Online currency and payment trends (Bitcoin, Paypal, etc.)
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Transcript of Online currency and payment trends (Bitcoin, Paypal, etc.)
P R E S E N T E R : RA C H E L E I C H E N , N O VA R E L I B RA RY S E RV I C E S
ONLINE CURENCY AND PAYMENT TRENDS
MONEY, THAT’S WHAT I WANT
WHAT YOU NEED TO KNOW TODAY
• Mobile Commerce is HERE – NOW! • “Normal” People
are buying from their phones• The market is still
wide open• Privacy & security
will be the biggest issues
http://www.flickr.com/photos/moriza/126238642/
BEGINNERS GUIDE TO MOBILE WALLETS
• Amazon• I-Tunes• App-based
purchases
PAYPAL
• Request & send money via SMS • 2.9% transaction fee + $0.30• Discounted Non-profit Rates (2.2%)• PayPal SMS or PayPal Mobile• Bump to exchange contacts & send money
SQUARE
• Swipe Credit Cards via your mobile device• Can set up “employee
accounts”• Free to Set-up• 2.75% Transactional charge• Instant Receipts
DWOLLA
• Up and coming• Charges the recipient $0.25
per transaction. And the money sender has the option to assume this cost.• Right now mainly P2P• Ties-into Facebook and
Twitter• Bank account (not CC)
NFC (NEAR FIELD COMMUNICATION)
• Google Wallet: Beta/Limited Availability• Mastercard PayPass• Visa PayWave
Benefits: Stays with you, ease of use,
GOOGLE WALLET
• Libraries can set –up “nonprofit accouts” – 0% transaction fee on credit cards!!!
SECURITY AND PRIVACY ISSUES
Protect Yourself:• Safe/Change Pwds• Lock Phone• Use “Find my
Phone”
• Hackers• Unsecured Transmissions• 3rd party access to your
data• Pick Pockets!!!
BIOMETRICS
• Motorola and others actively working on implementation• Fingerprint/Voice security on mobile devices
Image from http://www.mobioproject.org/
LIBRARIES TAKE ONLINE PAYMENTS
CRYPTOCURRENCY
WHAT IS BITCOIN?
Digital: Bitcoins cannot be printed or physically made. They must be generated through computerized methods.
Decentralized: Bitcoins are not regulated by any government or banking institution.
Revolutionary: Transactions allow for anonymity and are almost instantaneous.
Global: Bitcoins are borderless currency and can be used anywhere.
Source: http://www.slideshare.net/few/introduction-bitcoin
BITCOIN IS SIMILAR TO GOLD
• Limited in Supply• Encourages bartering• Middleman for currency exchange• Price fluctuation
Source: http://www.slideshare.net/few/introduction-bitcoin
VALUE OF BITCOIN
Today:1 Bitcoin=$640
BITCOIN WALLET
• Stores Bitcoins• Electronic signature is added• Records each transaction to
ensure no duplicates• Online stores and local spots
accept Bitcoin
HOW TO GET BITCOINS
• Mining• Trading other
currency for• Selling
products/services for
MINING
• Needs enormous computing power• Fast processor takes 3
years to mine a single coin
BUYING BITCOINS
PROS OF BITCOINS
• Anonymous (sort of..)• Minimal fraud• Low transaction fees
CONS OF BITCOINS
• Volatile• Not backed by an institution (no FDIC)• Subject to hackers
OTHER CRYPTOCURRENCIES
SHOULD LIBRARIES ACCEPT BITCOIN?
• It’s not all bad• Money is money• Understand processing fees• Can exchange into USD on the spot• No libraries, yet..
RESOURCES
• We Use Coins (intro to Bitcoin)
• How to accept Bitcoin for small businesses
• Online Donations: The Newest Way to Give (ALA)
• Coinbase: Bitcoin wallet
QUESTIONS?
CONTACT INFORMATION
[email protected]/adverb
facebook.com/NovareLibraryServicesNovare Library Services 877-816-9638
Rachel Eichen