In an extensive interview John McDonnell of Bitnet explains his company, it’s services and the advantages of bitcoin. Although people familiar with bitcoin may have heard these arguments before, McDonnell’s background working with VISA gives him a credibility that other digital currency proponents might not possess. He also expresses his ideas in intelligent language that doesn’t froth with over enthusiasm that turns off many people from bitcoin.
In the interview McDonnell explains why speculators love volatility, the difference between a push/pull payment system and the advantages this has for merchants by eliminating payment fraud, and the difference between Paypal and digital currency.
McDonnell founded Bitnet in January 2014 along Stephen McNamara (CTO) and has enlisted an impressive team of payment industry executives. They have also raised over 14 million in Series A funding. Bitnet helps businesses accept bitcoin and allows them to remove the volatility risk by changing it into their local fiat currency and depositing it into their bank account. Merchants can also choose to keep the bitcoin. There are several other major players in the merchant services arena, namely Bitpay.