Quote:
Originally Posted by Wizzo
Why would I want to start any site with a currency that I would guess less then .005% of the population has even ever heard of?
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it's a good question, i was wondering the same so i looked into why wordpress and reddit have announced they are accepting bitcoins::
Accepting bitcoin will allow the site to take payments from anywhere in the world, according to Reddit's blog.
The virtual currency is looking increasingly attractive to online merchants, who run the risk of incurring a "chargeback" by banks if someone fraudulently makes a purchase with someone else's credit card details. Due to its cryptographic verification system, bitcoins cannot be fraudulently spent, which relieves merchants of chargeback worries.
As with many Web-based services, payments for those features are dependent on credit card transactions and eBay's PayPal service. But WordPress wrote on its blog that PayPal doesn't serve more than 60 countries, and credit card companies have restrictions due to political, fraud, and other reasons.
"With Bitcoin we join a new digital economy that doesn't leave anyone behind, essentially making financial transactions open source -- something WordPress.com is behind 100 percent," WordPress said.