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Author Topic: [Research] Clearance Comparison - Cryptocurrencies vs Credit Cards  (Read 53 times)
lepar
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June 19, 2018, 01:29:50 AM
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Hi,

I'm not here to promote myself but rather share a research I did in college regarding the clearance and operational process of cryptocurrencies and credit cards. It's a case analysis for the various situations that involves the movement of money in everyday operations.

https://www.linkedin.com/pulse/clearance-comparison-between-credit-cards-nicholas-leonardi/?lipi=urn%3Ali%3Apage%3Ad_flagship3_profile_view_base_post_details%3B3jj3x2ZaSae%2Be3lIkRY7Ow%3D%3D

I apologize if it's the wrong section and I'll be happy to move to it to a more appropriate one if there is.

It's an extensive 30 page research where I explain the structure of both payment systems and then do a case analysis on the aspects of security, cost and efficiency.

Criticize as much as possible, I'd love to hear your points of view whether you agree or disagree on certain aspects.
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June 19, 2018, 05:33:42 AM
 #2

Hi,

I'm not here to promote myself but rather share a research I did in college regarding the clearance and operational process of cryptocurrencies and credit cards. It's a case analysis for the various situations that involves the movement of money in everyday operations.

https://www.linkedin.com/pulse/clearance-comparison-between-credit-cards-nicholas-leonardi/?lipi=urn%3Ali%3Apage%3Ad_flagship3_profile_view_base_post_details%3B3jj3x2ZaSae%2Be3lIkRY7Ow%3D%3D

I apologize if it's the wrong section and I'll be happy to move to it to a more appropriate one if there is.

It's an extensive 30 page research where I explain the structure of both payment systems and then do a case analysis on the aspects of security, cost and efficiency.

Criticize as much as possible, I'd love to hear your points of view whether you agree or disagree on certain aspects.

Hello there,
I admire your effort put into this.
First of all,I do not agree on the efficiency of cryptocurrency especially Bitcoin.Credit cards,in this case Visa do process 2k tx/sec while Bitcoin 3tx/sec,that's a huge difference.So yeah I think Bitcoin is really not efficient in terms of transacting.
Second,I don't think that crypto are more secure than credit cards or credit cards are more secure than crypto.Simply because both of them depend on the user's awareness of security.If you purchase from shady websites online with credit cards you should expect get hacked nope?If you let your private keys/seed unsecure same thing would happen.So yeah,it's users responsability.The difference is that banks have always a team that 24/7 monitor the transactions.So in case there is fraudulant transaction they block the card or you call them to do so,while in crypto if you are stole,it's gone forever.
Regards

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June 19, 2018, 05:46:41 AM
 #3

Hello there,
I admire your effort put into this.
First of all,I do not agree on the efficiency of cryptocurrency especially Bitcoin.Credit cards,in this case Visa do process 2k tx/sec while Bitcoin 3tx/sec,that's a huge difference.So yeah I think Bitcoin is really not efficient in terms of transacting.
Second,I don't think that crypto are more secure than credit cards or credit cards are more secure than crypto.Simply because both of them depend on the user's awareness of security.If you purchase from shady websites online with credit cards you should expect get hacked nope?If you let your private keys/seed unsecure same thing would happen.So yeah,it's users responsability.The difference is that banks have always a team that 24/7 monitor the transactions.So in case there is fraudulant transaction they block the card or you call them to do so,while in crypto if you are stole,it's gone forever.
Regards

1. Hey there, did you even bother to read the article?

2. FYI, there is no way Bitcoin does 3k transactions per second. Are you referring to 3,000 the number or something else?

3. A key factor missing from your "critique" is the fact that you left out the point that credit card companies charge you with fees for using their service. Fess that are much higher than a simple bitcoin transaction fee. Additionally, using bitcoin adds another layer of privacy to your transactions because unlike credit card companies that sell your information (name, number, email, etc.), everything is kept private (you only show your bitcoin address).

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June 19, 2018, 01:17:20 PM
 #4

2. FYI, there is no way Bitcoin does 3k transactions per second. Are you referring to 3,000 the number or something else?

Not the guy you replied to, but I thought that I would point out that it doesn't look like his "3tx/sec" has a "k", so you might have misread because of the spacing or lack thereof. So yeah, he meant 3 transactions per second lol.

First of all,I do not agree on the efficiency of cryptocurrency especially Bitcoin.Credit cards,in this case Visa do process 2k tx/sec while Bitcoin 3tx/sec,that's a huge difference.So yeah I think Bitcoin is really not efficient in terms of transacting.

As for the article itself, wow that's long. I would have loved to see a discussion about crypto's learning curve and user experience in the practicality section though, because that seems to be a pretty big factor among self-declared non-techies. I personally think it's really easy, but that it should be tackled when discussing crypto's practicality vs. other options. Some people may find setting up a proper wallet be more daunting than simply filling out paper work to their banks, for example.

Overall I can kind of sense that you're a bit biased towards crypto, but it's an informative write up nonetheless. Good work!

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June 20, 2018, 01:28:48 AM
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2. FYI, there is no way Bitcoin does 3k transactions per second. Are you referring to 3,000 the number or something else?

Not the guy you replied to, but I thought that I would point out that it doesn't look like his "3tx/sec" has a "k", so you might have misread because of the spacing or lack thereof. So yeah, he meant 3 transactions per second lol.

First of all,I do not agree on the efficiency of cryptocurrency especially Bitcoin.Credit cards,in this case Visa do process 2k tx/sec while Bitcoin 3tx/sec,that's a huge difference.So yeah I think Bitcoin is really not efficient in terms of transacting.

As for the article itself, wow that's long. I would have loved to see a discussion about crypto's learning curve and user experience in the practicality section though, because that seems to be a pretty big factor among self-declared non-techies. I personally think it's really easy, but that it should be tackled when discussing crypto's practicality vs. other options. Some people may find setting up a proper wallet be more daunting than simply filling out paper work to their banks, for example.

Overall I can kind of sense that you're a bit biased towards crypto, but it's an informative write up nonetheless. Good work!

Thanks for the feedback. The research was on Cryptocurrencies, not just bitcoin. I may have focused on bitcoin somewhere but there are a bunch of altcoins that can beat Visa's threshold of TX/Sec.
I agree, a learning curve would've been a hell of a topic but my time was limited in this research. It's quite extensive because I had to map out the architecture between the two technologies to explain a few aspects.

I agree that right now it's quite complicated to setup your own wallet and maintain it yourself and security is more to the point of user experience. Making transactions irreversible is quite dangerous in purchasing scenarios but I believe that escrow transactions can solve this to a good extent. I also believe that a self-governing cryptocurrency can be created to settle disputes. NXT is a coin I believe is on the right track if they focus on creating a reputation system like eBay does with other users being rewarded for governing the system to avoid fraudulent sales and scams but of course, no system is perfect but I think were getting really close to a 99% decentralized economy. 
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June 21, 2018, 05:37:41 AM
 #6

Hello there,
I admire your effort put into this.
First of all,I do not agree on the efficiency of cryptocurrency especially Bitcoin.Credit cards,in this case Visa do process 2k tx/sec while Bitcoin 3tx/sec,that's a huge difference.So yeah I think Bitcoin is really not efficient in terms of transacting.
Second,I don't think that crypto are more secure than credit cards or credit cards are more secure than crypto.Simply because both of them depend on the user's awareness of security.If you purchase from shady websites online with credit cards you should expect get hacked nope?If you let your private keys/seed unsecure same thing would happen.So yeah,it's users responsability.The difference is that banks have always a team that 24/7 monitor the transactions.So in case there is fraudulant transaction they block the card or you call them to do so,while in crypto if you are stole,it's gone forever.
Regards

1. Hey there, did you even bother to read the article?

2. FYI, there is no way Bitcoin does 3k transactions per second. Are you referring to 3,000 the number or something else?

3. A key factor missing from your "critique" is the fact that you left out the point that credit card companies charge you with fees for using their service. Fess that are much higher than a simple bitcoin transaction fee. Additionally, using bitcoin adds another layer of privacy to your transactions because unlike credit card companies that sell your information (name, number, email, etc.), everything is kept private (you only show your bitcoin address).
First I said 3 tx and not 3k,I don't know who didn't read.Second,fees are mandatory,how you want for something to work if you don't pay for the service?That's a worldwide thing and not only credit cards.In addition to that did you already forget the time (December 2017) where Bitcoin fees were 50$-100$ and were taking ages to confirm?
2. FYI, there is no way Bitcoin does 3k transactions per second. Are you referring to 3,000 the number or something else?

Not the guy you replied to, but I thought that I would point out that it doesn't look like his "3tx/sec" has a "k", so you might have misread because of the spacing or lack thereof. So yeah, he meant 3 transactions per second lol.

First of all,I do not agree on the efficiency of cryptocurrency especially Bitcoin.Credit cards,in this case Visa do process 2k tx/sec while Bitcoin 3tx/sec,that's a huge difference.So yeah I think Bitcoin is really not efficient in terms of transacting.

As for the article itself, wow that's long. I would have loved to see a discussion about crypto's learning curve and user experience in the practicality section though, because that seems to be a pretty big factor among self-declared non-techies. I personally think it's really easy, but that it should be tackled when discussing crypto's practicality vs. other options. Some people may find setting up a proper wallet be more daunting than simply filling out paper work to their banks, for example.

Overall I can kind of sense that you're a bit biased towards crypto, but it's an informative write up nonetheless. Good work!

Thanks for the feedback. The research was on Cryptocurrencies, not just bitcoin. I may have focused on bitcoin somewhere but there are a bunch of altcoins that can beat Visa's threshold of TX/Sec.
I agree, a learning curve would've been a hell of a topic but my time was limited in this research. It's quite extensive because I had to map out the architecture between the two technologies to explain a few aspects.

I agree that right now it's quite complicated to setup your own wallet and maintain it yourself and security is more to the point of user experience. Making transactions irreversible is quite dangerous in purchasing scenarios but I believe that escrow transactions can solve this to a good extent. I also believe that a self-governing cryptocurrency can be created to settle disputes. NXT is a coin I believe is on the right track if they focus on creating a reputation system like eBay does with other users being rewarded for governing the system to avoid fraudulent sales and scams but of course, no system is perfect but I think were getting really close to a 99% decentralized economy. 
Yeah I agree with you that some Altcoins can beat Visa's tx/sec (Nano coin I think can do that).However I have focused on Bitcoin because it's adoption is easier than other coins (As the king of cryptocurrency) so yeah I don't see Altcoins being mass adopted that easily.
Regards

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August 05, 2018, 05:08:36 AM
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This may be his own essay being part of a program. But in essence, no one spends too much time reading for you, except for those who care about them. But in my opinion every invention in life is useful to the community. For example, credit cards help to transact and supplement information when doing something related to information. Or electronic money to help mankind have new trends and put a lot of good profits. But in the future, if you want a card that combines everything, make a card. For convenience and shorten operation time.

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