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So I have to turn this over to a bartender to keep behind the bar when I go out and drink? If I forget to grab it before I take a cab, now I'm out $100 and ALL of my credit cards. No thanks.
There is a huge window of opportunity in the altcoins market right now.
And then really, while I'm dreaming....I just want my phone or an app on my phone to deal with paying because carrying around a card just feels so 2000s.
This is a slick implementation, though.
I'm also more worried about actual merchants refusing to take something like this.
How would you prevent mass credit card theft in this case? Couldn't an unscrupulous person, say a waiter at a restaurant, take your card, use his/her own Coin to make a copy of your card, add it to their own Coin, and then use that card at their leisure at a future date? I know, the same question was asked re: Square and the like, but the difference is that you need a Square account to steal other people's cards, and…
Credit card theft like you describe is already possible and already happens
I'm not sure of the prevalence in the US, but does this support chip + pin transactions? They're the standard in the UK now, and I suspect it's a little harder to mess around with than the magnetic strip.
Back in 2009, I was (apparently) the first person to use the chip+pin machine in one of the biggest bookstores in Toronto - the cashiers got excited and all gathered round to watch. It was a little bit bizarre.
How would you prevent mass credit card theft in this case? Couldn't an unscrupulous person, say a waiter at a restaurant, take your card, use his/her own Coin to make a copy of your card, add it to their own Coin, and then use that card at their leisure at a future date? I know, the same question was asked re: Square and the like, but the difference is that you need a Square account to steal other people's cards, and…
Credit card theft like you describe is already possible and already happens
It's not obvious how to prevent that without affecting the UX.
How would you prevent mass credit card theft in this case? Couldn't an unscrupulous person, say a waiter at a restaurant, take your card, use his/her own Coin to make a copy of your card, add it to their own Coin, and then use that card at their leisure at a future date? I know, the same question was asked re: Square and the like, but the difference is that you need a Square account to steal other people's cards, and…
So it sounds like if the name doesn't match, it won't work (you have to take a picture of the front).