BitPay Testified Before the US Senate
BitPay’s Co-Founder and CEO, Tony Gallippi testified yesterday before the Subcommittee on National Security and International Trade and Finance and the Subcommittee on Economic Policy of the US Senate Committee on Banking, Housing, and Urban Affairs on “The Present and Future Impact of Virtual Currency” highlighting Bitcoin's role in growing the US economy.
Gallippi outlined how bitcoins allow small to medium sized companies to reach more customers by opening new markets around the world that were previously unreachable. BitPay’s mission is to build a better ecommerce world by creating software that helps merchants clear and settle transactions over the bitcoin network anywhere in the world.
When Senator Chuck Schumer (D-NY) noted that,
“In order for Bitcoin to flourish it is imperative its susceptibility to illicit uses be addressed;” to which Mr. Gallippi responded, “We share in the common goal; to protect the consumers from fraud and that legitimate service providers separate the good actors from the bad.”
Even though it’s small, Bitcoin has invented something extremely valuable. With Bitcoin, it is now possible to transfer an asset remotely, and immediately settle the transaction, with no counterparty risk. And this is where the real potential for Bitcoin exists.
“Credit cards were never designed for the Internet and credit card fees are discriminatory, the highest fees are paid by the smallest businesses. If you are a business owner, it is your fault that you took a stolen credit card, even if the bank approved it,” says Gallippi.
“Bitcoin is a cheaper, faster, and more secure payment system, with no discrimination against smaller businesses.”
Bitcoin is a technology with tremendous cost savings for businesses and consumers. As a more secure, faster, and more affordable option for transferring funds, bitcoin has the potential to create more jobs and more exports here in America.
Today Bitcoin is in its infancy and much like the early days of the Internet. However, looking 10-20 years in the future, BitPay believes that the many companies built upon bitcoin-related technology should be based in America, creating jobs in America, and building a revenue base and tax base in America.
About BitPay
BitPay is a Payment Service Provider specializing in eCommerce, B2B, and enterprise solutions for virtual currencies.
Visit https://bitpay.com/
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