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Author Topic: Bitcoin credit cards?  (Read 6434 times)
Twist177
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September 25, 2013, 03:24:50 PM
 #1

Do you think a Bitcoin credit card could succeed as a mainstream form of payment?

As in, the credit card contains your wallet number as a credit card has a credit card number...

Thoughts appreciated   Grin

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September 25, 2013, 05:22:37 PM
 #2

Not possible without centralization or huge risks.

plaxant
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September 25, 2013, 10:54:50 PM
 #3

Do you think a Bitcoin credit card could succeed as a mainstream form of payment?

As in, the credit card contains your wallet number as a credit card has a credit card number...

Thoughts appreciated   Grin

Wouldn't that basically be a debit card? There have been attempts at it, I don't know if there's actually been a bank willing to step up.

callem
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September 26, 2013, 07:19:44 PM
 #4

Not possible without centralization or huge risks.

Many things are possible without being obvious. There's more than one project underway that may change this in the near future.
saif313
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September 26, 2013, 09:20:52 PM
 #5

Not possible without centralization or huge risks.

yes too much risk involve in this

westkybitcoins
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September 26, 2013, 09:48:07 PM
 #6

Do you think a Bitcoin credit card could succeed as a mainstream form of payment?

As in, the credit card contains your wallet number as a credit card has a credit card number...

Thoughts appreciated   Grin

I'm not sure what you mean here.

If the card only had your wallet's bitcoin address, and not the private keys, what good would it be? Bitcoin is a "push" system, you wouldn't be able to use such a card at checkout.

If the card had a number on it that linked to your wallet account at some "bitcoin bank," then it might see some degree of success, but I'd be skeptical as to how long it would last, for a variety of reasons.

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September 26, 2013, 11:43:30 PM
 #7

theoretically how it would work is a contract drawn up that someone puts X BTC into a wallet for 'a customer' with the stipulation that it is credit (a short term loan) with all the waffle about repayment terms and interest at the end of the month.

and the 'customer' then repays the credit providor with whatever the total balance is at the end of the month (credit card bill)..

BTCJam have already got short term loan structure in place so its not a big thing to do. but actually grabbing hold of the 'customer' and slapping him with a wet fish for not repaying, is much harder and more costly when it comes to international markets such as bitcoin, which brings with it more risk to the creditor (investor) and more freedom for the 'customer' to just leg it.

unless you have a list of debt collection agencies across the world to sell the debt to, allowing them to chase to non-payers.


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will1982
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September 26, 2013, 11:44:31 PM
 #8

Give an explanation on how, exactly, it would work.
"Bitcoin credit card" is kind of general.
franky1
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September 26, 2013, 11:46:59 PM
 #9

Give an explanation on how, exactly, it would work.
"Bitcoin credit card" is kind of general.

i think he means if u don't have a bitcoin to your name, but you might do next month, the same way people don't get paid their salary's untill the end of the month, thus throwing it all on a credit card.. that's where a bitcoin credit card 'could' be useful.


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Don't take any information given on this forum on face value. Please do your own due diligence & respect what is written here as both opinion & information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist.
elbill
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September 27, 2013, 12:22:29 AM
 #10

Okpay or payza have cards to withdraw the balance. Would be nice that mtgox or bitstamp have something similar.
will1982
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September 27, 2013, 01:23:39 AM
 #11

Give an explanation on how, exactly, it would work.
"Bitcoin credit card" is kind of general.

i think he means if u don't have a bitcoin to your name, but you might do next month, the same way people don't get paid their salary's untill the end of the month, thus throwing it all on a credit card.. that's where a bitcoin credit card 'could' be useful.



I think there's already something kind of functionally useful. They give out BTC "loans"
It's called Coinlenders I think...Yeah. www.coinlenders.com
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September 27, 2013, 08:51:41 AM
 #12

I'm not sure I understand how this would work in practice.
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September 27, 2013, 08:56:02 AM
 #13

lol "bitcoin" and "credit" in the same line.

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adamas
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September 27, 2013, 08:58:34 AM
 #14

 Like this:
 

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davidgdg
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September 27, 2013, 09:39:35 AM
 #15

You're just talking about a debit card denominated in BTC. But hard to see what the point is really. The only advantage might be the ability to make purchases in bricks-and-mortar shops without the need for the vendor to wait for confirmation.  But I think version 9 of the client will allow for zero-confirmation purchases by doing a double-spend check. So even that advantage is likely to disappear.

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September 27, 2013, 10:52:43 AM
 #16

I'm not sure I understand how this would work in practice.

its going to be just in papers no body going to accept this   Wink

will1982
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September 27, 2013, 11:48:03 AM
 #17

Like this:
 

It's a pretty picture, but there's no technichal structure to this at all.
ferked
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September 27, 2013, 02:57:24 PM
 #18

cash in change at coinstar and get a printed out key or something would be pretty cool
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September 27, 2013, 03:04:52 PM
 #19

Like this:
 [img] 
It's a pretty picture, but there's no technichal structure to this at all.
 You can order this cards here: https://bitcointalk.org/index.php?topic=282841.msg3025018#msg3025018

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DannyHamilton
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September 27, 2013, 03:55:44 PM
 #20

- snip -
But hard to see what the point is really. The only advantage might be the ability to make purchases in bricks-and-mortar shops without the need for the vendor to wait for confirmation.
- snip -

How about payment in bricks-and-mortar shops without the need to own a smartphone?

I'm sure there are other benefits as well.

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