No one likes missing the train. Of course, jumping on the wrong one is sure to delay the arrival even more. In today’s Bitcoin in Brief, we cover the latest attempts by big corporations to stay close to the crypto waters without really wetting their feet. Also, do you want to know how Cryptokitties have inspired a new Ebay-like platform for crypto enthusiasts?
Also read: This Week in Bitcoin: Taxes, Forks, Pranks and Porn
Another Badge of Patents
While it is somewhat understandable when central banks want the blockchain but not bitcoin, it isn’t that clear why serious businesses make similar choices. Some of them prefer to shy away from the decentralized cryptocurrency, for which the awesome technology was actually invented. Getting on the crypto train has the power to lift stock prices. If it’s the wrong train, however, it could also postpone the arrival at the final destination.
The blockchain technology is what makes bitcoin possible, but Walmart wants to use it without the cryptocurrency. The US retail giant has announced plans to employ blockchain in payment systems for vendors and customers. Two patents, filed by Walmart last year, were approved last week. The vendor payment sharing system will automatically process payments for products and services, the company explained. The system will also encrypt the transactions on a blockchain.
The planners at Walmart may not have noticed, but processing encrypted payments on the bitcoin blockchain has been working flawlessly for many years. Much smaller businesses, like some companies in the Baltic states, have realized that already. Besides, instant conversion to fiat, offered by crypto payment providers, eliminates the risk that comes with the volatility in crypto markets. So, what’s so scary about using bitcoin and its blockchain?
