Bitcoin Forum

I have seen this new project in reddit https://www.reddit.com/r/Bitcoin/comments/31qlwx/onebit_mastercard_paypass_integrated_bitcoin/

http://www.getonebit.com/


I think that a service like this would be the bitcoin revolution,but I am afraid that we never finish seeing the service working as it has already happened with previous similar projects

Share your thoughts

Great, i would love to try this out, looking at the site now, thanks for the info.

that's what they have said in reddit:

I'm following this closely, it would be extremely convenient to use my btc anywhere.

Exactly. I am interested but ever so slighlty skeptical.

Thanks for the information. Excellent feature, if it is work. But there is no information about when it is available.

We have the Bit-X mastercard integrated Bitcoin already and it have started to be shipped to customers.

> Know your customer rules
> Integration with Mastercard

In the short term, this is tempting, as it would enable massive "use" of Bitcoin. But in the long term, it seems highly destructive to Bitcoin's principles. I'd rather pay at a terminal that works with vanilla Bitcoin and so is actually bypassing the traditional banking system (at least on the customer side).

Really! Great news and will check and order mine!!

Bitcoin is like a large university project. You just go and try out everything you can without actually knowing what it is you want or what can prove to be useful at some point. This is one of the many ways we should go and try out.

While I see there might be a certain need for such a service, I must say that I am in Bitcoin to avoid dealing with PayPal and MasterCard and so on.

Right now I believe it is more important to continue bridging the gaps existing between Bitcoin and the regular financial systems. We need to establish Bitcoin in some sort and this can be achieved best by using symbiotic effects.

It will certainly help. Making it easier for people to spend their coins in so many stores worldwide is a fantastic thing.

If something like this really start to take off, it might put even more pressure on the price since everything gets converted to fiat.

If Onebit succeeds, you probably won't have to use an actual card to pay for stuff. The time for card shipping for Bitx is quite long though and they charge high fees. I would be interested to see how much onebit charges for fees.

Looks interesting, I'm gonna follow it.
Several have tried and failed, but something like this succeeding would be great!

OK...?

I'm sure it will be useful. And possibly help Bitcoin adoption. Doesn't mean I can't prefer something else. (And my worry is this might reduce the likelihood of that "something else" ever appearing.)

That's right. It may not be the best option, but until the best option arrives(every shop accepting bitcoin) this is a partial solution with which we can use our bitcoins to buy and pay our needs

If I read this and understand it they are saying that it is not a card, but it uses the MasterCard system to make payments to merchants who accept MasterCard PayPass?

I understand that it would be a mobile app that it would use nfc terminals that accept PayPass to pay with the mobile phone in bitcoin making the conversion bitcoin->fiat

yes, thats my understanding.  looks great!

don't think we'll ever see the majority of stores accepting bitcoin at some point. that's why this is a great solution. i will definitely give it a try once they release it.

Now that would be phenomenal if the phone itself would do the conversion from Bitcoin to the MasterCard network, but that seems quite complicated.

The phone must first be capable of making NFC transmission since paypass uses NFC so does visa paywave. Most high end phones have it but majority of the low-mid end phone don't have the NFC feature, therefore, it would be pretty useless.

I think it would be more complicated to tap into to the MasterCard network to do the transaction.