Google hints at future bitcoin support for their payment services

We all know Bitcoin is going to either take over the world or crash and burn taking a lot of people’s dream with it and it seems Google is willing to take on that gamble. Through a series of e-mails it’s been confirmed that the giant search engine is looking at supporting bitcoin on their payments system.

It looks like the company is curious about bitcoin and it’s currently studying how to best incorporate the digital currency into Google Wallet and other payment services.

The news broke last night on a Reddit thread when a user posted screenshots of some back and forth e-mails between himself, Vic Gundotra and Sridhar Ramaswamy, senior VP of Ads and Commerce at Google. “We are working in the payments team to figure out how to incorporate bitcoin into our plans” said Ramaswamy. He also added they would reveal more info when they were a bit surer on their approach.

There’s currently no real word on when we might start to see this integration on our Android handsets but considering the recent string of success that Bitcoin has had, we might not have to wait too long.

Source: Reddit, Forbes | Image via blogthinkbig

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18 Comments

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Vester said,
It will fail, greedy people will make sure of that.

If anything, greedy people are why it'll succeed. The network is designed in such a way that it'll always just about be worth mining. If the value drops considerably, it isn't profitable to mine any more but then less people mine so the rewards go up, making it profitable again. It's ingenious really.

True but its to easy to influence the value if you have enough money. An example is make up a few reports about it being insecure or pay a few hackers to decrease the value, then buyout coins and wait for the value to go back up again.

The greedy and rich can make stupid amounts of money from bitcoins just due to influencing the value.

The idea is sound but i think its just to insecure. Whats to stop huge botnets that have already happened a number of times already.

If i was loaded the only time i would buy some bitcoins would be after the value is decreased due to some hacking report so i could sell them ASAP when value goes up.

Just to insecure as a form of investment for my liking. I would not use it as some sort of money making pension fund anyway i would rather buy a few houses and rent them out until the value of them sold is high enough to sustain a good life on.

Kushan said,

If anything, greedy people are why it'll succeed. The network is designed in such a way that it'll always just about be worth mining. If the value drops considerably, it isn't profitable to mine any more but then less people mine so the rewards go up, making it profitable again. It's ingenious really.

Except, the story has been already debunked. Two days ago.

“As we continue to work on Google Wallet, we're grateful for a very wide range of suggestions,” a Google spokesperson told TNW. “While we're keen to actively engage with Wallet users to help inform and shape the product, there's no change to our position: we have no current plans regarding Bitcoin.”

http://thenextweb.com/google/2...nt-plans-regarding-bitcoin/

Honestly, what else did you expect from them? Bitcoin has no legal status and is highly volatile. There's literally no reason why Google would want to accept it, unless it wants to get into high risk speculation business and have all kinds of legal trouble.

Sorry to burst your bubble guys, but Bitcoin will never actually take off and go beyond the speculative market. State-backed cryptocurrencies might one day, but Bitcoin surely won't ever.

felrefordit said,

Honestly, what else did you expect from them? Bitcoin has no legal status

Except it does in many countries already with more, including the UK, following suit.

The only thing established about Bitcoin in "many countries" is that it doesn't meet the definition of a currency (and is therefore subject to taxes the apply to any commodities). That actually means, that in the legal sense Bitcoin is nothing more and not different than the play money you can find in your Monopoly game box.

felrefordit said,
The only thing established about Bitcoin in "many countries" is that it doesn't meet the definition of a currency (and is therefore subject to taxes the apply to any commodities). That actually means, that in the legal sense Bitcoin is nothing more and not different than the play money you can find in your Monopoly game box.

You're forgetting that when it comes to currency, if people are willing to accept it as part of a trade, then it's a perfectly valid one. This brings up that myth about using postage stamps to buy stuff - it's BS but if someone was willing to accept it as currency, then there's nothing to stop them. Bitcoin is absolutely no different. Yes, you're right that you are effectively using "monopoly money" but if someone values that monopoly money at a certain price, then why not?

It's highly volatile for a variety of reasons, but so are plenty of other currencies. Look at Zimbabwean dollars - would you accept those?

D. S. said,
Maybe Google should just launch its own cryptocurrency without the downsides that Bitcoin carries?

Great idea, they'll be called AdCoins! When they launch a physical currency, they can put little lcds on them that will serve ads based on stores nearby.

ha ha. so true. and nobody will want them but google will bundle the crap out of them to the point where you'll have to buy some just to pay for anything google sells, and maybe even comment on youtube

D. S. said,
Maybe Google should just launch its own cryptocurrency without the downsides that Bitcoin carries?

What downsides would you be referring to?

There are several, too many to list. A major one is that it is deflationary by its very nature, which is extremely bad for something you want to use for commerce.

people have forgotten what currency is supposed to be like. the so called volatility is what drove the industrial revolution (gold). people these days were born into fiat currency, thinking it's how currency should be (very much the opposite). we're breaking out of that trend, so it comes to be a shock for them.