Critics more than supporters of Bitcoin have written frequently on the peaks and valleys of the digital currency. Supporters will be happy to know there is more insight to why it continues to be taken seriously. Lord & Taylor and Capital One each made significant moves recently that signal Bitcoin is a durable and competitive form of currency.
The high-end clothier, which partnered with the mobile application Pounce in January, has begun accepting Bitcoin as a form of payment via the Pounce app. Conversely, the Washington Post reported Mar. 9 that Capital One announced it will enable peer-to-peer payment services via e-mail or mobile by way of the ClearXchange platform.
Advantage Bitcoin
One area in which Bitcoin has a substantial advantage is that it allows for pure, peer-to-peer money exchange with no intermediary, such as a bank. Capital One’s peer-to-peer transfer option is indeed simple, but it does involve an intermediary. Though there was no mention in the Washington Post article, Capital One appears to be offering the option to stay competitive with the likes of Bitcoin.
Capital One enables peer-to-peer money transfer by logging into the bank’s website and entering the receiver’s phone number or e-mail address. In turn, Capital One contacts the receiver’s bank and allows the transaction. Customers of non-participating banks cannot send money orders but can receive them as long as they have registered on the ClearXchange website.
Lord & Taylor the Latest to Enter Bitcoin Family
Lord & Taylor is the latest company to recognize Bitcoin as a form of payment and joins a growing list of businesses who accept the digital currency. Virgin Galactic began accepting Bitcoin in December while the Sacramento Kings, Overstock.com and Tiger Direct have followed. Despite recent setbacks – including the Mt. Gox theft and Silk Road scandal – more and more companies are opting to acknowledge Bitcoin.
Bitcoin Steady Around $640 Leading to St. Patrick’s Day
After dropping as low as $480 due to Mt. Gox, Bitcoin has enjoyed a small resurgence: It has hovered around $640 per as of late Wednesday afternoon, with only slight gains and losses along the way.
Bitcoin Merchant Accounts Needed
Bitcoin is the is arguably the most debated financial issue of the decade, but despite its controversy it seems to have staying power. Merchants who are interested in the buying and selling of Bitcoin can do so by opening a Bitcoin merchant account with a reputable payment service provider.
You need a global credit card processor that not only provides bitcoin payment processing but also provides quality merchant services to e-commerce, MOTO and POS businesses. With more than a decade of experience in the payments industry, Instabill prides itself on its merchant services and finding the best acquiring banking solution for each of its merchants. Instabill services thousands of businesses worldwide. To inquire about Instabill merchant accounts, visit the Instabill website at www.instabill.com.
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