How superior btc is to credit cards

[pawel7777]

CC is used everywhere and BTC isn't.

CC are more popular, that's for sure. But, unlike bitcoin, they restrict the ability to transfer 'your own' funds. And anyone in the world with the internet access can use bitcoin, while most of the world population still have no access to the banking services.

...If you use debit card then company also gives you bonus points which you can redeem later

Awesome!!! So they give you free money to reward you for spending money? Where do you think those free money come from?

[Skrillex]

All that CC has on BTC is mass adoption, the rest is inferior.

[negafen]

The reason people still prefer credit card is because it protect consumer from fraud, broken product and come with insurance when travelling.

Bitcoin doesn't come with this kind of service and customers are pretty much on their own.

I won't call bct is superior to credit card.

[pawel7777]

The reason people still prefer credit card is because it protect consumer from fraud, broken product and come with insurance when travelling.

Bitcoin doesn't come with this kind of service and customers are pretty much on their own.

I won't call bct is superior to credit card.

Note that banks/cc companies are services build on fiat currency, we should be really comparing btc to fiat. The fact is, the 'bare' bitcoin can do most of what the banks/cc can do, with some advantages and disadvantages (no charge backs). But there's absolutely no reason why any additional service can't be build on top of the basic blockchain transactions.

[JerryCurlzzz]

Today's news of Home Depot's potentially massive leak of credit/debit card information (looks to be bigger than Target) is another reason why BTC is superior....

[BitcoinLlama]

Confirmations are an issue, but it is very clear that bitcoin is infinitely better than a bank account. Anybody who thinks that is secure is not paying attention. It is only insured because of our domineering global policy at least in the US.

[JerryCurlzzz]

Confirmations are an issue, but it is very clear that bitcoin is infinitely better than a bank account. Anybody who thinks that is secure is not paying attention. It is only insured because of our domineering global policy at least in the US.

Why are confirmations an issue? Bitpay does fine taking zero confirmations. My frustration is when vendors/exchanges require confirmations at all -- then it can be frustrating when your transaction is the one that waits 1 hour for a single confirmation!

[truehold3r]

Bitcoin is credit card 2.0, when all the people will know about it no one will use the cards.

[minerpumpkin]

BTC is merely the currency. Credit Cards are a service offered by the Credit Card companies! Credit Cards could also use BTC, just like they're using USD, Euros, whatever already now! Credit Cards are being used in order to facilitate paying for things and they protect customers from being scammed.

[romerun]

security. Even CC uses those stupid numbers along with exp date, secret code, phone number, zipcode, yet still not secure and is the major cause for charging back

[dankkk]

No charge back for merchants. But customers fear it is difficult to claim refund back when problems arise. They need time to accept the advantage rather than to focus on the drawback of BTC.

True, the buyers' fears of no charge back options may slow down the adoption. No idea whether Bitpay have any sort of protection from scam sellers.
On the end of the day, you can still take a legal actions against fraudulent sellers, so it's not like you're completely defenceless (as long as you make sure you're buying from registered, non-anonymous business).
If there's ever a big demand for increased buyer protection, you can always get a 3rd party, trusted company providing payment processing and dispute resolution (buyer protection), it's pretty easy to do.

If you are buying for a large merchant with "reputation" then they would likely be willing to work with you to try to resolve any issues before it would come to needing/wanting to pursue a chargeback. IMO the majority of the chargebacks to large merchants are somehow fraudulent (either a stolen card was used, or the cardholder is lying about something). If the merchant does not work something out then their reputation would be at risk. 

[ebliever]

It seems to me that, regardless of the concerns consumers may have about refunds, merchants stand to gain a LOT from favoring BTC over fiat/credit cards. At this point they are just testing the waters by starting to accept BTC, but at some point I expect the lights to come on. They are going to realize, hey, this BTC payments thing works.

Someone is going to do a presentation comparing their BTC transactions Year-to-Date with fiat payments, and a bunch of executives sitting in a board room are going to see... zero bounced checks. Zero chargebacks. Zero counterfeit notes. Immediate payment, not after 3 or 30 or 90 days. No credit card fees or banking fees or handling fees or armored car deliveries for cash, and so on. And they are going to look at the charts and graphs for the cost of doing business with fiat, and it's going to hit them that BTC really is better, and they WANT their customers to be using BTC when doing business with them due to the cost savings.

So this is what I'm waiting for and fully expecting sometime soon: Not just a new business announcement saying they are accepting Bitcoin, but an announcement from a business that customers paying with Bitcoin will enjoy a permanent 5% (or similar) discount compared to other forms of payment. Enough that it will trump most every advantage to using fiat currency (such as credit card rewards programs), and send customers scurrying to google to see how they can buy this Bitcoin thingie to take advantage.

Once this happens, and other businesses follow suit -we could be in for another round of skyrocketing demand for BTC. Anyone see a serious flaw in my logic?

[Winner]

If the BTC price kept going up then there wouldn't be a use for credit cards.

[keithers]

I really don't think either is superior to the other at this point.   Both BTC and credit cards can be useful in different instances.   There are some purchases that I wouldn't make with BTC  (i.e. something that has a high probability of being returned).

For instance, I was buying knobs and handles for my kitchen cabinets from Restoration Hardware the other day.   I couldn't tell which ones would look the best, so I ended up buying one of each of a bunch of them (with the intention on returning most of them), and then ordering multiples of the one I liked best.

It made much more sense to make this purchase on a Restoration Hardware Credit Card.  In addition, I get 5% cash back towards any future purchases there.


On the other hand, sometimes BTC is much better, especially when the merchant doesn't even accept credit card (like Trezor).


Both have benefits, so I don't think either is superior.... yet.

[bajlox]

BTC will be standard in few year so i wont make so much noise about it.

[azguard]

Bitcoin is credit card 2.0, when all the people will know about it no one will use the cards.

Use the force kid.

This is already in process only is mater "when".

Credit/debit cards and ATMs future is in crypto.