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There is No Chance BitCoins Will be Successful in the US. Period.

There was some bitcoin news today in the real estate vertical – RentHop is accepting them.

But watch clip #6 from the conversation Semil Shah had with Keith Rabois at Khosla Ventures:

The key statement:

There is No Chance BitCoins Will be Successful in the US. Period.

Keith worked at both PayPal and Square prior to becoming a venture capitalist, two companies who have done a thing or two with respect to online payments, meaning he knows the payments space inside and out.

What do you think?

About Drew Meyers

Founder of Geek Estate Blog / Geek Estate Labs. Zillow Alum. Travel addict & co-founder of Horizon. Social entrepreneurship & microfinance advocate. Fan of Red Hot Chili Peppers and Kiva.

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  • I just got a little bit smarter by watching that video. Fascinating stuff.

  • Lani Rosales

    disagree. i would argue it’s already seeing success. what he REALLY means is that bitcoin will never be mainstream. i agree.

    • seeing success is different than “successful” 😉

    • Never?

      True, behavior around payments changes slowly. It took banks a few years after ATMs were introduced to realize that there would be customers who would go to the grave expecting to speak with a teller behind the counter for everything.

      While there are still many of those customers around, they are outnumbered by those who would rather use an ATM, or a website, or an app.

      I expect that within 10 years, many of us will use a smartwatch or smartphone as a wallet, and it then widespread digital currency adoption will no longer seem an impossibility.

      • Lani Rosales

        By never, I mean that I suspect it will not replace traditional currency. But then again, I could be wrong, but it won’t be in our lifetimes.

        • Glenn Sanford

          There are two applications for Bitcoin. One holding it (speculative nature of Bitcoin) and two using it in a Payment solution as opposed to Visa / Mastercard or Debit cards… What is normally not discussed is its application as a Payment processor which is highly efficient. Coinbase is reducing payment friction by creating Payment systems which cost both the consumer and the merchant less even when Bitcoin is simply the transaction layer. How many consumers would pay with cash (if it was easy) at a website if they saved 2% vs using a Visa / Mastercard? This has nothing to do with holding bitcoin but using it as a mechanism for exchange. Most people only look at the speculative nature of holding it… Once the implication of using it in a payment solution is better understood you will see merchants who will prefer Bitcoin and consumers who insist on using Bitcoin vs risking their personal information submitting a credit card or bank information to merchants.

          • “How many consumers would pay with cash (if it was easy) at a website if they saved 2% vs using a Visa / Mastercard?”

            Good question. We’ll see, I suppose. Someone still has to get the consumer over the hump to go actually buy bitcoin in the first place before they can use bitcoin to buy something. Imagine this scenario…

            Joe gets to a checkout page for a order of flowers for his wife. He sees an option to pay w/ bitcoin to save $1.10…or just use existing credit card. You can bet Joe will just use his credit card and not bother figuring out WTF bitcoin is and how to buy it.

  • I disagree. For the ex-COO of of Square to say a radical payments innovation will not succeed is a bit like Spencer Rascoff saying a disruptive real estate tech startup will never succeed. In the interest of the shareholders, including himself, he practically has to believe that, and certainly has to say so publicly.

    • but “a disruptive real estate tech startup will never succeed”, right? 😉

  • Still feel this way Drew?

    • Yep, I’m still not convinced it will be mainstream in the US..

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