At the Citi Internet, Media and Telecommunications conference, David Wells who’s the Netflix Chief Financial Officer had spoken his sanguinity towards the Bitcoin and also on how it is molding to become the global currency of the most significant industries. And according to Market Realist, a well-known investment research establishment in which had covered the event, David Wells acknowledge that “It definite would be pleasant to have the Bitcoin in requisites of a global currency that you could use internationally.”
In an instance why the Netflix is fascinated in the Bitcoin? Shirley Pelts, an MR researcher elucidated in a 5-part series in which has been entitled “Tools in Netflix’s Wheelhouse to Meet International Challenges,” at this moment Netflix is actively looking into the Bitcoin payments due to increasing cases of fraud and also criminal activity revolving around the gift and the prepaid card payments. In disparity to several streaming and digital content distribution networks, Netflix has even provided both its users and content creators with a broad spectrum range of payment choices and beyond the traditional field of banking and credit card payments.
For a case in point, the users right from the under-banked countries such as Argentina and India or the users under the age of 18 that indecipherable for any single bank and credit card applications can certainly purchase a variety of gift cards right from the physical locations such as the gasoline stations and also convenient stores to pay for the Netflix services.
In the year 2015, month of June, Libran Research and Consulting and prepaid commerce solution provider CashStar co-released a study in which entitled “Gift Cards Through the Eyes of Consumer,” to explore and analyze the ecosystem and also the industry in which surrounding it cards distributions. Right in its research, there are two research in which that stated that the gift card sales had surpassed the $129 billion margin in the year same year of the previous research, in which showcases its hasty growth and development as evaluated with the other conventional payment means in which includes the credit and debit card services and providers.
On the other hand, compared to several other financial tools, a rapid augment in growth also relates to a mounting quantity of fraud cases, due to the surfacing of hackers and criminals in which are trying to bypass the system. Tony Martin-Vegue in which is a security veteran and a cryptography expert who wrote in a study that bypassing gift card security and fundamentally double spending its balance is not that complicated operation and can also be accomplished with practically superficial knowledge of security. And Tony Martin-Vegue uttered that, “This particular type of fraud is comparatively a low-level and does not result in a massive loss right to a merchant, but also it is quite a shock to the consumer when the receiver of a gift card tries to redeem it and finds that the balance of it was zero.”As a response to these scenarios, the Netflix team and CFO David Wells are looking into the Bitcoin in which can also be considered as a more convenient and cost-efficient alternative to gift cards.