Coinkite has made it astonishingly easy to accept and pay using Bitcoins in stores. They have created a system that uses the ordinary merchant terminals, that accepts VISA and Mastercard transaction, to include Bitcoin and Litecoin transactions. It takes probably a few more seconds to pay with Bitcoin or Litecoin on one of the merchant terminals, but Coinkite is into something here. They could manage to lower the "adoption wall" for using Bitcoin as personal payment method.
We have earlier discussed that PayPal might start using Bitcoin in some way or the other. PayPal, Google, and VISA have been experimenting with merchant terminals that are using Near Field Communication (NFC) via your smartphone to accept payments and pay for products. This might be the next step for service like Coinkite. To make it even more simple than they have managed now.
View the great video from Coinkite below:
My Bitcoin Concern
After viewing this video I got one concern. A concern that we might be witnessing in action now. Since Overstock.com and Tigerdirect started accepting Bitcoin as a payment source, we have seen a big dip and sell-off of Bitcoins as Gordon Geeko wrote about this morning. Even though we have great news from the Bitcoin community everyday, it seems like the price is turning downwards. The concern I have is the following: If big companies like Overstock.com and Tigerdirect immediately sell all their Bitcoins to convert them into USD, we will most likely have a bigger outflow of USD from Bitcoins than vica versa. More money might be pouring out of Bitcoin than in.
What do you think?
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