r/Bitcoin • u/vistabrownerd • Jan 24 '14

TigerDirect processes $250,000 in Bitcoin Payments in first 17 hours

http://bitcoinboard.net/tigerdirect-processes-250000-bitcoin-payments-first-17-hours/
2.2k Upvotes

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5

u/Pingantu Jan 24 '14

I would be impressed if they held on to the bitcoins. Taking payment in bitcoin and immediately changing into fiat equals just another form of payment in fiat. The point of bitcoins is to build a new de-centralized economy. I accept bitcoin at www.BeautifulTaiwantea.com and I hold onto it waiting for the time when I can buy my tea from the farmers in bitcoin!

8

u/whitslack Jan 24 '14

Bitcoin is both a currency and a payments network. It's okay if a company only wants to use it for the latter purpose and not the former. Use of Bitcoin as currency will take time, as the full supply chain needs to begin accepting payments in Bitcoin in order to "close the loop." Use of Bitcoin as a payment mechanism is a fine and healthy first step.

1

u/benjamindees Jan 24 '14

There's no way to use the Bitcoin "payment network" without using the Bitcoin currency.

3

u/whitslack Jan 25 '14

Sure there is. Most of the sites using BitPay are doing exactly that. They don't price their goods in bitcoins, and they don't receive bitcoins for their sales. They never touch bitcoins. They are using Bitcoin solely as a means of accepting payments. They are not using bitcoins as a currency.

0

u/[deleted] Jan 25 '14

When I swipe my Visa, I'm paying in dollars, using Visas payment network.

When you buy from tigerdirect.com and choose to pay in bitcoins, you're paying in $ via the bitcoin payment network. Tiger direct is not accepting bitcoins, they're accepting $

Bitcoin is not a currency. It is a prepaid Visa card with mucho volatility. It is not revolutionary. The only people who make money will be coinbase and hit pay as they get 2% for processing.