Page 49 - gs131202

Education

were introduced to attract more strength that it would take the world's New technologies will always
cardholders. More cardholders meant fastest computers a minimum of 1 emerge. You will find detractors and
higher demand for card acceptance. quintillion years to crack. endorsers, successes and failures
The expenses of accepting bitcoin as with every new invention. When
a form of payment are minimal, so if There are ways to print your password innovation gains attention, it is
consumers start offering to pay with and wallet address to physical paper important to investigate why, because
it, merchants will begin to accept it. or on a small portable file. This feature it is likely fulfilling a need. By learning
allows users to protect their accounts why there is a demand for it, we can
Spending cash from hackers or back up their access better learn to adapt to it.
Since transactions are direct from in case of computer damage or fire.
the customer to the merchant, much The most common ways to store
like cash, there are no chargebacks or wallets are on mobile apps, Internet Tom Waters has been dedicated to the mer-
retrievals. Merchants selling custom websites or desktop software. chant service sales profession since 2001.
items or high-ticket items see the The sky is not falling Currently, he is responsible for cultivating
immediate benefit. The lowered cost relationships with entrepreneurs in infor-
of accepting a bitcoin transaction The merchant services industry will mation technology, accounting, sales and
is attractive to all merchants and not perish as a result of increasing marketing in his role as Sales Director of
especially helpful for those soliciting demand for alternative transaction Bank Associates Merchant Services (www.
internationally. methods. There will still be value and bams.com). Using fresh and matter-of-fact
incentive for using credit or debit training methods, Tom has contributed to
Currently, there are liquidity as a form of payment. Alternatives the success of thousands of agents, affili-
limitations that might be troublesome will compete with existing markets, ates and clients. He can be reached via
for merchants who wish to redeem not replace them. There will still be
bitcoin in their native currency. Not revenue opportunities in transaction email through t.waters@bams.com or via
enough vendors accept bitcoin, so fees as well as currency conversion phone at 347-651-1065
there is not a strong incentive to keep costs.
balances in high amounts. Payment
companies that convert bitcoin to
dollars quickly and securely are
scarce. Merchants who have adopted
bitcoin recently, however expansive
growth in the value of their bitcoin
reserves. Merchants that kept
their credits without immediately
converting to their native currency
have created a lot more wealth.
Not unlike email

Just like your email address, you
can create a bitcoin address that
represents your wallet. That address
comes in the form of a scannable
quick response (QR) code or a series
of letters, like a longer version of a
credit card number. Someone can
send money to that wallet by either
scanning your QR code or by typing
in your address.

Moving money out of a wallet
requires a strong password that is
automatically created for you. It is
often referred to as a private key. Just
like with your email, no one can send
anything from your account without
your password. This is where the
"crypto" meets the currency. Your
private key is encrypted with such

49