[smart (OP)]

What do you think about Bitcoin/CoinBase decentralized ecosystem? I'm looking for a modern decentralized system to use for online payment processing on my website.

[evan_au]

Bitcoin doesn't have a regulator, so noone will support it if the value crashes.
Criminals love it, because it is more anonymous than numbered bills.

I have heard it described as the most inefficient currency, because (apparently) it takes about 10kWh of processing power to process each transaction (which involves mining bitcoins). But then, the person who said that had probably never seen feather money.

Whether you support bitcoin is up to you - but make sure you support Paypal, too.

I trust that the goods and/or services you sell will provide real value for your customers, and that your customers will have a full and accurate disclosure of what they are getting before they lay down their hard-earned bits...

[Bored chemist]

Criminals love it, because it is more anonymous than numbered bills.

That's largely a myth. Every transaction is recorded, so you can, in principle, work out who bought the bits with conventional money.
The "authorities" like the fact that criminals think it's untraceable.

No currency is "safe".
If your customers like bitcoin, use bitcoin. If they like dollars use dollars.

[smart (OP)]

Criminals love it, because it is more anonymous than numbered bills.

That's largely a myth. Every transaction is recorded, so you can, in principle, work out who bought the bits with conventional money.
The "authorities" like the fact that criminals think it's untraceable.

No currency is "safe".
If your customers like bitcoin, use bitcoin. If they like dollars use dollars.

In a decentralized system like Bitcoin, where is the transaction recorded into?
I assume there can be no central authority in Bitcoin-based transactions.

[Bored chemist]

where is the transaction recorded into?

The blockchain.

[Danne]

It carries a risk in those countries which can afford to invest in tracking down info on bitcoin. For example the FBI.

You got to think on the place where you live in.

[smart (OP)]

It carries a risk in those countries which can afford to invest in tracking down info on bitcoin. For example the FBI.

You got to think on the place where you live in.

True but the FBI has already a backdoor to paypal centralized service.

[JesWade21]

The coins that are btc-encrypted can be tracked via the blockchain. This means that the coins can become "tainted". For instance, if you purchase bitcoins that were, unknown to you or used in illegal ways or for illegal activities, the seller may refuse to accept your payment. That's why I will suggest to use a secure gateway like recurring payment PayPal.

I've heard Coinbase has done something similar using bitcoins in gambling and gambling, but I'm not able to find any information on this.

[evan_au]

the FBI has already a backdoor to paypal centralized service.

Under international money-laundering legislation, each country is responsible for tracking large transactons.
- And so when you create an account with a Bitcoin exchange, you need to provide your identification to the Bitcoin exchange; this information is available to the FBI (or the equivalent in your country).

https://en.wikipedia.org/wiki/Money_laundering#Combating