A key question for merchants and other payments stakeholders is whether Bitcoin technology or any of the Bitcoin alternatives, which are referred to as altcoins, has the potential to achieve mainstream adoption for everyday payment needs. Bitcoin evangelists face the double challenge of not only having to convince consumers to use Bitcoin wallets online or their smartphones at the point of sale (POS) but also trusting a completely new source of funding—one that doesn’t involve their banks or card networks. Table 1 lists the pros and cons of card-based retail transactions and compares them to the use of Bitcoin for POS transactions.
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