Bitcoin's Value Lies in What It Says About New Payment Forms
"To me, the value proposition isn't so much about the Bitcoin itself; to me, the value proposition is in what the noise surrounding Bitcoin conveys," Furlonger said. The value proposition is about the disruption that Bitcoin represents in terms of security, methods of value transfer and cryptographic transaction proofing, Furlonger said. That said, for those in certain areas of the retail sector, Bitcoin adoption as a form of payment should be considered. "Merchants clearly have to have a linkage between what they are trying to achieve as a business and their customer base," Furlonger said. "There will be some businesses that will have no interest in Bitcoin payments or transfer, if their customer base isn't in that part of the market." For retail merchants, Bitcoin represents an opportunity and a challenge. If merchants are unable to accept Bitcoin, but that's how customers want to pay, the merchant may lose those customers.Furlonger added, "There is a fundamental shift in the market that is taking place in how people are accepting, exchanging and transmitting value." Sean Michael Kerner is a senior editor at eWEEK and InternetNews.com. Follow him on Twitter @TechJournalist.
"In the current world, it's not just that customer, but all the people they influence with their network on the Internet," Furlonger said. "If your customers are in that position, you should be enabling your systems to accommodate a variety of mediums of exchange and the payment systems that go around that."