Can Bitcoins Eliminate Credit Card Fraud?

REPLAY VIDEO
Your next video will start in
Pause
  • Info

  • Comments

  • VIDEO TEXT

Jan. 21 (Bloomberg) -- Bitpay Co-Founder Stephen Pair discusses the merchants that accept Bitcoin and challenges facing Bitcoin regulation with Bloomberg’s Peter Cook on Bloomberg Television's “Market Makers.” (Source: Bloomberg)

Involved with last year, and how your business is going in the last three years?

We get about $100 million worth of bitcoin transaction.

In 2012 we get about $3 million.

How many of them were in the united states?

We have now surpassed 20,000 merchants, 25% of those are in the united states for 25 or in europe, and then the rest are scattered around the world.

Who is coming to bitpay right now to process these transactions?

To goes -- the most compelling use for bitcoin is international transactions.

They see the highest rate of credit card fraud, and we saw the target a in the news recently.

A camry -- they can eliminate that fraud problem.

The merchant into that cost -- eat that cost.

That is the most compelling segment of the industry.

Is the target story an opportunity for bitcoin?

I went through a thought exercise a few years ago about how do you solve the credit card fraud problem?

I concluded that you would end up reinventing bitcoin.

I do think bitcoin has a lot of -- there is a lot of things to talk about.

There's also a lot to talk about in terms of risks, some in washington do not understand at all that well and think it could be a threat.

They look at the opportunity for people to use bitcoin for nefarious purposes.

What you think about regulation coming down the pipe?

I think they're taking the wait and see approach.

Let's see where the problems are before you rush out and try to introduce new regulations.

In the long term, would you will need to do is not regulated bitcoin itself, but how people use it and how companies use it.

You might start to apply some of the regulations that use he applied to the breaking industry -- that you apply to the banking industry.

Some clarity would be very good.

Are you optimistic right now?

Do you think washington is taking the right approach?

Thus far, yes.

What about the volatility question?

We saw what happened with china and the value of bitcoin afterword -- after they were concerned about the banks.

What should we take away?

Bitcoin is very volatile committed and it will be so pretty much for the foreseeable future.

One thing he provides his feet away to -- it provides is to take away that from the local merchants.

They can set their prices in dollars and get settled in dollars, and never have to hold bitcoin or touch it and it is just a secure payment method.

The foreseeable future?

No big threat out there right now.

An optimistic outlook for

This text has been automatically generated. It may not be 100% accurate.

Advertisement

BTV Channel Finder

Channel_finder_loader

ZIP is required for U.S. locations

Bloomberg Television in   change