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Author Topic: Bitcoin credit card?  (Read 4219 times)
youdacapt
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May 08, 2017, 12:45:45 PM
 #41

I guess a credit card is not a good idea in bitcoin and im pretty sure a physical debit card would work than a credit card but still a good idea if we can credit a bitcoin transaction but no good this time not many stores accepting bitcoin i guess no store will accept no credit a bitcoin.

Credit cards need a reliable source from certain legal bank, if implemented in bitcoin will not be maximal and not legally enforceable, I think it will be very brutal and irregular. True if you prefer to debit card because logically more useful and can be in top up and withdraw.

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May 08, 2017, 12:53:14 PM
 #42

There will never ever be a long lasting bitcoin credit card provider. If there is one, it is running a scam.

When there is a credit, there must be interest. Nobody gives away his money for nothing. If a bank gives you money, they expect a profit in return. This can't work with bitcoin because bitcoin's supply is limited and the price is too volatile. Bank can lose all of its shit while lending bitcoins.




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May 08, 2017, 02:28:42 PM
 #43

I must say as well that I do not think credit card system with bitcoin will work.
The companies want to make profit, and they want tomake sure profit.
The only scenario that works for the companies are the prepaid credit cards.
You upload bitcoins, they convert it into fiat and you can pay until no money is left.
I have tested it once, and it worked as promised.
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May 08, 2017, 03:23:43 PM
 #44

There will never ever be a long lasting bitcoin credit card provider. If there is one, it is running a scam.

When there is a credit, there must be interest. Nobody gives away his money for nothing. If a bank gives you money, they expect a profit in return. This can't work with bitcoin because bitcoin's supply is limited and the price is too volatile. Bank can lose all of its shit while lending bitcoins.

Not really, if the bitcoin credit card provider also asks for KYC how different will this be to a bank offering credit cards? The problem will likely be when it provides the service without guarantee that they will be paid, like if it will be anonymous. We can always use bitcoin virtual credit cards anyway if we really needed a credit card.
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May 08, 2017, 03:32:37 PM
 #45

Unless we have a bitcoin bank, we can never have bitcoin credit card. Although some platforms have generated their own debit cards, I dont think that they will open a credit card service. Bitcoin is a decentralized currency andI believe that many people will use this aspect to fraud other people if bitcoin credit card is allowed
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June 03, 2017, 11:04:39 PM
 #46

We have coins.ph app here,It serves as our credit card that holds our bitcoins but it is only usable in some asian countries.It still depend on what country are you living.Coins.ph app serves as our virtual credit card that is actually good for holding your bitcoins.
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June 03, 2017, 11:08:14 PM
 #47

Unless we have a bitcoin bank, we can never have bitcoin credit card. Although some platforms have generated their own debit cards, I dont think that they will open a credit card service. Bitcoin is a decentralized currency andI believe that many people will use this aspect to fraud other people if bitcoin credit card is allowed

There are plenty of alternatives.  I know coinsbank and having used them for a while i found it a very solid alternative next to my mastercard. Offcourse there are always things to improve (i.e. the high fees) but in the end it's doing it's thing.. Being a bitcoin credit card
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June 06, 2017, 01:30:15 PM
 #48

I remember hearing something about a bitcoin credit card. Like, one that you pay for everything with fiat on credit, and then you pay off your bill in bitcoin. So you never have to hold fiat if you don't want to.

What's the best/most reliable credit card that does this?



Maybe it will be possible to have a bitcoin credit card but bitcoin is not consider to use as  debit card by bank. Bank is always looking for their security when it terms of debit their only accept a fiat. But its a good thinking to have bitcoin credit card.
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June 06, 2017, 01:47:13 PM
 #49

This could be an interesting option but actualy difficult to execute in reality. Bitcoin credit card should be issued by some credit card issuer or bank and precindition for this is full regulation of Bitcoin. Since something like this is sti very risky I don't think that companies like Visa or Master Card would be interested to support Bitcoin credit cards. And debit cards are different story.

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June 06, 2017, 02:00:39 PM
 #50

This could be an interesting option but actualy difficult to execute in reality. Bitcoin credit card should be issued by some credit card issuer or bank and precindition for this is full regulation of Bitcoin. Since something like this is sti very risky I don't think that companies like Visa or Master Card would be interested to support Bitcoin credit cards. And debit cards are different story.
Yeah this is really cool idea and despite of it's difficulty, I think there is a ways on how creditors will be obliged to pay for their debts if ever we have this bitcoin credit card. There will be a strong pre requisite prior having a btc credit card, due to an anonymous identity of those customers that might scam the credit card obligations on payment dues. Those bigger companies will take time to study bitcoin first before they implement this such thing in order to avoid future circumstances to happen.

 
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June 06, 2017, 02:18:03 PM
 #51

This could be an interesting option but actualy difficult to execute in reality. Bitcoin credit card should be issued by some credit card issuer or bank and precindition for this is full regulation of Bitcoin. Since something like this is sti very risky I don't think that companies like Visa or Master Card would be interested to support Bitcoin credit cards. And debit cards are different story.
Involving banks actually destroys the whole concept of bitcoins being decentralized. The bank will start to regulate bitcoins and will have to control your coins if they are get to involved.
It is highly unlikely to happen to get a bitcoin credit card cause someone will have to regulate the coins. More over people will get scammed very easily due to how bitcoins work. Debit Cards are the only option currently available.

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June 06, 2017, 02:38:34 PM
 #52

This is not a bad idea, but I'm afraid it can be applied, because bitcoin transactions need a certain amount of time to be validated. If that still exists, we can not apply bitcoin to the credit card. Also, bitcoin is a very valuable coin, what if you were robbed? It is dangerous!
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June 06, 2017, 03:30:55 PM
 #53

I remember hearing something about a bitcoin credit card. Like, one that you pay for everything with fiat on credit, and then you pay off your bill in bitcoin. So you never have to hold fiat if you don't want to.

What's the best/most reliable credit card that does this?


You may have mistakenly assumed that there is no such type of credit card as Bitcoin. If so, it will completely overcome Bitcoin's slow transaction status
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June 06, 2017, 03:44:51 PM
 #54

Bitcoin will not be set therefore there may be a problem when someone refuses to pay the bills that have been incurred.
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June 06, 2017, 03:56:56 PM
 #55

Bitcoin will not be set therefore there may be a problem when someone refuses to pay the bills that have been incurred.


What do you mean? Did you mean that when people pay in bitcoins then the prices suddenly went up before he was able to pay, that would be a problem?

I think the better analysis here is that the bitcoin credit card will convert bitcoins to fiat as you pay with it. Then it is directly debited from your card. Well this is generally a debit card now.
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June 06, 2017, 04:14:27 PM
 #56

  This is the same as the debit card we use with limited access to super market stores. I have not found a credit card issued with bitcoin as a value stored on it.
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June 06, 2017, 05:23:19 PM
 #57

There are barely any physical credit cards for bitcoin which benefits the user as most of the cards
charge super high fees for paying another currecy that dollars or even for withdrawing money from an atm.
There are even super high charges for making a bitcoin card , the best thing to do is just withdraw your bitcoins to cash and make you local credit card payments with those cash
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June 06, 2017, 06:44:41 PM
 #58

There are barely any physical credit cards for bitcoin which benefits the user as most of the cards
charge super high fees for paying another currecy that dollars or even for withdrawing money from an atm.
There are even super high charges for making a bitcoin card , the best thing to do is just withdraw your bitcoins to cash and make you local credit card payments with those cash

Bitcoin credit card is not available right now, and even IMO it will be very difficult to even make it available, as to provide a Credit Card, the applicant has to assure that he is capable of returning the money. And to verify, government support and help of some kind of Banking/Financial service who will supports Bitcoin will be required.
Japan and few others who legally accepted Bitcoin can only provide such kind of services I think as of now.
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June 07, 2017, 05:50:09 AM
 #59

  This is the same as the debit card we use with limited access to super market stores. I have not found a credit card issued with bitcoin as a value stored on it.

Exactly, people should know that digital currency is not necessarily Bitcoin because there are a lot of fiats that are digitally loaded on a card and are allowed to be spent without carrying physical cash on you. There's actually no credit card with Bitcoin, maybe a debit card with Bitcoin but I haven't come across that yet.
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June 07, 2017, 07:05:53 AM
 #60

I remember hearing something about a bitcoin credit card. Like, one that you pay for everything with fiat on credit, and then you pay off your bill in bitcoin. So you never have to hold fiat if you don't want to.

What's the best/most reliable credit card that does this?
I don’t think there are bitcoin credit cards, just think about it, the name itself implies that you could receive credit for it, but do you think any bank is going to give you credit if they do not know who you are? So the only cards that exist are bitcoin debit cards.
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