[2015-06-09] Quartz: MasterCard makes the case that it’s safer, faster than BTC

[pitham1]

MasterCard makes the case that it’s safer and faster than Bitcoin

http://qz.com/423739/mastercard-makes-the-case-that-its-safer-and-faster-than-bitcoin/

We would argue that, when compared to MasterCard’s network, the claims pertaining to the speed and safety of digital currencies does not hold up, not least given that on average it takes 10 minutes for a block to be verified and that digital currencies are far more susceptible to hacking attacks.

Additionally, while digital currency transaction costs are currently lower, this is because providers of digital currency services do not currently bear any compliance costs, whereas providers of other forms of electronic payment bear the cost of complying with consumer protection laws and anti-money laundering laws.

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[mercistheman]

Why should we trust the waitress that takes our card into the back room?
I've had my card stolen once and hacked twice in the last three years... ask Target, Kmart, Home Depot  and several banks how secure your CC info is on their systems.... safer my ass

[bryant.coleman]

I'd rather wait 10 or 15 minutes than paying the steep fees, which is being charged by MasterCard and Visa. In my country, they are charging around 1.8% (plus taxes, the total comes to around 2%) per transaction. Although the merchants initially bear the cost, it makes the commodities costlier in the end.

[Bamberg]

They just understand that Bitcoin is becoming a strong competitor for them and want to hit it to make it little weaker.

[odolvlobo]

Credit cards are not faster. Their confirmation time is 3 - 9 months.

Its claims are self-serving, of course, but the company has a fair point. If traditional financial companies that make loans, issue credit, and transfer money all have to follow globally agreed-upon rules to prevent institutional failures, consumer fraud, and illicit activity, then so, too, should the upstarts.

Bitcoin prevents institutional failures by eliminating the institutions.
Bitcoin doesn't prevent consumer fraud, but it prevents fraud by consumers.
Illicit activity... Ok, you got me there. Bitcoin doesn't allow others to control how I can spend my money.

[MUFC]

Mastercard obviously feel very threatened by Bitcoin, which is completely understandable since it is a direct threat to their overpriced monopoly.

Why should we trust the waitress that takes our card into the back room?
I've had my card stolen once and hacked twice in the last three years... ask Target, Kmart, Home Depot  and several banks how secure your CC info is on their systems.... safer my ass

Since when do waitresses take your card away? Those days are long gone. They normally bring the device to you, especially as you need to input your pin. And regardless of that, there are both positives and negatives to using bitcoin. If you have your bitcoins stolen then they're gone for good, but if you have your card or money from your account stolen there's a good chance you can get that money back (and I'm sure you did).