Onebit - Mastercard PayPass integrated Bitcoin Wallet

[randy8777]

> 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).

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.

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

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.

[fryarminer]

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

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

[ranochigo]

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

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.

[fryarminer]

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

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.