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Author Topic: Why dont use credit cards?  (Read 865 times)
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June 10, 2011, 11:49:58 PM

I understand that paypal is frowned upon for buying bitcoins.

But why they can't sell bitcoins with credit cards directly?

Just implement a gateway payment on mt.gox et voila....

But maybe Visa and Mastercard don't want to deals with bitcoins?
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June 11, 2011, 12:06:13 AM

Stolen credit cards, for one thing.
Stephen Gornick
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June 11, 2011, 04:30:07 AM

But maybe Visa and Mastercard don't want to deals with bitcoins?

Yes, for two reasons:

1.) They don't want you to speculate using their money.

This is the same reason you cannot add money to an E-Trade account using Visa and Mastercard either.

2.) Bitcoin is not only a formidable competitor to them, it is is more likely something that will be eating a good chunk of their business.  The longer they can avoid competing with Bitcoin the better.

That being said, it is doubtful Square will know for what reason you swiped a credit card through your friend's iphone, for instance.  So they likely aren't stopping it from happening entirely but they are keeping using credit that way to a manageable level.

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