Gyft’s Vinny Lingham: Merchants Need to Pass Bitcoin Savings On To Customers

Although it’s not a company that is solely focused on Bitcoin, Gyft is one of the most popular apps among bitcoin holders who wish to spend their digital currency at retail stores, restaurants, and other businesses. Gyft Co-Founder and CEO Vinny Lingham was featured on a panel at Consensus 2015 where the focus was finding a path towards mass adoption of Bitcoin, and he made a few comments regarding actions merchants can take to ensure that this technology continues to proliferate among consumers over the next few years.

Read More: Gyft CEO Wants to ‘Tokenize’ Gift Cards on Bitcoin Blockchain as Colored Coins

Use of Bitcoin Needs to Be Incentivized

One of the key points made by Lingham during the panel discussion was that, for the most part, the use of Bitcoin needs to come with incentives. Lingham noted that this is especially a problem in countries where nearly everyone has access to credit cards:

“If you look at the use cases for bitcoin, especially in the US, everyone has credit cards generally versus, relatively speaking, fewer people in the developing world. So, if you don’t incentivize the use of bitcoin, why would people really want to use it

Read more ... source: TheBitcoinNews