Bitcoin discrimination is still prevalent. This was recently demonstrated by payment processor 2Checkout.com, which denied Bitcoin.com a credit card merchant account for a new online store due to associations with Bitcoin, or what the company calls “prohibited products.”
Discrimination Against ‘Prohibited Products’
On April 21, Bitcoin.com’s store was denied via email by 2Checkout.com because it is “Bitcoin associated site,” said a representative from the company. It turned out that the slogan of payment processor, claiming to make payments worldwide possible from “any device,” is a bit misleading. This is because Bitcoin and anything involved with the digital currency is “prohibited.” 2Checkout.com told us:
2Checkout does not process payments in Bitcoin nor do we support sites that offer options for buying, selling and trading Bitcoin. 2Checkout does not support sites that offer information for Mining Bitcoin, Spending Bitcoin, offering Bitcoin wallets. Your site will not be supported by 2Checkout.
Bitcoin.com’s Roger Ver said it’s a shame that businesses such as 2Checkout are misinformed about the cryptocurrency. “If Microsoft, Dell, Expedia, Shopify, or Nasdaq asked 2Checkout to process their credit card payments, you would deny them as well?” he asked the company. These business giants all accept bitcoin as a form of payment and are therefore associated with the cryptocurrency.
It’s highly doubtful the payment processor would deny doing business with these firms. In fact, 2Checkout is interoperable with the Shopify network and does not have a problem associating with the Bitcoin-friendly company.
Unfortunately, payment processors can deny businesses based on whim and ignorance. In the past, credit card companies, Paypal and others at times have ceased doing business with VPN providers and those associated with the adult entertainment industry. Bitcoin is, of course, neutral as there is no judgement or pre-screening, and anyone can use the virtual money for any business operation they want. It holds no opinions and enables exchange free from the arbitrary policies of misinformed humans.
This case is simply another great reason to support Bitcoin and spread awareness of its use-cases. Bitcoin has a lot of challenges to overcome because of ignorant politicians, and media reports giving it a bad name. A lot of people are misinformed about the currency and could learn a thing or two if they researched a bit more.
Obviously, companies like Overstock.com, Microsoft, Shopify and others have figured out the many benefits Bitcoin can provide. 2Checkout.com should take note from these businesses and large corporations who already accept the currency.
Otherwise, they should change the company’s slogan because they don’t “make it easy to accept payments from anyone, anywhere, using any device.” Bitcoin does.
What do you think about 2Checkout prohibiting Bitcoin associated sites? Let us know in the comments below.
Images courtesy of Twitter, Bitcoin.com Store, and Shutterstock