Google Turns Attention to Bitcoin, May Take a Leap of Faith

Google, Bitcoin

Companies all over the world have started accepting Bitcoin as a payment option and Google too may take a leap of faith towards the digital currency. As the internet giant reportedly turns its attention to Bitcoin, its popularity is set to reach newer heights.

Speculations have been rife among the early birds to Bitcoin and many have been eagerly waiting to see which tech company would decide to integrate its business with the Bitcoin bandwagon. As reported by Forbes this morning, Google has responded to a query in a series of e-mail exchanges which indicate Google’s intention to align its business with Bitcoin.

The query reportedly put to all senior members of Google, including Larry Page, Sergey Brin and Eric Schmidt was eventually responded to by Vic Gundotra. The response from the Senior Vice President of Google was part of a series of e-mails that appear to have been exchanged between members of Google’s staff.

Eventually, Senior VP of Ads and Commerce made the required clarification. An e-mail apparently authored by Sridhar Ramaswamy stated that Google is currently in the midst of creating a working strategy within the payments platform to look for possible solutions to allow for customers to use Bitcoin as a transaction currency.

Ramsawamy reportedly concluded the e-mail with a promise to provide more information once a concrete plan is put in place. This e-mail was then  posted on Reddit, and is currently creating a lot of flutter among the Bitcoin community there.

A Redditer with the screen name JasonBored has already posted a Google Moderator Page to get Bitcoin users to turn their attention to the development. The motive of the page is to gain feedback about Google’s intention to take a leap of faith into the Bitcoin domain and to explore the expectations of  users from the possible integrated service.

With over 16,000 votes and over 450 suggestions currently, Bitcoin users have gone on overdrive from the minute the page was posted. Suggestions ranging from payment in the google play store, adsense, wallet service integration, and a Bitcoin exchange rates addition to Google Finance are currently trending.

Users are also requesting Google provide a more secure and easy to use Bitcoin storage unit. This service would be especially be useful for less tech-savvy and technologically disabled individuals. Known for its customer-focused and simple working platforms like gmail, the expectations are already building like wild-fire for Google to revolutionize the ease of usage of Bitcoin.

A secure payment facility holds primary importance since the current platforms available for transactions and storage of Bitcoin are vulnerable to hacks and losses. They are also inefficient in their interface and users face innumerable issues during transactions which make the experience not worth the effort for many.

The idea of Bitcoin payments for the developers of Android and Chrome has also excited the developer community as it could eventually lead to an explosive growth in new developments and innovative offerings coming forward. The potential flexibility provided by Bitcoin is sure to see many new developers immediately turning their attention to Google for a mutual benefit.

With speculation running high, Google quickly issued a counter e-mail to put a lid on the talks by saying that there are no such plans to forge a relationship between Google Wallet and Bitcoin. Nevertheless, people have chosen to believe the apparent e-mail from Ramsawamy since he is the chief of the entire service of payments.

Companies like overstock.com and public universities like Combria have already started to accept Bitcoin payments; a leap of faith taken by Google will turn the entire world’s attention toward the digital currency. A secure payment option is yet to be made available, however, a Google platform could end all Bitocoin woes for its users.

By Daris Abraham

Sources:

Forbes
Thenextweb
Google Moderator Page

2 Responses to "Google Turns Attention to Bitcoin, May Take a Leap of Faith"

  1. Alan Milner   March 13, 2014 at 6:06 pm

    Daris, this was written before the collapse of Mt.Gox. Do you think that Google is still considering getting into the bitcoin business, because I don’t think they will want to have anything to do with it after the past few weeks. More to the point, would you invest yourself in Bitcoins? Have you? I know people who got into it a couple of years ago and they have more or less disappeared. Made a lot of money then vanished. My personal opinion is that the whole bitcoin thing is a very cynical effort to scam some very smart people and fleece them for a lot of money, and it appears to be working just like that. I am still tempted to buy one of those bitcoin mining machines, but then I am told that the way to go is to join a guild instead of getting into the nuts and bolts of the business. And btw, Google is already in the electronic currency business with their online payment system. They just don’t call it bitcoin.

    Reply
  2. donfitness   January 24, 2014 at 9:28 pm

    Why do I sense a “Google Coin” in the near future?

    Reply

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