Two Click Bitcoin Payments

I just realized that paying online with the Bitcoin network is not only more anonymous than a credit card, it is also much more convenient if you are doing business with some website for the first time.

That’s because of this video of Cheapair CEO Jeff Klee explaining their decision to take Bitcoin as a payment option. Thanks to this tweet by Oleg Andreev for the link.

As Klee says, with a credit card payment the consumer needs to type in a lot of information into a form. The credit card number. The billing address. The security code.

In contrast, the Bitcoin payment is done with two clicks (for someone who already has bitcoins).

I recall that a company called Amazon patented the idea of doing business with one click. While that was a clear abuse of the patent system, the basic problem this “invention” solves is of course very real. If you can conveniently pay with only two clicks (and be safer against credit card fraud as well), people are going to buy more stuff than if they have to fill in a long form.

It’s a good thing this payment procedure needs two clicks instead of just one. Else Amazon might get some ideas of trying to assert their patent against startups in the Bitcoin network.

Published by kflenz

Professor at Aoyama Gakuin University, Tokyo. Author of Lenz Blog (since 2003, lenzblog.com).

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