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Author Topic: An Idea for The Widespread Adoption of Bitcoin  (Read 1133 times)
splatster
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December 13, 2011, 07:04:49 AM
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Bitcoin's as a currency is most hindered by its lack of true widespread adoption.  Instead of stores adopting Bitcoin, what if Bitcoin "adopted" stores?  Maybe this idea has already been proposed, but it would be theoretically possibly, in my mind at least, for their to be a Bitcoin debit card that could be used by normal debit card payment terminals.  Suppose an exchange, such as Mt Gox, used your online wallet as the balance for the debit card.  When you spent your debit card on something that cost paper money, such as USD or Euros, Mt Gox would charge your Bitcoin wallet according to the current exchange rate of that currency.  Mt Gox could do the verification (as is normal for a card, whether credit or debit) of the payment immediately, as all they would have to do is to check if the wallet had enough Bitcoins for the purchase based on the purchase's currency's exchange rate.

These are just my thoughts.  If they have already been thought of, tell me.  If not, criticize, elaborate, question, etc.  I want to see Bitcoin take off, but I don't see the less technologically savvy members of the world to understand/accept it.

S² Capital Management | #bitcoin-otc ratings | 1M5j2g4iz4mSwkngrYkqtcmKNGmyDAQzk2
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December 13, 2011, 10:47:31 PM
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Bitcoin's as a currency is most hindered by its lack of true widespread adoption.  Instead of stores adopting Bitcoin, what if Bitcoin "adopted" stores?  Maybe this idea has already been proposed, but it would be theoretically possibly, in my mind at least, for their to be a Bitcoin debit card that could be used by normal debit card payment terminals.  Suppose an exchange, such as Mt Gox, used your online wallet as the balance for the debit card.  When you spent your debit card on something that cost paper money, such as USD or Euros, Mt Gox would charge your Bitcoin wallet according to the current exchange rate of that currency.  Mt Gox could do the verification (as is normal for a card, whether credit or debit) of the payment immediately, as all they would have to do is to check if the wallet had enough Bitcoins for the purchase based on the purchase's currency's exchange rate.

These are just my thoughts.  If they have already been thought of, tell me.  If not, criticize, elaborate, question, etc.  I want to see Bitcoin take off, but I don't see the less technologically savvy members of the world to understand/accept it.
Hey Splatster!
Welcome to the community Smiley
There have been multiple attempts to create POS systems capable of accepting a "Bitcoin Debit Card". I think the closest thing that exists is OKPAY: https://www.okpay.com/en/index.html
Keep thinking about ways of boosting adoption!

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Website owners, let me put my ads on your site! PM me!
splatster
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December 13, 2011, 11:08:52 PM
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What I imagined is that I wouldn't have to do the transfers on my own. The exchange would handle everything.

How I envision the process:
Step 1: I swipe card in ANY standard credit/debit terminal
Step 2: Exhange receives request, checks my Bitcoin wallet to see if I have enough bitcoins based on current excnage rates for the currency being used by the card reader
Step 3: Card terminal receives confirmation and lets transaction proceed, I walk away with the merchandise without delay, exchange foots the bill immediately
Step 4: Exchange puts up an exchange offer automatically and the fulfilled a change goes to refill their money

Through this, we could do all the transactions seamlessly and avoid the ten minute verification wait.

S² Capital Management | #bitcoin-otc ratings | 1M5j2g4iz4mSwkngrYkqtcmKNGmyDAQzk2
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