Bitcoin News
Daily diary of what's happening with Bitcoin.
Jon Matonis (@JonMatonis) writes in Forbes about the ability to add funds to a credit card (just like what might happen when getting a refund from a merchant). Excerpts:
“[This feature] leverages a little-known type of transaction that is available on the VisaNet system called ‘Original Credit Transaction’. The other major card payment networks have a similar feature too.”
“Previously, it was cumbersome for bitcoin account holders to transact in national currencies because they had to go through one or more exchanges and then wait further for funds to arrive in a bank account or other intermediary.”
“Withdraw2Card’s] service fee is $9 plus 1.99% (for MtGox USD) with a $1,000 maximum transfer amount.”
“By removing friction from the process, bitcoin becomes easier to spend overall because not every merchant will accept bitcoin directly for payment yet and not all transactions demand irreversibility and privacy.”
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