Bitcoin and The Liability Protection Conversation
Bitcoin (Litecoin, Ripple, and the list will definitely increase) is now mainstream. The one conversation that hasn´t gained traction is liability protection. No one seems attach a higher importance to the fact that businesses and customers that use virtual currency are still prone to risk. Transactions made with digital cash aren’t subject to liability protection and can only be reversed by the person receiving the funds – consumers who encounter suspicious vendors are often forced to deal with the consequences.
Will the yet to be finalized Bitcoin and cryptocurrency regulations hamper adoption?
Bitcoin now has momentum as both a technology and a movement, which will help improve adoption. This momentum is easily quantifiable: the number of bitcoin-related startups and jobs is growing, the number of businesses accepting bitcoin is at an all-time high, and developers are busier than ever.
However, the activity around bitcoin is still monetary in nature, and that equates to volatility and risk.
Mobile Payments Today compiled a fantastic infographic which breaks down Bitcoin´s attributes, weaknesses and strengths.
Bitcoin: The Future of Currency? [infographic] Compliments of MobilePaymentsToday.com