Fitch: Corporate Acceptance of Bitcoin on the Rise | News Canada Binary

Fitch: Corporate Acceptance of Bitcoin on the Rise | News Canada Binary.

Fitch: Corporate Acceptance of Bitcoin on the Rise

Make Huge returns on Investments & Make dreams come true!

The Future is Binary –Several recent events point to greater corporate acceptance of the virtual currency Bitcoin as a payment mechanism, according to Fitch Ratings.

“Sizing Up Bitcoin – Volume Rises with Price in June”

DISH Network on May 29 said it would accept Bitcoin as a form of customer payment beginning in the third quarter of this year. Expedia said in June that it would begin accepting Bitcoin as payment for hotel reservations, while online retailer Newegg just announced that it would accept Bitcoin as well.

In mid-June, Apple made virtual currency app Coin Pocket available for download in its App Store. Coin Pocket is a Bitcoin wallet app that can be used to send and receive bitcoins. As was widely reported, Apple recently added a rule to its App Store guidelines stating “apps may facilitate transmission of approved virtual currencies provided that they do so in compliance with all state and federal laws for the territories in which the app functions.”

Companies like DISH, Expedia, and Newegg generate meaningful revenue and an increase in payment for products and services via Bitcoin could boost the payment system. However, as we’ve stated previously, Bitcoin is still small relative to both major payment processors and global currencies despite increases in its acceptance as a payment system.

Bitcoin’s price and transaction volume have climbed since mid-May, reversing downward trends earlier in the year. The price of Bitcoin rose from $489 on May 21 to $639 on June 30. As a result of this price increase, the average daily transaction volume rose from $47 million per day in May to $61 million per day in June, despite a decline in the average number of daily transactions.

For additional information on this topic, please see our report titled, “Sizing Up Bitcoin – Volume Rises with Price in June,” available atwww.thewhyforum.com.

Additional information is available on www.fitchratings.com.

The above article originally appeared as a post on the Fitch Wire credit market commentary page. The original article, which may include hyperlinks to companies and current ratings, can be accessed at www.fitchratings.com. All opinions expressed are those of Fitch Ratings.

Advertisements

worked in the plastic blow molding industry for over 30 years in many facets from inspection ( Quality control) to development team. Have had more then a passing interest in computers and the internet for over 20 years, some Web programming and design, on-line auctions and ecommerce from 1997 till 2006 . was involved with the online auction cooperative movement from 1999- 2002 .. ran my own Domains & web servers for online sales Store fronts , promoteing my auctions called Dman-N-Company , a niche type auction site Musicplus. Richard Dambrosi

Posted in Uncategorized
One comment on “Fitch: Corporate Acceptance of Bitcoin on the Rise | News Canada Binary
  1. […] Fitch: Corporate Acceptance of Bitcoin on the Rise | News Canada Binary […]

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: