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Author Topic: Bitcoin-Credit Card  (Read 3033 times)
Huobi-USD
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November 02, 2015, 08:09:09 AM
 #1

People are becoming increasingly accustomed to using bank cards. Now, with the increasing penetration of mobile and P2P payment systems, the necessity to use cash is quickly becoming obsolete. 
Which do you think is the relation between bitcoin and credit card? Don't you think the use of credit card works as the same way as bitcoin does?

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NorrisK
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November 02, 2015, 08:12:41 AM
 #2

Paying with the card may be very similar, but the fundamentals are completely different.

Credit card, as the name implies, assumes you take credit for a payment. With bitcoin you actually need to have the coins at the moment of purchase.

A debit card would be a better comparison.

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November 02, 2015, 08:16:51 AM
 #3

as i see it, credit cards/debit cards are a good catalyst for initial bitcoin apprecciation, they can fuel very well a possible adoption, because they will make the transaction from fiat to bitcoin, for average joe, much less painful

but in the end bitcoin should not rely on credid cards in the future, it can only be used well as a launch pad
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November 02, 2015, 08:24:37 AM
 #4

I think bitcoin works more smoothly than traditional credit cards. And also using bitcoin or having bitcoin wallet is easy compared to getting credit card and its verification process.

As these days people use virtual form of money (online banking,credit card, paypal ) to do everyday transactions, virtual money is future of money and bitcoin can be best virtual money being decentralized money.

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ranochigo
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November 02, 2015, 08:27:28 AM
 #5

Debit cards allows users to withdraw fiat instantly from Bitcoin rather than waiting for days for bank transfer to come. I consider it quite cool to be able to withdraw money from debit card using Bitcoins. It doesn't give too much of an incentive for users to use it. Even though it does offer fast withdrawal and have high acceptance, the fees is far too high and verification have to be done to use it without low limits.














 

 

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Blue_Tiger73
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November 02, 2015, 08:28:30 AM
 #6

Credit cards are different to Bitcoin. Credit cards charge users after they have bought something, whereas in Bitcoin, money is stored in your Bitcoin account and deducted from it when you make a purchase. I would say credit cards are easier to use but I would rather use Bitcoin as it is also a good investment. As the price of Bitcoin is rising now, I am also earning money even after I purchase something. I also don't like the fact that banks charge you more if you pay your debt back late, I am a forgetful person and that's why Bitcoin works for me. People have different views on this subject but that is my opinion.
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November 02, 2015, 09:35:26 AM
 #7

As long as BTC does not get widely accepted, we re going to need some way of transferring BTC to FIAT, fast. So yes, we still need BTC cards and we will be needing those for a couple of years more. I like Bit-X, a very nice one.

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November 02, 2015, 09:44:24 AM
 #8

As long as BTC does not get widely accepted, we re going to need some way of transferring BTC to FIAT, fast. So yes, we still need BTC cards and we will be needing those for a couple of years more. I like Bit-X, a very nice one.

I don't think that Bitcoin credit cards have been made but there are Bitcoin debit cards and Bitcoin ATM's. You can find some more information here and here.
n2004al
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November 02, 2015, 09:45:59 AM
 #9

People are becoming increasingly accustomed to using bank cards. Now, with the increasing penetration of mobile and P2P payment systems, the necessity to use cash is quickly becoming obsolete.  
Which do you think is the relation between bitcoin and credit card? Don't you think the use of credit card works as the same way as bitcoin does?

The bitcoin and the credit card can be an fantastic connection but yet early to talk about it. To speak about this connection and to see it true needed that the owner of the credit card have continuous revenues in bitcoin. Such possibility is very rare actually so having a credit card connected with an account with bitcoin could be possible only for very few people. As for the same way of work of the credit card and bitcoin and don't see any change. Maybe are the fees which must be paid with the use of credit card. But if you must buy bitcoin in order to use it we are at the same point. On the other hand there have no meaning to buy bitcoin in order to use those in internet. Have meaning only if yo have revenue in bitcoin. So, as a conclusion, bitcoin normally must be more convenient to use as a money in internet compared with the credit card. And the credit card must be used (connected with an account) only in if the use have revenue in bitcoin.
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November 02, 2015, 09:48:19 AM
 #10

As long as BTC does not get widely accepted, we re going to need some way of transferring BTC to FIAT, fast. So yes, we still need BTC cards and we will be needing those for a couple of years more. I like Bit-X, a very nice one.

I don't think that Bitcoin credit cards have been made but there are Bitcoin debit cards and Bitcoin ATM's. You can find some more information here and here.

I guess you are right in the sense that you cannot spend bitcoins on credit at the moment.

There are however, options to use your bitcoins at places where credit cards are accepted, such as with the xapo credit card. Only thing is you are using your own stash of coins there.

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November 02, 2015, 09:56:55 AM
 #11

that would be nice if there would be a Bitcoin Credit Card, but I think if this happens theres a need of proof of financial capacity so banks can give you higher credit limit and in that case there will be no more annonimity of Bitcoin holders since they need to check your proof of income.

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November 02, 2015, 10:15:02 AM
 #12

People are becoming increasingly accustomed to using bank cards. Now, with the increasing penetration of mobile and P2P payment systems, the necessity to use cash is quickly becoming obsolete. 
Which do you think is the relation between bitcoin and credit card? Don't you think the use of credit card works as the same way as bitcoin does?

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November 02, 2015, 10:22:25 AM
 #13

If you use credit card you have options to pay later. In cash and Bitcoin you have to pay what you already have in your pocket/wallet. They don't work the same way. You can compare this to debit (prepaid) cards but not credit cards.
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November 02, 2015, 10:34:26 AM
 #14

Both Bitcoin and credit cards have their advantages and disadvantages. They both work well in my opinion, even credit cards work well at the moment for their users. I don't know why would users of credit cards change their payment methods if it works well for them.

We need to concentrate on other use cases that these credit cards can't fulfill. There are many out there really. And who wants to change their credit card payments for Bitcoin payments will do so as well.
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November 02, 2015, 10:41:26 AM
 #15

Would serve as a prepaid card, but not as a credit card, but a prepaid card's not the same thing. then it is equally good or better to exchange for real money at once.

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November 02, 2015, 10:45:05 AM
 #16

Would serve as a prepaid card, but not as a credit card, but a prepaid card's not the same thing. then it is equally good or better to exchange for real money at once.
If you buy one from the goods section, it would be a prepaid card requiring you to load money and wait for several days. This is much different in a sense, you can deposit Bitcoin and withdraw fiat on demand. (CMIIW)

Most exchange requires you to wait for several days too.














 

 

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biggus dickus
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November 02, 2015, 10:59:17 AM
 #17

If your debit card details get stolen then money can be stolen from your account, whereas your Bitcoin address can't get stolen. Bitcoin is a more secure payment method than debit cards, but it's slower without an intermediary like Bitpay. Bitcoin debit cards like the Bit-x cards are useful for fast transactions, but I would prefer to use nothing but Bitcoin if it gets as widely adopted as debit cards.
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November 02, 2015, 04:56:12 PM
 #18

I am not sure if we need something like bitcoin card currently. Everything seems easy and secure.
Cards will make it unsafe.

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November 02, 2015, 04:58:10 PM
 #19

I am not sure if we need something like bitcoin card currently. Everything seems easy and secure.
Cards will make it unsafe.

Well these are already in the market and being used by users.
I think this is a good way if we need to store our bitcoins and not exchange immediately to cash.
But waiting and spend only when we need urgently for emergencies situation. (forget the fee)

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November 02, 2015, 05:56:36 PM
 #20

I can't see why Visa, AMEX, etc couldn't operate using BTC as what they loan to you..

USD,
CAD,
Yuan,
BTC,

all the same to them really they aren't a central bank and can't loan out thin air backed by the armies of countires.
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