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February 01, 2014, 07:17:56 PM |
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This is the argument I gave to this fool who sounded just like Krugman and Dimon last night. Shut him up instantly, had to share.
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When you pay with credit card, the vendor "pulls" money from your account using the credentials you supply. You're trusting that vendor pulls the correct amount and securely hides your cc #, exp. date, CVS code, billing address from the hackers of the world.
When you pay with bitcoin, you "push" the money to the vendor. No fraud or subsequent transactions are possible because you're not giving the vendor (or anybody) the "keys" to your account.
Once all the virtual currency regulatory issues are resolved, here's how future internet transactions will work...
You fill your shopping cart, then at checkout an address (code) is displayed designating where to send the payment. You go to your personal checking account page, paste/enter the code and click the "Make Payment to Address" button. A few minutes later, you get receipt from vendor.
You'll be using bitcoin, or something like it, and you won't even know it.
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