Published on August 30th, 2015 | by bitcoin0
Gyft Co-Founder: Credit Cards Used More Frequently Than Bitcoin
When digital card platform Gyft first integrated bitcoin payments, they accounted for 90% of the company’s sales, with PayPal and credit cards making up the remaining 10%, but this has all changed, according to the firm’s co-founder and CEO Vinny Lingham.
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.
“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.
The company sets out to do this with Gyft Block – a gift card trading platform which leverages blockchain technology – created in partnership with API developer Chain.