"Both Sides of the (Bit)Coin" Panel Moderated by Sean Percival - 500 Startups [COMMERCISM 2014]

TL;DR

Bitcoin's potential as a currency and technology discussed by panelists in relation to e-commerce, investment opportunities, and transaction processes.

Transcript

how many people own Bitcoin here just so we can kind of get that wow that's actually I'm surprised that's great uh we have a good panel here so we have Joyce Kim she's from freestyle Capital she's made two investments in Bitcoin that she doesn't want to disclose yet have you been drinking no you don't want to disclose them okay nice try uh Adam Dra... Read More

Key Insights

• ❓ Bitcoin's potential as a trusted transaction technology disintermediating traditional payment systems.
• 😘 The benefits of accepting Bitcoin for e-commerce, including lower fees and access to new customer demographics.
• ❓ Challenges of fraud prevention and chargeback issues for companies adopting Bitcoin payments.
• 👨‍💼 Discussion on Bitcoin's volatility and its impact on pricing for consumers and businesses.
• 😘 Success stories of companies like Bitcoin store leveraging Bitcoin for lower operating costs and increased revenue.
• 🐕‍🦺 Opportunities in microtransactions and remittance services with Bitcoin but challenges of transaction costs and currency volatility.
• 😊 PR opportunities for companies accepting Bitcoin and potential market expansion with unique customer demographics.

Questions & Answers

Q: Should e-commerce companies accept Bitcoin and why?

Panelists suggest accepting Bitcoin as a form of currency, citing lower transaction fees and the potential to attract new customers, especially early Bitcoin adopters who want to support the ecosystem.

Q: How do companies like Bitcoin store avoid fraud and chargeback issues?

Bitcoin store shares its success with a 0% markup strategy and holding Bitcoin assets to mitigate fraud and chargeback risks, highlighting the advantages of Bitcoin for secure transactions.

Q: How does Bitcoin adoption impact PR and customer acquisition?

Accepting Bitcoin can lead to positive PR for e-commerce companies, attracting Bitcoin users and potentially opening a new customer demographic, as seen with cases like Overstock and Tiger Direct.

Q: What are the challenges of using Bitcoin for microtransactions and remittance?

Panelists discuss the opportunities in microtransactions and remittance with Bitcoin but note challenges related to transaction costs and the need for more innovative solutions in these areas.

Summary & Key Takeaways

• Panelists discuss Bitcoin's potential for e-commerce, with benefits like lower transaction fees and access to new customer demographics.

• Bitcoin store shares success stories of accepting Bitcoin, including increased revenue and lower operating costs.

• Insights on the challenges of Bitcoin, such as fraud concerns, currency volatility, and the need to integrate Bitcoin seamlessly into existing business models.