Gyft Co-founder: Bitcoin is Just Commodity Now

Gyft Co-founder
When digital gift card platform Gyft integrated Bitcoin for the first time,they offered a 10% discount for users paying with Bitcoin while other users paying with paypal or credit card have no discount. But good times don’t last long, the co-founder of Gyft (Vinny Lingham) expressed that all this has changed.

The company whose headquarter is located in California added Bitcoin as a payment optional in 2013. At first the company considered Bitcoin a trend,but up to this day the payment method that can get 10% discount is changed to PayPal and credit card. Even so, Lingham is still mad about Bitcoin.

No kidding,it is actually Lingham’s crush to Bitcoin to cause Gyft to accept Bitcoin.

Lingham said:Integrating Bitcoin boosted the growth of the company, after we had made the decision to accept Bitcoin, the company got a lot of attention from media.

Bitcoin as a commodity
Though beginning to use Bitcoin very early, Lingham feels that Bitcoin is not yet a currency now.

“Because it is unstable,you can’t price for it. Now it is used as a medium of exchange likes gold.” he said.

According his explanation, when Bitcoin reaches a balance of supply and demand and its usage is noticed,it will become a currency.

The demand of Bitcoin is unknown,but there are many speculators,so the Bitcoin price fluctuate violently.That’s why there is so much uncertainty in the world of Bitcoin.

Though his initial standpoint was a little pessimistic, he was still pretty positive when talking about Bitcoin price. He said he believed that the price will reach $10000 per BTC.

But for Lingham,the current Bitcoin is actually just a commodity.

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