Bitcoin Debit Card!

[strideynet]

Just as a survey to see if people like the idea. The card would hold the wallet.dat file on its memory and also it would hold a pin to decrypt the wallet. The card reader would have a record of all the blocks etc.
It would make bitcoins more feasible as a payment solution. We would use java chip cards so they can be programmed. Bt I'm not use wether 80k is enough for memory. Or wether we need more!
http://www.smartcardsource.com/contents/en-ca/p3_J2A080.html


It would mean bitcoins could be used in the real world! Not just inside the interwebs!

[strideynet]

Just wanna see if any newies like the idea before I'm allowed topmost in non newbie sections. Come on gimme feedback!

[Puppet]

So you want to give a third party terminal fulll  access to your wallet in order to make a payment?  I dont think so.

[Russell616]

Bitinstant is already developing a Bitcoin debit card.

http://money.cnn.com/2012/08/22/technology/startups/bitcoin-debit-card/index.html

[droledabin]

So you want to give a third party terminal fulll  access to your wallet in order to make a payment?  I dont think so.

That's bullshit. The terminal wouldn't have access to files on the card. It would interact with the card just like any other terminal for any other electronic cash/debit card. You will need to provide a pin number to confirm the transaction. Also, it's up to you how much btc you will load the card with.

Bitinstant is already developing a Bitcoin debit card.

And your point is.....? Competition is bad or what do you want to say...?


strideynet: I like your idea. If you have the ability to develop it, please do so!

[Puppet]

That's bullshit. The terminal wouldn't have access to files on the card. It would interact with the card just like any other terminal for any other electronic cash/debit card.

Exactly how could the terminal make a payment without having access to the wallet file? Its not like you can run bitcoind on a smartcard. Its all or nothing.

[paraipan]

That's bullshit. The terminal wouldn't have access to files on the card. It would interact with the card just like any other terminal for any other electronic cash/debit card.

Exactly how could the terminal make a payment without having access to the wallet file? Its not like you can run bitcoind on a smartcard. Its all or nothing.

^sockie detected, this was easy, look at the name  , and first thread to comment is this one

+1 what droledabin said, the terminal will interact with the card which would protect the secret keys by hardware means

@strideynet go on with the project, we'll be waiting forward for results. Bitcoiners need your product yesterday dude

[Puppet]

You can pin protect it all you want, just how do you expect to sign the transaction without private key? Either the card must run a bitcoind (good luck with that) to sign the transaction or you need to give the terminal the private keys.

The only thing I can see that you could do to limit the risk is prepare the wallet so it has lots of small addresses of all, say, 0.1 BTC of which it could hand the private keys to the terminal as needed. But if you ever use addresses again, you could be screwed and it would probably be difficult for the card to keep track of whats already spent and what isnt.

[droledabin]

The card contains a system on a chip. A terminal would not have access to files on the chip. The terminal can comunicate with the system on a chip and provide electrical power to the system on a chip. The terminal would NOT have access to the wallet.dat. The SoC on the card would sign the transaction by itself. The terminal would only be used to provide access to the blockchain for the SoC and for the customer to see the transaction ammount and type in the pin. It would only act as an gateway, it would only "see" the already signed transaction passing through.

The main issues with such cards would be that the producer of the SoC would need the wallet.dat during manufacturing (like they also need the private security tokens when they produce regular chip protected electronic cash cards for regular banking accounts). So you would need to find a trustworthy producer.
Second issue would be that Bitcoin transactions need confirmations, it would just take to long to wait for 3 or 6 confirmations when you just want to pay for something in a supermarket.

[strideynet]

Thanks for support   
But although I have the idea I'm not a excelling programmer or a money bank as the sdk can be expensive!
You wouldn't upload you address to the card. The card would give you a address and yes it would be a soc.
So I'm interested if anyway has any ideas to add. When I'm nota newb I can move forward with plans!

[strideynet]

It wouldn't be to ha to custom tailer a device to work for this maybe a very very very small bitcoin client on a soc etc  it would be a different system I would create a specialized program for the crd reader and the card so it could be possible for private keys to stay private! It wouldn't be 3rd party as I don't think normal card readers work that well with this sorta chip.

[strideynet]

Mine will be different as it won't be owned by a company each card might cost like 5 bitcoins but that goes towards developement and our pay but we don't charge transaction fees etc. it would be th epeople card.
People would vote for the best ideas for it!people would design the graphics and vote.

[phenbuyer]

thats a good idea man... although i think 80k is not enough to store the data

[strideynet]

Yes... It could cost a bit to get custom data size but hey!
I was thinking as our competition is doing you pay in bitcoins but they change it to usd.
Im thinking we do you pay in bitcoins straight through? Like option 1 or 2
So you pay in local currency or your pay in bitcoins.?
I prefer 2 as its different from competitors!

[savetheinternet]

Unnecessary.

[Monkey1]

I like the idea.  It would certainly bring bitching to the masses.

[Dum3]

Too much hassle,not worth it.....

[pirateroberts]

This trick in BTC dept cards more vendors don't want Bitcoin. Bitinstant.com wants to do this at market rate on each transaction. There is also going to be fee's but this is understandable due to the risks involved. Especially due to the charge back problem of using MasterCard. 

getting bitcoin to put MasterCard out of business is going to be next step. Its going to take the ability for vendors to get dollars into there bank account without all these fee's.

ie. Transaction goes on the network and instantly some one buys up those coins and deposits cash into vendors account.

[pyrkne]

Its not like you can run bitcoind on a smartcard. Its all or nothing.

Is that true?

I thought I read a thread recently in which this was talked about.

[jonnL]

no thanks