Will Google Wallet’s Slow Growth Affect Bitcoin’s Acceptance as a Mainstream Currency?

0
88
Will Google Wallet’s Slow Growth Affect Bitcoin’s Acceptance as a Mainstream Currency?
Will Google Wallet’s Slow Growth Affect Bitcoin’s Acceptance as a Mainstream Currency?

Although Google retired its ‘Checkout,’ a platform for online payment, it announced that it is mulling a plan to merge it with Google Wallet. However, Google Wallet can only be used via Android and this does not auger well for Bitcoin. Like PayPal, Google Wallet too does not accept Bitcoin which is quite essential for the latter to become a mainstream currency for online customers.

On the other hand, Google Wallet has its own problems as wireless carriers are blocking it. This again is a major challenge not only for Google but also for Bitcoin. For instance, carriers like Verizon in the US are blocking NFC on Google Wallet for the simple reason that they want their cut in the payment process. This is going to be a major problem for mobile payments via Google Wallet.

PayPal does not seem to reject Bitcoin outright as according to president David Marcus Bitcoin is a very well designed currency; however, for him it exhibits values that might be closer resembling a precious metal as he says that people think it’s a potential alternative to dollars, but it’s more of an alternative to gold.

Thus, when PayPal, the leading online payment platform provider is not accepting Bitcoin, the great hope was from Google Wallet; however, as it is facing trouble, it does not auger well for Bitcoin. Then there are some pragmatic problems with Bitcoin as according to its critics there is no transaction fee to be had which will spoil its chances in the future.

Also, according to the critics, with Bitcoin there is not enough software built around to secure payments which again is an issue as with it there is always a break for fraud.