Why I'm betting on bitcoin
YOU CAN FUCKING BLOW ME PAYPAL.
—Zed Shaw
Having worked with quite a few payment processors, I'm convinced that cryptocurrencies like Bitcoin will be the future of online transactions. Here are some selected reasons why I believe in Bitcoin:
It's Open Source
Instead of blindly trusting your payment provider to keep your money safe, you can take care of it yourself. You don't have to trust anyone (well, maybe except your compiler). As a developer, you have the complete source code for reference. No more reverse-engineering.
It's Decentralized
Using Bitcoin means I, as a developer, control everything related to the API I'll be working with. No more SOAP APIs with out-dated PDF documentations. No more applying for a test account which requires tons of paperwork - I can just use the testnet to test my app as thoroughly as required.
It's Future Proof
There's exciting stuff on the horizon like BIP 70 which enables even smoother online transactions. What's more, transaction scripting allows all kinds of stuff which would hitherto be delegated to the legal dept like Contracts
Conclusion
Overall it's a fun time to be experimenting with cryptocurrencies! The potential for Bitcoin is so huge that the expected value would remain high even with a low chance of success. That's why I'm betting on Bitcoin.