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Bitcoin to Baht to Dollars to Doubloons

posted on: Thu Feb 27 2014

Bitcoin has seemingly displaced mobile technology as the innovation du jour in the payments industry, at least for the moment. Some major merchants are even beginning to support Bitcoin as payment for their goods, including Overstock.com and TigerDirect, helping to drive the crypto-currency into the mainstream consciousness. Bitcoin is even being compared to the rise of PayPal by a former PayPal executive in a recent article on TechCrunch, “Bitcoin Is The New PayPal,” which focuses on the risks of fraudsters attacking exchanges and the currency itself.

In our years of watching payments trends, we have seen payment technologies gain and sustain international prominence, others fizzle out after spiking in popularity, and even very promising technologies never quite reach their potential. Whether Bitcoin will be widely accepted as currency is yet to be determined, but it is a signal to merchants that government-backed currencies may soon no longer be the only payment option consumers expect.

Whichever currencies you choose to accept, merchants with Kount can be confident they will remain protected against fraud. In fact, Kount was built to be device and currency-agnostic, so our merchants have the flexibility to support any payment method and currency they choose. This applies even to custom currencies, common in the gaming industry where in-game points may be earned or purchased, then spent or even sold for real money.

Kount protects some of the world’s largest online gaming companies, including our award-winning relationship with Jagex, from both in-game fraud and more traditional online fraud like account takeover and the use of stolen credit cards.

No matter if you’re selling groceries or digital music, luxury handbags or a gilded sword in an online game, merchants need to be ready to adapt to next-generation technologies, including new currencies. Whether that means expanding internationally to accept foreign currencies, accepting Bitcoin or even gold doubloons, Kount’s future-proof fraud solutions will be there to stop fraudsters in their tracks.

Kount will be attending Game Developers Conference in San Francisco, March 17th-21st, meeting with clients and prospects. If you will be at GDC and would like to learn how Kount can stop fraudsters from playing games with your bottom line, email Don Bush at don.bush@kount.com.