Braintree and Bitcoin
Paypal’s mobile-focused subsidiary Braintree is working on ways to implement Bitcoin transactions as a payment method. This should allow users paying for online purchases via Braintree to cover their expenses on websites like Airbnb, Uber, GitHub, Scripted, etc. However, there is no statements regarding the Bitcoin support for services like Paypal and eBay.
Chief executive of Braintree, Bill Ready, in his speech at the Techcrunch Disrupt conference in San Francisco said that Braintree’s work ought to be seen as “first foray” towards Bitcoin usage. According to Mr Ready Braintree should work with Bitcoin payments site Coinbase to process payments with a decentralized virtual currency. The beta version for developers should be available use within coming months.
Even though according to other payment start-ups accepting Bitcoin claim that the amount of Bitcoin payments is relatively low, these news might indicate that it is going to increase in the near future. Speaking to Bloomberg, an analyst at Wedbush Securities, Gil Luria, said that the expansion of Bitcoin payment options into Braintree might indicate that Paypal itself may adopt this payment option which according to him would mean “millions of retailers will de facto be accepting bitcoin overnight”.
The news about Braintree and Bitcoin might seem to indicate that the future of Bitcoin is getting brighter. However, Bitcoin might have lost some reputation from its users as last week the entrepreneur of the Bitcoin system, Satoshi Nakamoto, admitted aiding the business that illegally transmits money. He was involved with Silk Road, a black market website which recently has been closed by FBI. Nevertheless, Mr Nakamoto did not give in to police and his real name and place of residence are not known and actions are being taken to find him.
Despite the recent affairs it is unlikely that the number of payments with Bitcoin will decrease and the upcoming ability to use it more widely should only attract more people to use Bitcoins as a payment option for their online purchases.