So I hear a lot of people here saying that one should accept bitcoin or cryptocurrencies in general as a payment method since their values are too volatile. That's true, they are super volatile. You can have the value plummet by $100 in a single day. But I don't think this factor should deter people from accepting bitcoin. Coinbase and bitpay allow merchants to accept bitcoin as payment but receive cash instantly, hence nullifying the volatility factor. Their commissions are less that mastercard or visa so there's really no downside to it either.
The problem is not very many people currently use bitcoin, and with the closure of MtGox, the number of new users isn't going to be increasing nearly as fast as before. MtGox was a bitcoin exchange that handled about 70% of all bitcoin exchanges until it closed this February. Most people are scared off from starting with the currency because of the volatility of its exchange rate.
I agree, but there are other exchanges out there which are just as powerful if not more so. Although I see where people are coming from when investing in bitcoin, but I think a lot of people would be more willing to start using the currency if you explain that they can make basically free money simply by typing a few captchas every now and then, or using some betting sites. Especially if you use certain sites and bots. But then you have to explain the concept of bots, and to the older generation, even to many of the newer generation, hearing the phrases 'free money' and 'make money online' sets off alarm bells.
A huge issue with Bitcoin is that it's not exactly easy for people to join in on the fun if they don't know what they're doing. It's unfortunate that the only way to buy Bitcoins through Coinbase is by connecting a bank account, because that almost deterred me. Until Paypal allows users to buy digital currencies with Paypal, it'll be difficult to take off.
I still have never understood how one earns bitcoins or any other crypto-currency on the web. Solving captchas to me sounds like helping the bad guys bypass spam filters to rip off more people. Actually, regardless of how volatile the exchange rates can be, I don't think I'd be willing to take a risk with bitcoin or any other crypto-currency.
