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RE: Will cryptocurrencies replace credit cards and debit cards?

in #cryptocurrency • 6 years ago

Very valid points put forth. I also think it's worth noting that we're seeing a lot of Visa/MasterCard backed crypto debit cards. They have balances in crypto and convert it to USD and send it to the other party. Despite it being crypto backed, it runs the same risk of being stolen and misused. To top it off, the transactions are immutable and cannot be reversed.

Mobile wallets would be key going forward. There are a lot of innovative ideas such as magnetic presence, RFID tags, and many other things that could help the process of transacting become easier. But the way forward for now is innovation to the current infrastructure. This has been said an 'n' number of times, but the key to all of this is one thing and one thing only: adoption.

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6 years ago in #cryptocurrency by
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     6 years ago 

    I also think it's worth noting that we're seeing a lot of Visa/MasterCard backed crypto debit cards. They have balances in crypto and convert it to USD and send it to the other party. Despite it being crypto backed, it runs the same risk of being stolen and misused. To top it off, the transactions are immutable and cannot be reversed.

    I suppose there is also the risk of the whole balance being emptied by the fraudsters.

    Mobile wallets would be key going forward. There are a lot of innovative ideas such as magnetic presence, RFID tags, and many other things that could help the process of transacting become easier. But the way forward for now is innovation to the current infrastructure.

    I can't help but agree with you here.