Key points (taken from Ross's website)
- The world of money is opening out in a big way today;
- Facebook credits are becoming an important alternative currency;
- Cash will phase out for digital payments;
- The rise of Bitcoin is important in shifting transactions out of the purvey of governments;
- In many developing countries mobile phones are becoming the predominant banking platform
- Micro-payments for content could work through social media and dominant platforms such as China’s QQ
- These could flow into crowdfunding for creative endeavors;
- Behaviorally we are some way from micro-payments working well;
- Money will inevitably shift to the cloud
Integrating the virtual currency is a good move for the social network. It still needs to be seen though if it will take off.
ReplyDeleteValid scepticism indeed, but if you look at the speed at which new features and tools are getting adopted these days, this could become big very soon... (COULD!)
ReplyDeleteI have to agree with you that the rise of Bitcoins is important. Bitcoins are distanced from cash they are seen as an agreed upon medium of exchange within a small community, not tying in to the outside system of money at all.
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