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    Thursday, April 03 2014
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    Thursday, January 16 2014
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    Wednesday, December 18 2013
  • BitPay Drives Explosive Growth in Bitcoin Commerce

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    Monday, December 02 2013
  • BitPay Launches Bitcoin Merchant Directory

    BitPay, in keeping with its mission to build a better e-payments world, has launched a new global bitcoin directory which features many of the world’s greatest bitcoin-accepting merchants. Shoppers lo ...

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    Monday, November 25 2013
  • BitPay Processes $1 Million Bitcoin Merchant Transaction

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    Tuesday, October 29 2013
  • The Austin Bitcoin and Cryptocurrency Group Will Meet Tuesday, October 1, 2013

    The weekly Bitcoin and Cryptocurrency Meetup Group will be meeting this Tuesday, October 1, 2013, at 7:00 pm at Central Market. Feel free to stop by and join the conversation. ...

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    Monday, September 30 2013
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Paypal's Biggest Nightmare - Bitcoin and Micropayments

on in Bitcoin Minute

World Bitcoin Network

In an unannounced change to HTML5, the engine that powers most major websites, there is now a tiny nod to bitcoin.
For website developers "bitcoin" like "mailto" or basic http linking, is now accepted protocol.
But this small step for bitcoin could be a major step for mankind.
This is because bitcoin, and no other current system, can handle micropayments.
So difficult has it been to send a couple pennies or less via the internet that is has often been called the holy grail of web finance.
Sending such low amounts, seems petty, but when applied to something like a hit song, news article, blog comment or a video, it could add up to big money indeed.
Micropayments not only provide content creators with important feedback but game-changing finance.
But this move by the developers of HTML will also push the near-zero transaction costs of bitcoin even deeper into PayPal's home turf.
Which could prove to be a nightmare for the financial giant, because bitcoin is adept not just at small payments, but at large.
Further bitcoin can be received freely across borders even from those without bank accounts.
And its not clear that PayPal has an answer.
So as bitcoin explodes, riding an exponential adoption curve, there are rumors that PayPal might adopt the cybercurrency.
But that's not happening any time soon.
PayPal makes billions each year off their current price scheme, grabbing 2-5 percent off of every transaction.
Bitcoin, on the other hand, offers to do a better job without charging anything.
Indeed at bitcoin there are no CEOs or shareholders to gobble up profits and bonuses.
While consumers save billions, PayPal is biting its nails and perhaps even lobbying congress.
Wouldn't you?

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