Re:Novogratz Halts Hedge Fund, Says Bitcoin May Drop to $8,000
by tom_mellior on Saturday December 23, 2017 @06:08AM
(#15993770)
Businesses accepting Bitcoin typically do it via third-party payment processors. The intermediate takes a cut, shields the vendor from the risks, and pays an agreed price in fiat.
The system has been in place for years, and it works reasonably well. More competition would still help. And yes, a better network and better systems to cut out the intermediary would help even more.
Re:Novogratz Halts Hedge Fund, Says Bitcoin May Drop to $8,000
by StavrosK on Saturday December 23, 2017 @06:15AM
(#15993789)
The problem with that now, and the reason why Steam stopped accepting Bitcoin, is that the peg expires by the time the transaction comes in, which can take hours.
The system has been in place for years, and it works reasonably well. More competition would still help. And yes, a better network and better systems to cut out the intermediary would help even more.