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A short history lesson: When people first started setting up actual business based on bitcoin, they used almost all the tools available to the merchant. They sold by credit card and PayPal. The trouble with this enterprise model was quickly spotted: bitcoin transactions are not reversible by anyone except the person receiving the bucks. Credit cards and PayPal have strong buyer protection policies that make it relatively easy for tourists to request a chargeback. So, nefarious individuals realized this and began making purchases of bitcoin and then sooner or later requesting a chargeback. And, since bitcoin is really a non-physical product, sent by new and poorly understood technological means, the sellers were not capable to contest this. As a this, sellers stopped accepting credit cards and PayPal.
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Thailand: World's First Bitcoin Ban
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The extreme volatility on Wednesday cooled a regarding people off, prompting some to call bitcoin a bubble prepared to burst, and caution everyone about taking it too seriously. However, the Ny Times reported that higher level investors such as the Winklevoss twins invested in bitcoin.
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Although this kind of is simplified, it basically your way the system services. I should visit again soon with a big wad of Dollars! We pay either by Perfect Money or bitcoin.
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