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Gyft allows you to purchase gift cards at more than 50, retail locations in the U. Simply pick bitcoin and then use your wallet to pay for it. This means more purchase activity within Gyft, as well as setting itself up for the future, in case bitcoin were to go mainstream: Will there be more like the Gyft announcement coming? We are looking for ways to increase business acceptance of bitcoin. Most retail point-of-sale systems are legacy, and so integrating bitcoin would take some effort.
However, if we can easily convert bitcoin into a tender that business can already accept, that will help drive bitcoin adoption more quickly. How long do you suspect it will take until the average consumer gets educated on bitcoin and uses it?
There are still bugs and it is too risky for the average consumer. The infrastructure of bitcoin cannot handle hundreds of millions of users at this time, so a gradual adoption is better. It still is difficult to purchase bitcoins. This would be easier if banks were more accommodating to let people choose what do to with their own money.
Since this lets you convert into a gift card, how long do you think it will take to be able to make direct purchases using bitcoin? E-commerce will adopt new direct bitcoin payments faster than retail, since e-commerce already has payment gateways in place for software-only payments. Bitcoin companies suffer from DDOS like all banks do.
However consumers actually are inconvenienced less with a bitcoin wallet DDOS. With your online banking, if your bank is down, you cannot access your money. However with bitcoin, if you are in control of your private keys, if the wallet you use is down, you can upload your backup into a different wallet that is up, and have immediate access to your funds. That is possible with bitcoin, but not possible with any other type of traditional bank. What are some of the hurdles that stand in the way of mainstream bitcoin usage?