Published on August 30th, 2015 | by bitcoin0
Bitcoin Payments Down 80% Says Gyft Co-founder
The California-based company integrated bitcoin payments in 2013 and initially saw a trend for this payment method, but this has since reversed – PayPal and credit card purchases now account for 90% of sales.
In fact, it’s fair to say his personal fascination with the digital currency led to Gyft offering it as a payment option in the first place.
“So we rode out the bitcoin bandwagon for at least a year throughout various hype cycles and so a lot of people adopted bitcoin and they used Gyft … and we became the de-facto standard for bitcoin usage,” he added.
Bitcoin as a commodity
Despite having a front seat to bitcoin being used in payments, Lingham doesn’t see bitcoin as a currency – at least not yet.
According to him, bitcoin will become a currency when its supply and demand are balanced and an industrial use-case is found.