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OneBit – Mastercard PayPass Integrated Bitcoin Wallet

getonebit.com

21–30 of 48 posts

Re: OneBit – Mastercard PayPass Integrated Bitcoin Wallet

#21

Love hearing the phrase "Let's face it. Today, it is still ridiculously difficult to spend Bitcoin in the real world." I love Bitcoin but I can't integrate it into my life because it is just way to complicated in most of my transactions, not due to my lack of understanding of how to use it.

The issue really is that bitcoin isn't suited for retail transactions.

I work in the payments industry and we took a long hard look at integrating bitcoin payments into our point-of-sale and determined that it was effort we would get no reward for.

Merchants wont use it. They love no chargebacks and no real fees, but we can't guarantee they will ever get the money for the sandwich they just sold.

Working with risk levels and calculations around zero confirmation transactions work but they still pose an element of risk that isn't necessarily present with cash and credit.

On the processing side, we're scared to death by anti-retail thinking and things like replace-by-fee which, in our opinion, would outright kill off retail transactions using bitcoin. There's just way too much uncertainty that someone will decide a patch like that is needed and start deploying it even if it isn't in the core.

It's the upside and downside of decentralized systems really.

Re: OneBit – Mastercard PayPass Integrated Bitcoin Wallet

#22
post #20
post #8

I sincerely wonder why companies are wasting their effort on the contactless market, especially smaller companies. This product will be stillborn in the U.S. as NFC terminals are fairly rare and even after the education delivered by Google Wallet and ApplePay, 43% of people who attempt to use ApplePay at a terminal that supports it fail and the clerk provides no meaningful assistance. If they won't support ApplePay,…

> 43% of people who attempt to use ApplePay at a terminal that supports it fail and the clerk provides no meaningful assistance. Do you have a source for this? I'm honestly interested in reading more about this and where this number comes from.

Edit: Close from memory but it was 42% couldn't get help from a clerk, 47% were denied by a participating merchant and the source article is here: http://arstechnica.com/apple/2015/04/like-all-mobile-wallets...

Re: OneBit – Mastercard PayPass Integrated Bitcoin Wallet

#24
post #20

Earlier quoted context omitted.

> 43% of people who attempt to use ApplePay at a terminal that supports it fail and the clerk provides no meaningful assistance. Do you have a source for this? I'm honestly interested in reading more about this and where this number comes from.

Edit: Close from memory but it was 42% couldn't get help from a clerk, 47% were denied by a participating merchant and the source article is here: http://arstechnica.com/apple/2015/04/like-all-mobile-wallets...

Thanks!

Re: OneBit – Mastercard PayPass Integrated Bitcoin Wallet

#25
post #23

Anybody knows who is behind this product/company/website? Can anybody integrate with Mastercard PayPass or does Mastercard choose integration partners?

Ok, found the guy behind it: https://twitter.com/tobyai And about the integration with Mastercard: https://www.cryptocoinsnews.com/onebit-app-enable-bitcoin-wh...

Re: OneBit – Mastercard PayPass Integrated Bitcoin Wallet

#26
post #23

Anybody knows who is behind this product/company/website? Can anybody integrate with Mastercard PayPass or does Mastercard choose integration partners?

You can view their list of apis here https://developer.mastercard.com/portal/display/api/API but they do require you to go through some exercises before you can get to some of them. With the PayPass program i'm not sure on the specifics but I would assume a fairly strenuous look at your business and what you intend to do.

Re: OneBit – Mastercard PayPass Integrated Bitcoin Wallet

#27

Love hearing the phrase "Let's face it. Today, it is still ridiculously difficult to spend Bitcoin in the real world." I love Bitcoin but I can't integrate it into my life because it is just way to complicated in most of my transactions, not due to my lack of understanding of how to use it.

The issue really is that bitcoin isn't suited for retail transactions. I work in the payments industry and we took a long hard look at integrating bitcoin payments into our point-of-sale and determined that it was effort we would get no reward for. Merchants wont use it. They love no chargebacks and no real fees, but we can't guarantee they will ever get the money for the sandwich they just sold. Working with risk le…

> Merchants wont use it. They love no chargebacks and no real fees, but we can't guarantee they will ever get the money for the sandwich they just sold.

A guarantee isn't what you want. Cash and card isn't guaranteed either — the cash might be counterfeit; the credit card might be stolen.

What you want is to reduce the rate of fraud. So let's compare the rates of fraud between bitcoin and cash/card. Credit card transactions are fraudulent around .1% of the time. [1] But I've never even heard of retail bitcoin fraud with zero-confirmation transactions. Have you?

You seem to be afraid of the wrong thing, and you don't seem to be basing your opinion any facts or statistics. It sounds like you're just untrusting of new technology. Yet you're on hacker news? This confuses me. How did you get here?

Similarly, your fear of replace-by-fee is very strange — that proposal is never going to happen. You don't have any faith in the bitcoin community, but you have faith in credit card companies not to raise fees or block your business? Why is that? Do you only trust old boys' clubs? Are you from the east coast? Are you a luddite?

[1] http://en.wikipedia.org/wiki/Credit_card_fraud

Re: OneBit – Mastercard PayPass Integrated Bitcoin Wallet

#28
Isn't that exactly what we shouldn't want, that the credit card companies also record our financial transactions made via a currency created to be decentralized?

This basically ends as a bit of convenience for us, at the cost of them keeping the near monopoly on world-wide transactions...

What's the point of bitcoins if VISA, MasterCard, etc. still know everything we buy world-wide, conveniently accessible in their databases?

Re: OneBit – Mastercard PayPass Integrated Bitcoin Wallet

#29
post #27

Earlier quoted context omitted.

The issue really is that bitcoin isn't suited for retail transactions. I work in the payments industry and we took a long hard look at integrating bitcoin payments into our point-of-sale and determined that it was effort we would get no reward for. Merchants wont use it. They love no chargebacks and no real fees, but we can't guarantee they will ever get the money for the sandwich they just sold. Working with risk le…

> Merchants wont use it. They love no chargebacks and no real fees, but we can't guarantee they will ever get the money for the sandwich they just sold. A guarantee isn't what you want. Cash and card isn't guaranteed either — the cash might be counterfeit; the credit card might be stolen. What you want is to reduce the rate of fraud. So let's compare the rates of fraud between bitcoin and cash/card. Credit card trans…

> How did you get here?

It seems to me that this is the wrong question to ask. What you should be saying is "Thank you so very much for bringing us your prospective. How can we go about better informing people like you in the payments industry?"

What litaph91 described is a very real fear. Sure, all of us on Hacker News know that the fear is unfounded, but the general public doesn't know or understand everything that we do. Instead of arguing with one person, let's try to solve the wider problem, shall we?

Re: OneBit – Mastercard PayPass Integrated Bitcoin Wallet

#30

Isn't that exactly what we shouldn't want, that the credit card companies also record our financial transactions made via a currency created to be decentralized? This basically ends as a bit of convenience for us, at the cost of them keeping the near monopoly on world-wide transactions... What's the point of bitcoins if VISA, MasterCard, etc. still know everything we buy world-wide, conveniently accessible in their d…

Lower fees for everyone (merchant, user, CC company). Most people will gladly give away their privacy to pay less.
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