PayPal President Marcus in Favor of Bitcoin, not NFC

As last week, the eBay president John Donahue stated that digital currency is “very powerful thing”, but did not suggest any interactions or integration of bitcoin by PayPal. The next news from the biggest and most popular online market place in the world...

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PayPal President Marcus in Favor of Bitcoin, not NFC

As last week, the eBay president John Donahue stated that digital currency is “very powerful thing”, but did not suggest any interactions or integration of bitcoin by PayPal. The next news from the biggest and most popular online market place in the world was considering the option to trade bitcoins together with their hardware on the platform. Currently there are not many people using this opportunity, but the trend for watching the virtual coin community was also commented by the PayPal president David Marcus. His statement is very cautious, but can be interpreted in the most positive way.

David Marcus has given the interview about both his company PayPal and forecasts for the industry at the LeWeb Conference, which is being held in Paris from the 10th till 12th December. As the conference is celebrating its 10th anniversary the main theme or guideline of the meeting was described as “The next 10 Years”. This sounds unison with the cryptocurrency and its current events that will definitely determine its closest future and possible size of impact on the global online and offline economy.

Mr. Marcus allowed himself to voice the opinion that cryptocurrency has a bigger potential in comparison with near field communication or NFC. He thinks that all types of virtual coins are capable to revolutionize both the commerce and the economy. He revealed to the listeners that he owns some bitcoins and a wallet, too, but understands the risks that prevent more people to join the network. However, he believes that digital currency can be determined as such, they are more comprehensive to value storages with a changing price. But, he continued his praise of bitcoin with less brilliant conclusions that the company PayPal is not ready to adopt virtual currencies in their system – the legal aspects and policy should be cleared to make such a decisive step.

Parallel to bitcoin, Marcus has stressed that NFC has a smaller potential. He does not like the basic idea and principles and calls is “technology for the sake of technology”. Near field communication is actually a set of standards for smartphones or analogic devices that allow establishing radio communication with each other by bringing them relatively close of even making them touch. The method ensures a bigger speed comparing to Bluetooth, allows exchanging data faster, but can be used for many different operations, including making and receiving of payments.

After Marcus the current POS or point-of-service points and terminals are static – placed in the salesroom waiting for customers to come and to make the payment. NFC would make this process more complicated, but the principles of digital currencies, as well as bitcoin, might open new horizons for trade and retail. Payments can be accepted anywhere around the salesroom, no possible lines, less time necessary to service a single customer - all that allows to maximize and to optimize the selling and purchasing of a product.

The PayPal president allowed himself to conclude that the conversation is more about the future of trade and how retailers and merchants might make a step further in the conditions of the modern progress. The administration of the company also says that they will keep monitoring the crypto currencies as they see it as an interesting instrument that should not be rejected.

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