to invest and benefit from the expected explosion in usage and, therefore, price. Disclosure: At the time of this writing, David Smith has a long bitcoin position and owns So Whats Bitcoin? See more from Benzinga 2014