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Author Topic: Bitcoin can replace the credit card today  (Read 4952 times)
TheDailyCrypto
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March 10, 2014, 09:11:11 PM
 #1

I wrote an article about why Bitcoin and Cryptocurrency is so much better than the current system.

http://thedailycrypto.com/post/cryptocurrency-can-replace-credit-cards/

Let me know what you think.
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March 10, 2014, 09:14:04 PM
 #2

The blockchain is already 15 GiB. Bitcoin can't replace credit cards if we don't solve this problem.
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March 10, 2014, 09:15:42 PM
 #3

Why not credit cards accepting bitcoin? like coinkit

TheDailyCrypto
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March 10, 2014, 09:41:47 PM
 #4

The blockchain is already 15 GiB. Bitcoin can't replace credit cards if we don't solve this problem.
I've always just wondered why it can't be compressed at the very least.
GigaCoin
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March 10, 2014, 09:44:16 PM
 #5

The blockchain is already 15 GiB. Bitcoin can't replace credit cards if we don't solve this problem.

can't this be worked around by third party applications ? for example multibit.

Also services like bitpay etc seem to provide quick integration for merchants, without them having to worry about the size of the blockchain.

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March 10, 2014, 09:46:46 PM
 #6

The blockchain is already 15 GiB. Bitcoin can't replace credit cards if we don't solve this problem.

Delete 15gb of porn first.

Selling fully funded Titan BTC Physical Bitcoins, Gold and SIlver - BTC Physical Bitcoins BTC PM if interested.
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March 10, 2014, 09:52:55 PM
 #7

Bitcoin cannot replace the credit card today, simply because of it's 10 minute transaction time. Impractical in real world situations especially since it takes a few seconds(1-3) for you to be able to transfer money on a credit card, unlike Bitcoins 10-40minute wait...

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curt.rowland
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March 10, 2014, 09:55:50 PM
 #8

I think you all might be forgetting a key word here??? CREDIT!!!!!!!


spend BTC now pay later? I dont think so.
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March 10, 2014, 09:58:05 PM
 #9

May ripple/XRP. But who's gonna refund me if a fraudulent charges occur on my card.
cozytrade
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March 10, 2014, 10:33:56 PM
 #10

Delete 15gb of porn first.

Where are they located ?
FeedbackLoop
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March 10, 2014, 11:01:08 PM
 #11

The blockchain is already 15 GiB. Bitcoin can't replace credit cards if we don't solve this problem.

"Electrum is an easy to use Bitcoin client ... There is no waiting time when you start the client, because it does not download the Bitcoin blockchain."

For example... though if you want to be paranoid or truer to the zero trust principle you should use a client that downloads and checks every single transaction.

Vitamin
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March 10, 2014, 11:24:59 PM
 #12

Bitcoin cannot replace the credit card today, simply because of it's 10 minute transaction time. Impractical in real world situations especially since it takes a few seconds(1-3) for you to be able to transfer money on a credit card, unlike Bitcoins 10-40minute wait...

Really?  Because I can transfer BTC just as quickly as I can make a purchase with a credit card.  The fact that my Bitcoins appear in my wallet BEFORE the Blockchain verifies the transaction is actually one of Bitcoins strengths.  Ever seen "pending deposits" on your bank account?  You know, the ones that can take days to clear before you actually get your money?  Fuck that.  I WANT MY BTC!!!

Smiley
franky1
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March 10, 2014, 11:41:03 PM
 #13

The blockchain is already 15 GiB. Bitcoin can't replace credit cards if we don't solve this problem.

Call of duty with all the extra's is 35GB, are you saying that infinity wards should not release another game because of the disk space used.

are you saying no one will play call of duty ghosts 2??

if people can install GTA, crisis, WOW and call of duty and not care, .... then i do not see a problem

1TB Hard drives is 66 times the storage needed for 5 years of bitcoin blocks. and it costs under $£70

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
FeedbackLoop
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March 10, 2014, 11:51:10 PM
 #14

Bitcoin cannot replace the credit card today, simply because of it's 10 minute transaction time. Impractical in real world situations especially since it takes a few seconds(1-3) for you to be able to transfer money on a credit card, unlike Bitcoins 10-40minute wait...

Really?  Because I can transfer BTC just as quickly as I can make a purchase with a credit card.  The fact that my Bitcoins appear in my wallet BEFORE the Blockchain verifies the transaction is actually one of Bitcoins strengths.  Ever seen "pending deposits" on your bank account?  You know, the ones that can take days to clear before you actually get your money?  Fuck that.  I WANT MY BTC!!!

Smiley

Hehe! Actually I found myself booking flights, hotels and such in Bitcoin (and paying the bitpay premium...*) because I couldn't be hassled to go through the bother of a credit card booking. Also find myself donating more often just because it's so easy... me and other people if you look around.



*looking forward for one of these services that pays some of their costs in Bitcoin and thus accepts Bitcoin to their own wallet. At least hosting you can pay in Bitcoin dammit!
 

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March 11, 2014, 12:10:25 AM
 #15

The solution is to have hardware wallets (yes they are needed to go mainstream anyways) that can have multiple currencies on them. Then you can use high value btc for buying a car and something like ltc or doge, to buy a frappucino

when doge blockchain becomes too big, no problem, you switch to catcoin or whatever.

BTC = store of value, large transactions
XYZ = fast micropayments, only buy as needed, can be sacrificed painlessly

Truth is the new hatespeech.
~Coinseeker~
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March 11, 2014, 12:35:37 AM
 #16

Ripple.  Solved.
tkbx
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March 11, 2014, 12:44:16 AM
 #17

The blockchain is already 15 GiB. Bitcoin can't replace credit cards if we don't solve this problem.

can't this be worked around by third party applications ? for example multibit.

Also services like bitpay etc seem to provide quick integration for merchants, without them having to worry about the size of the blockchain.
This solves the issue for end users, but exchanges, processors, miners, and power users will always need the blockchain.
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March 11, 2014, 05:06:40 AM
 #18

The blockchain is already 15 GiB. Bitcoin can't replace credit cards if we don't solve this problem.

Delete 15gb of porn first.


  Grin Grin Grin

Cubic Earth
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March 11, 2014, 05:14:41 AM
 #19

I've always just wondered why it can't be compressed at the very least.

The blockchain is already highly optimized.  Compression only is effective when there are patterns in the data, or data that is not important for the end result that can either be summarized or discarded.  I doubt there is much information in the blockchain that fits into either of those categories.

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Beliathon
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March 11, 2014, 07:46:50 AM
 #20

The blockchain is already 15 GiB. Bitcoin can't replace credit cards if we don't solve this problem.
What are you, living in 1995?

15 GB is not large. Any one of my 60 games on Steam are that size or bigger.

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
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