[2014-06-22] First Glimpse Inside Halsey Minor’s New Payments Platform Bitreserv

[LiteCoinGuy]

First Glimpse Inside Halsey Minor’s New Payments Platform Bitreserve

http://www.coindesk.com/first-glimpse-inside-halsey-minors-new-payments-platform-bitreserve/


http://www.coindesk.com/cnet-founder-halsey-minor-launches-low-cost-bitcoin-payments-platform/

[bryant.coleman]

Another Bitcoin payment processor like Coinbase and Bitpay? Competition is always good for Bitcoin.  And it will be interesting to watch how Bitreserve will compete against already established processors such as Bitpay.

[Kosta#]

I don't get it. I must be dumb. What's the use case for bitreserve? If I want to transfer bitcoin to another address, I use blockchain directly. If I need to convert bitcoin to fiat, I use exchange. What is the scenario in which bitreserve helps?

[Bit_Happy]

What makes Bitreserve different from existing web wallet services is that it has no contact with the banking system.

As Minor says, it’s “bitcoin in and bitcoin out”, meaning a user can only fund their own Bitreserve account by depositing bitcoin. In other words, any new money introduced to the system must enter as bitcoin.

^^^No contact with the banking system? ...but you can convert your BTC to several fiat currencies?
I also need a little help understanding exactly how that will work.

[DooMAD]

And on top of the confusion of what purpose the site actually serves, the JPY Yen card looks silly with white text on a near-white background.  Great design there.

From what I can tell, they charge 0.75% for displaying the current conversion rate of the chosen currency and sending the specified amount of that currency in Bitcoin without actually converting it to said currency.  I wouldn't really describe that as a "payment processor" unless the article is missing some significant details.