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0 pointsDCKing11y ago0 comments

What does the fact that I can pay with Bitcoin in a very narrow selection of web shops have to do with the vast network of debit and credit card systems that I can pay with anywhere I want (web and brick-and-mortar) without any effort whatsoever? The suggestion that cryptocurrencies are competition to MasterCard's and Visa's duopoly is ridiculous. Cryptocurrencies, due to their intrinsic online nature, are a very limited payment solution.

Note that I do support cryptocurrency efforts, use them, and follow the news with interest. But cryptocurrencies are not even close to mainstream enough to have this duopoly worried.

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5 comments · 2 top-level

sickpig11y ago· 3 in thread

You sure really do know a lot about cryptocurrencies.

I'm particularly interested in their "intrinsic on line nature", care to elaborate a little bit further?

DCKingOP11y ago

Every Bitcoin-derived cryptocurrency has to keep in sync with the blockchain in order to participate in payments. That is what I mean with "online in nature".

sickpig11y ago

Ok now I got what you meant. thanks for the explanation.

Having said that your consideration about "on line nature" applies also to my mastercard in almost all the shops I usually buy stuff be it on line or off line. Without me providing the OTP and the payment processor verifying it I can't buy anything.

A little bit OT but worthy IMHO. There are quite a few SPV (1) client implementations that remove the need to have all the blockchain stored locally. The things are moving even further in these field with the implementation of the payment protocol (2)

(1) http://bitcoin.stackexchange.com/questions/4649/what-is-an-s... (2) https://github.com/bitcoin/bips/blob/master/bip-0070.mediawi...

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exo76211y ago

As if cards are not "online in nature"? Bitcoin is, by the way, much ahead of cards in that regard. You can have bitcoin radio and have PoS (coffee machine, ticket machine, shop's PoS) that does not have Internet connectivity for months.

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Spooky2311y ago

You're right, but for the wrong reason. Crypto currencies are a canary highlighting general anxiety over the fiat currency model that has served us for many years.

End of the day, the irresponsibility associated with currency management and the harsh controls over capital at the individual/small business level are what fuels demand for bitcoin.

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