* Move all of the payments you've received into a normal bank account to pay operating costs
* Allow a number of employees to do the above for continuity planning
* Remove such ability from employees who have left the company
* Ensure that the coins are not lost due to any unexpected hardware failure
* Ensure that the coins can't easily be stolen by a hacker
* Ensure that a malicious business owner or employee can't take all of the coins and disappear one day
* Ensure that any handling mistakes with Bitcoin keys don't accidentally render the coins unretrievable
History of money is fascinating (from direct trades, to intermediates like gold, to notes, to cash, to banks, to cheques, to online etc etc) and throughout this evolution we've built in all manner of safeguards - clawback on your credit card if vendor won't refund, to having your government underwrite your bank. Your money is pretty safe.
Bitcoin strikes me as the equivalent of 'gold' right back at the beginning of financial evolution, that has tacked on the futuristic ability to beam it across the planet. Solves a load of problems, but will never solve some I must have a solution for.
I'm still a fan and still think it's the most interesting and unforeseen thing I think the internet has given us.
Not true with bitcoin.
> the only thinking you'll have to do is how to manage your private keys securely.
But it’s also the fun part, because it’s the first time you really need persistent end-user key management. Obviously a hard problem, but there’s a ton of money on the line if you solve the UX. And imagine what else you can do once we’re not relying on passwords and federated auth.
The article was just showing how easy it is for a merchant to accept Bitcoin payments.
It may be easy to accept but for most merchants bitcoin is still just too risky.
Merchants are in business to make money. They are not inclined to watch their funds evaporate due to the whims of the bitcoin "marketplace".
"Wanna receive Bitcoin as a web merchant?"
This not doable in 2020, with current fees and transaction time.
"No KYC, no 3rd party custodian, no governments, and it can be done offline. Instant settlement bliss."
I'm so confused by this sentence, if you want to sell bitcoin, you need KYC. Because merchants need to do the grocery and pay their bills. I really don't understand the instant settlement part either...
What am I missing?
Please don't mention lightning network, this article isn't about lnd, nor is lnd usable easily onbaordable for merchants and consumers.
The first time I've used Bitcoin to buy something it took me almost a whole afternoon to do it, why? Because my bank, like almost all other banks in my country, blocked Bitcoin providers. Which means I had to open an account on Revolut, transfer money on it, then use it on a Bitcoin provider to finally get the coins.
