Why Mobile Wallets Are Doomed 272
redletterdave writes: "The other shoe has dropped for Square. The once-hyped mobile payments company is killing off its Wallet payments app and replacing it with a new app called Order, which will allow users to order food and beverages ahead of time at their favorite cafes and restaurants. For entrepreneurs, the concept of a mobile wallet seems so logical that the payments industry looks like it's ripe for disruption. If everybody is always carrying around a powerful computer in their pockets, it's natural to consider loading payment information onto that secure device as an alternative to cash or plastic cards. The problem comes when this logical entrepreneurial spirit merges with an industry segment that is classically illogical. The payments system in the United States is a mess of entrenched interests, fragmented business opportunities, old infrastructure (like point-of-sale systems), back room handshakes and cut throat competition. This behavior is not going to change any time soon, which means mobile wallets like Square are going to continue to struggle — at least until a more legitimate, easy-to-use and cost-effective solution comes along."
WTF does it do for me? (Score:5, Insightful)
why is paying by phone so much better than with plastic?
i do it starbucks for the rewards
only other reason is if a food truck took cards instead of cash. why do it anywhere else?
for the retailers its more money to spend with no return on investment
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so your the one guy in the line of 20 in the morning that sits there dicking around passing his phone back and fort while we all wait to pay with actual money in a timely fashion
Re:WTF does it do for me? (Score:5, Informative)
Where are you buying coffee? All the Starbucks around here have phone scanners on the counter, and the exchange is at least a few seconds quicker than handing over a credit card or dealing with cash (and change).
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All the Starbucks around here have phone scanners on the counter, and the exchange is at least a few seconds quicker than handing over a credit card or dealing with cash (and change).
It's not significantly faster than paying by exact cash. In most parts of the world it's possible to know ahead of time how much you're going to have to pay when it comes to making such a small purchase as a cup of coffee.
Cards are indeed slower; their strength is with larger transactions like a week's groceries.
Re:WTF does it do for me? (Score:4, Informative)
The scanner has a wire long enough to pull through the window, so I don't even need to hand them my phone. That's been the case at every Starbucks drive-thru around here, and even if it didn't, it would still be faster than a credit card or cash/change.
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i make sure to be as slow as the pay by check people in supermarkets
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Thus the benefit was never really economic or even
Re:WTF does it do for me? (Score:5, Insightful)
i suspect that like with the internet of things, the consumer feature was secondary to the primary feature, to get your data
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Seriously?! THAT was their idea? Everything about that screams "avoid using this service at all costs."
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Retailers get contactless payments when their card payment terminals are upgraded. It's built into the terminal, no additional hardware needed, doesn't cost them any extra.
Consumers seem to like it because it is faster and makes accounting easier. Receipts are digital and can be read directly into accounting software or emailed to the company expenses department.
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Why is paying with plastic so much better than by phone? Here's a transaction I had yesterday at Toys'R'Us:
1. In line, I unlocked my phone and found my loyalty card
2. The cashier pointed a scanner at my phone and read it
3. I already had the phone unlocked in my hand, so I touched it to the payment terminal.
What would I have gained by putting down my phone and taking out and swiping my credit card instead?
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Not have to carry as many rewards/credit cards in your wallet/on your keychain?
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Uggh, not having.. or "to not have to..."
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Not have to carry as many rewards/credit cards in your wallet/on your keychain?
Easy. I have no reward cards and one (platinum) CC - paid off each month.
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Well, then you're paying more than you need to. I pay off my credit cards too, but use at least 2 regularly. One for restaurant purchases (almost 3% back), one for grocery store (IIRC 2% back)... and several rewards cards.
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Well, then you're paying more than you need to. I pay off my credit cards too, but use at least 2 regularly. One for restaurant purchases (almost 3% back), one for grocery store (IIRC 2% back)... and several rewards cards.
My privacy and empty USPS/e-mail boxes are worth more than that to me as well as only having one CC bill each month. Also, those reward cards usually charge higher transaction fees to the vendor. Sure that's not your/our problem, but it's something to consider overall.
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For supermarkets at least, you don't always need to have a rewards card to take advantage of the (manufactured) savings. Tell the cashier you forgot/lost yours and they'll use the card on top of the register. There's a reason it's there; when the customer knows they're paying more than they have to...that's a pissed customer and the manager doesn't want that. Doesn't matter if it's the customer's "fault" or not.
You've already given them a (database) key anyway by using a credit card so the principle of n
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I, on the other hand, am horrified at the idea of trusting either Paypal or Google with any personal or financial information. My credit union isn't perfect, but I'll take them any day of the week over your suggestions.
On an unrelated note, I find it slightly amusing that you disparage restaurants for getting their payment processing equipment from Ebay while lauding the use of Paypal...
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That way I don't have to trust your crappy POS system your restaurant bought on ebay to secure my credit card data. I can choose from a number of trusted vendors to secure my data and handle the transaction.
what you all seem to fail to note is that you can trust that shiny phone in your pocket even less, and that's probably why this model doesn't work (and shouldn't work).
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A) Done properly no one beside the bank will ever have access to my payment details (however, this is not the case with current systems as far as I know)
B) Secured by PIN and/or password
C) Can be remotely wiped if lost or stolen without having cards reissued
D) Single interface to all your payment options; no multiple cards
E) I'm much more likely to lose or forget a credit card than my phone
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why is paying by phone so much better than with plastic?
your phone is theoretically more secure because you can layer any sort of auth you can think of on it and also erase it if it's stolen.
also, it's a matter of redundancy. if i can pay w/ my phone, and i have my phone with me at all times anyway, i'd prefer to not carry something else that doesn't serve a purpose.
Regular Wallet (Score:5, Insightful)
Re:Regular Wallet (Score:5, Insightful)
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Re:Regular Wallet (Score:4, Informative)
I would never hand over an unlocked phone to a police officer so he can take it back with him to his cruiser to "copy down the information".
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Actually, I was recently pulled over by the CHP and he remarked that you can just take a picture of your insurance card and the cops will accept that as proof of insurance. I assume it has to be a decent picture with the account numbers visible and the like...
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Actually, I was recently pulled over by the CHP and he remarked that you can just take a picture of your insurance card and the cops will accept that as proof of insurance. I assume it has to be a decent picture with the account numbers visible and the like...
Legality of that varies by jurisdiction, I'm sure.
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If you're unconscious at the hospital, they're going to treat you first and settle with your insurer later.
Re:Regular Wallet (Score:5, Interesting)
In Denmark, Mobile Pay is a massive success, users can transfer money to each other, split bill etc.
The value added as a consumer using Mobile Pay, rather than CC, is the fact that we can instantly settle our "debt". No more "I bought round number 4, so I'm not up for another now", someone goes and pays with their CC (or using mobile pay in the places that accept that) and can instantly deal with the bill among their peers.
Almost 25% of the population has adapted this solution in less than a year.
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I can't see a benefit, so there is none... (Score:2)
... is a time-tested Slashdot commenting strategy!
But seriously, I don't always carry my wallet with me, but I almost always carry my phone with me. Last year I found myself in the perfect position to benefit tremendously from a mobile wallet on my phone.
I was on mile 4 of a long bike ride when my rear tire failed. Not the tube (I carry a spare), the actual tire. I had decided not to bring my wallet with me, but I did have my phone. Anyway, I needed a replacement tire, but I had no money on me, and I realiz
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I was on mile 4 of a long bike ride when my rear tire failed. Not the tube (I carry a spare), the actual tire. I had decided not to bring my wallet with me, but I did have my phone.
I highly recommend you always bring driver's license or other ID and insurance cards with you, in case paramedics need to scrape you off the pavement and take you to the hospital. this happened to me just 6 months ago, although in a car acci
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I was on mile 4 of a long bike ride when my rear tire failed. ... I had decided not to bring my wallet with me, but I did have my phone.
Just curious, did you bring any ID, in case you die or get seriously injured? A (presumably) locked (or dead, if you're out there for a while) phone isn't very helpful in those cases...
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You're forgetting the other Slashdot commenting strategy:
"I have extremely unusual personal preferences and need this really unusual and almost contradictory set of features, I don't understand why anyone else would do it differently."
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even if you have a mobile wallet, you'll still need your plastic CCs as well. and debit card. also, wallets have driver license, insurance cards, etc. and cash. so there's no way to replace your regular wallet with your phone. so what's the benefit to consumers?
then you aren't an early adopter.
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If I have to carry something around in order to pay for shit, a regular wallet works just fine. With actual fiat currency in it.
FTFY.
As long as literally everybody on the entire planet [wikipedia.org] accepts it, who gives a fuck?
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BitCoin is Fiat Currency for sure, but it is not like current USD money, in as much as there is no "FED" that can change the value at the drop of a hat, and who props up big Government/Corporation complex at the expense of the average American. So in that regard, it is FIAT but closer to GOLD (which has some FIAT value) in as much as you can get gold by mining or buying it. Mining is hard.
Fiat currency? Give me money I can drive. (Score:2)
Q. When is Fiat currency not fiat currency?
A. When it's pegged to the price of an automobile.
Actual Fiat currency would be an interesting concept, sort of like taking Canadian Tire money one step further. People could exchange goods and services for gift certificates denominated in micro-Fiats, and any licensed driver could turn in a million micro-Fiats for (imitates The Price Is Right announcer) A NEW CAR!!!!11 [fiatusa.com]
Why they're really doomed... (Score:5, Insightful)
I barely trust using my phone to log into a social network, let alone anything that might cost me money. With every app attempting to spy on each other, I would never trust my phone for financial transactions. Not for many years to come.
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So where are all the apps that steal money from people's Apple or Google accounts via their respective app store apps? Why aren't Japanese consumers, who have had this for years, plagued with fraud? Do you ever buy stuff online with your computer, and if so why is it more trustworthy? Did you know phones sandbox every app? I don't think you have a very good grasp of how the security of e-wallets works, or phones for that matter.
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It doesn't matter. It's the perception that counts. And when it comes to my phone, I always double-bag it.
I trust my home computer more because those open-source apps weren't designed with data harvesting in mind. Actually, I also stopped ordering anything from Windows computers years ago, because I couldn't trust them anymore either. I had more spyware/virus scanners than actual software, by the end.
As for sandboxing, that doesn't work so well once you root your phone. I can choose not to root, but then th
Secure device? (Score:2)
"it's natural to consider loading payment information onto that secure device"
Is there any such thing as a "secure device"? I'm aware of several types of devices that were initially proclaimed to be secure, and subsequently hacked.
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The hill of trust is a steep hill to climb.
But they're not even attempting to climb that hill. They're digging holes because that's where the money's at.
Holes of trust
well, not everybody (Score:3, Funny)
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Problem with that is if you soil your mattress and flip it, you now have to launder dirty money.
Other countries (Score:2)
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I've done this for years. Problem is, only about one in 20 clerks actually check my ID anyway! I always make a point to thank them when they get it right.
Square's real challenge - chip and pin (Score:2)
I'd be very interested to see how they approach that. Well, any internet payment mechanism is going to struggle with chip and pin, I suppose.
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Immobile wallet (Score:4, Funny)
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No, everyone's switching to Rai Stones [wikipedia.org].
You leave them on whatever Pacific Island they were quarried on, and just update the ownership record.
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What I love about credit cards (Score:4, Insightful)
Is that I have to plug them in to charge for 3 hours before I can use them to buy a coffee...
The first time I get stuck somewhere because my phone died and I was unable to pay for a bus or taxi is also the last time I rely on mobile payments.
Doomed? They Were Never Viable. (Score:4, Insightful)
Please. This is a "solution" in search of a problem. And not even a good solution. All the CC companies in the US are (finally) being forced to implement chip-and-pin. Do you really think they're going to switch off of that for something even less secure than a standard CC? Not that they really care about security.
Besides, There are so many entities (not counting the malicious ones) tracking what goes on your smartphone, do you really want to trust your money to an app on one of these? If so, please use my app. It's complicated to set up, so please send me all your financial information and I'll get things going for you. You may notice some charges or emptying your bank accounts, but that just me making sure everything is working properly.
Re:Doomed? They Were Never Viable. (Score:5, Informative)
E-wallets have been popular in Japan for years. They are extremely convenient, especially if you use public transport a lot (and Japan has good public transport). No more messing about with change at the convenience store either. Vending machines take them too. As an added bonus there is no receipt to throw away, that gets stored on your phone/online account automatically as well.
Business users love them because they can easily import the receipts into Excel and file an expenses claim. Everyone else just finds it easier to pay for stuff at the end of the month via their mobile bill, instead of loading up a stored value card or fishing for change every time.
I hate coming back to the UK and having to deal with all this crap just to buy stuff. Some places can just about cope with contactless debit cards now, but if you have more than one in your wallet you have to get it out or a random one will be charged. My phone is nice and separate.
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E-wallets have been popular in Japan for years. They are extremely convenient, especially if you use public transport a lot (and Japan has good public transport). No more messing about with change at the convenience store either. Vending machines take them too.
If I could get here what you can get from a vending machine in Japan [heavy.com], I might want one too!
Public transit would be a very useful application for an e-wallet, especially in Tokyo with all those incompatible rail lines where you have to pay to transfer trains. But that could be solved by a dedicated transit pass which auto-recharges from a credit card account, sort of like the EZPass does in the U.S.
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You could manage the same thing with a prepaid card with contactless payment. This is what is used in London (Oyster), at least for public transport. No change required, but no issue with battery life.
Contactless debit has got very common this year.
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This is what is used in London (Oyster), at least for public transport. No change required, but no issue with battery life.
I'm pretty sure oyster is only for public transport.
Contactless debit has got very common this year.
Which brings us to one of the problems with contactless cards. When you are carrying exactly one contactless card that will work for a given system it's great, you can just slam your wallet on the reader and go.
But if you are carrying more than one that doesn't work so well. Sometimes it sees both and refuses to continue, sometimes it sees the wrong one first resulting in unexpected charges.
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Do you really think they're going to switch off of that for something even less secure than a standard CC? Sorry but I bought a 2800 dollar laptop with my CC that has no signature on the back and no PIN without the blink of an eye while I can't "charge" $5.56 worth of coffee and pastry to my Starbucks app without my PIN. Which one is less secure again?
The one that's not wifi or cellular connected. Duh.
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I agree that it's a solution in search of a problem. But the CC companies don't need to switch off of chip-and-pin to support mobile wallets. Have you noticed that you can tap a chipped credit card against the new generation of POS devices to pay? If you can do that, you can tap an NFC phone as well. Ever noticed how the chip in your credit card looks a lot like a SIM? Not a coincidence, it's the same underlying Smart Card tech.
And about the malicious entities, this really isn't as big a problem as what your picturing. A wallet app is really just a UI. All the meat goes into your Secure Element. Your card info gets put in remotely by a trusted authority, and is read directly off the chip by a POS. Apps on your phone don't have access to it.
Very good. And when my phone is remotely hacked, all my info is in the hands of thieves and I won't even know it. If you want my cash, you'll have to take it out of my pocket. Also, when I want to purchase things anonymously, how exactly do I do that with my phone?
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um, so you think NFC with pin is somehow less secure than... NFC with pin?
Yes. When NFC with PIN isn't on a device connected to cellular and/or WiFi networks. Or did you forget about that?
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And what do protocols have to do with implementations???
Why can't you just admit you don't know how it's implemented and that the wifi in this case is inconsequential?
Specifics as to the software implementation of one or more minimally used or tested e-wallet apps? You're right, I don't know the specifics, nor have I reviewed any code.
However, any network connectivity opens vectors to hack the device. Regardless of any secure storage (on the SIM or elsewhere) or OS restrictions on access, network connectivity opens the possibility that the phone can be pwned. Once the phone is compromised, all bets are off and it's possible that an e-wallet can be compromised.
I know.
Blame the people who disagree with you (Score:4, Insightful)
There are specific examples the implementation fails. For instance Starbucks has a good implementation, but many Starbucks does not accept the card. Why am I going to have something that is useless. It also by default wants to annoy you every time you go by a Starbucks. We see the same thing with CVS. It is nontrivial to pull up the card, and easier just to type in a phone number.
Most of the digital wallet is just gather information on consumers without providing value in return. Like a grocery store loyalty card. Sure, some are going to use it. Some are going to shop at the store because of perceived value. But many are going to the store that just provides simple service. Walmart does not have a loyalty card.
That's adorable. (Score:2)
If everybody is always carrying around a powerful computer in their pockets, it's natural to consider loading payment information onto that secure device as an alternative to cash or plastic cards.
The summary used the words "computer" and "secure" in the same sentence as "payment information".
Meh. NFC is still coming. (Score:3)
(Note: This comment is US-centric. I'll let others do the analysis for the rest of the world, but the case is actually easier there.)
NFC is still coming, and soon. Now that any Android 4.4+ device can use Google Wallet and with ISIS deployed to AT&T, Verizon & T-mobile customers who want it, one half of the secure mobile payments infrastructure problem is all but solved. Android 4.4 includes open APIs so that anyone else can implement NFC payment apps, also, and there are rumors of many coming. There are hints that Apple is also doing something with NFC.
The other half of the infrastructure problem is merchant acceptance. Visa and MasterCard announced in 2012 (IIRC) that the liability shift will be implemented end of 2015. What that means is that after the shift takes place, any merchant will be able to completely stop paying for any credit card fraud simply by deploying chip (including NFC) payment terminals. Given that merchants pay for nearly all fraud, and that it costs many billions annually, you'll see them moving fast. Already in some parts of the country I can go through a whole day using nothing but my phone for payment, and it's improving rapidly.
It's about a decade later than when the industry thought it would be but contactless smart card / NFC payment is in full rollout mode now.
Square is wise to drop their custom, proprietary solution to a problem that has an industry-standard solution in deployment.
Phones abandoned by their sellers (Score:2)
Now that any Android 4.4+ device can use Google Wallet
The rest of the problem becomes getting manufacturers and carriers to push out Android 4.4 images.
Meh (Score:2)
A few facts that aren't going away any time soon:
1. There are 1000 different e-wallet based solutions which are swiss cheese of compatibility with the few number of retailers that have even bothered to look into them (These have fees as well mind you, just possibly less than CC transactions)
2. There are many loyalty reward cards / apps that do what you want quite well but only for specific customer/retailer relationships
3. Easy solutions that are both ubiquitous/cheap/secure would basically require the enti
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You are absolutely right. The only place I see this coming is a payment system being an adjunct form of credit card run by the credit card system enhancing their current duopoly.
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Hmm...well mine is black and leathery and doesn't contain a "whole lot of money". Perhaps I should switch to brown.
My Mobile Wallet (Score:2)
My wallet is mobile and it works even days without recharging. Also most payment systems do not work that well at the local market or flee market. It is not free of charge. It is also unable to work between normal people everywhere. The latter could be fixed with a standard which works with different payment systems. The free of charge thing is most likely not fixable if the whole thing is not state or central bank driven. The biggest problem is, however, the limited battery power. With no electricity the t
US credit card system (Score:2)
I think the problem is the USA has a fairly cheap and good credit card system. In the USA merchants, with a few exceptions pay 1.4-4% with most in the 1.8-2.5% range. The customer generally gets about 1% of that or more in incentives. Which means there is only about 1% to play with for the merchant to cut costs or raise services. That probably isn't enough of a margin. There are areas where credit card fees are very high (adult services, gambling) but the reason fees are high is that these are impulse
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Re:You mean.... (Score:5, Insightful)
Cryptocoins are a solved problem. It's being able to store them securely that is the problem.
IOW, the cryptocoin problem isn't solved.
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Oops. Accidentally posted that too soon and before logging in.
Anyways, had those people had bitcoin wallets on their computers, those assuredly would be emptied.
Third party wallet hosting services aren't an answer - while there may be some trust worthy operators out there, there's far too many people that aren't. People who would never ben entrusted to hold $10 throw up a pretty website and see $10 million transferred to their control. Even if they resist the temptation, just the knowledge of how many coi
Re:You mean.... (Score:4, Insightful)
"Oh sorry you'll have to send me more money, the value of this cryptocurrency dropped 20% in the 5 seconds it took to process the transaction."
Re:You mean.... (Score:5, Insightful)
Rapid Price Changes are part of a infantile system. As the system matures, and becomes wider spread, pricing will stabilize. The problem is what to do in the meantime. Right now, people with patience will make a minor fortune, provided that the market exists in the future. In the mean time, it is not for the faint of heart.
If I were a merchant, I would be accepting BitCoins as fast as I could, as the opportunity is there right now, with enough patience.
Conditionals. (Score:2)
Rapid Price Changes are part of a infantile system. As the system matures, and becomes wider spread, pricing will stabilize.
IF it matures
AND IF it becomes wide spread.
Although almost half (48%) of American adults now know what Bitcoin is, just 13% say they would choose to invest in it over gold, according to a new Harris Interactive poll on behalf of Yodlee, a financial software firm.
The poll was conducted in December 2013 among 2,039 adults ages 18 and older.
Support for the digital currency was strongest among younger respondents:
20% of 18-34 year-olds who know what Bitcoin is said they would choose to invest in Bitcoin over gold.
Thirty-nine percent were not in favor of any government being able to regulate Bitcoin, compared with 28% among 45-54 and 24% among 55-year-olds and older.
Other findings:
55% of Westerners said they'd heard of Bitcoin, but just 7% said they'd choose it over gold, the lowest in any region.
Only 35% of women across the country have heard of Bitcoin, compared with 63% of men. Only 10% of women said they'd choose Bitcoin over gold.
The Northeast is America's most pro-Bitcoin region, with 19% saying they'd choose the digital currency over gold. 51% said they'd heard of it.
13% Of Americans Would Choose Bitcoin Over Gold [businessinsider.com]
The gender gap in the states --- more like a chasm, really --- is the one big surprise here. Not that it exists. But that it is so large.
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Right now, people with patience will make a minor fortune, provided that the market exists in the future.
that's simply not true. the BTC market is heavily manipulated by relatively few massive holders with algorithmized buys and sells. the average investors doesn't have a chance in hell.
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that's simply not true. the BTC market is heavily manipulated by relatively few massive holders with algorithmized buys and sells. the average investors doesn't have a chance in hell.
So it's modeled on the US stock market then.
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"Oh sorry you'll have to send me more money, the value of this cryptocurrency dropped 20% in the 5 seconds it took to process the transaction."
I disagree for one reason: existing foreign currencies. I can buy stuff online in Swiss Francs (CHF) even though my bank account, card, and etc are all in USD... and they don't jack around the exchange rate dynamically. Most banks set their rates only once every 24 hours for such things - I don't see why they cannot do the same with Bitcoin. Sure, the merchant may get taken for a bath if the rates go radical within that 24 hours, but that's no mechanical or theoretical difference than what's faced by a merc
Merchants have no risk to coin price fluctuations (Score:2)
"Oh sorry you'll have to send me more money, the value of this cryptocurrency dropped 20% in the 5 seconds it took to process the transaction."
That is a solved problem, some exchanges offer merchant services where the exchange does the conversion and bitcoin transfer and pays the merchant after coin transfer confirmation. The amount credited to the merchant is exactly the amount the merchant specified at the start of the process. At the end of the day the total credited to the merchant is transferred to the merchant's bank account. The merchant never touches a bitcoin, it bills, receives and does all of its accounting in dollars.
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Sure it is (Score:2)
Sure it is. If a hacker gets my CC info and makes charges, my loss is limited to hassle and frustration. If a hacker gets my BTC info, I lose my BTC forever. That makes BTC like cash, which sure can be stolen, but to steal my cash you have to walk up to me and get my wallet away from me. A wallet thief can only rob a handful of people per day, whereas a BTC thief can take a hundred million dollars from ten thousand people in one night.
There are lots of tradeoffs for all these different systems. None of them
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This is why you have a small "online" wallet for carrying around "cash" and use for online purchases, while you have another "offline" wallet, that you store in three different places with a very long hard to crack password that nobody else knows.
It is like cash, so treat it like cash, and store excess in a Vault. Why this is so hard is beyond me.
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But, at least to me, the main benefit of carrying a credit card is that it lets me avoid cash and cash equivalents, not to mention the need for juggling multiple accounts. I don't have to treat my credit card like cash. Why anyone would deliberately want to deal with something "like cash" when they can avoid it is beyond me.
Re:Sure it is (Score:5, Insightful)
Sure it is. If a hacker gets my CC info and makes charges, my loss is limited to hassle and frustration. If a hacker gets my BTC info, I lose my BTC forever. That makes BTC like cash, which sure can be stolen, but to steal my cash you have to walk up to me and get my wallet away from me. A wallet thief can only rob a handful of people per day, whereas a BTC thief can take a hundred million dollars from ten thousand people in one night.
There are lots of tradeoffs for all these different systems. None of them are exactly perfect but none of them are worse than all the others in every way. Each has different strengths.
Do you keep your entire life savings in cash in your dead cow wallet? no? then why would you keep it all in your mobile cryptocurrency wallet? have a offline wallet at home for you savings and carry you spending money in you mobile wallet problem solved.
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Do you keep your entire life savings in cash in your dead cow wallet?
I keep my entire life savings stored in a *live* cow wallet. It "moos" a LOT -- but it's a bit cranky and stealing from it is only for the very brave...
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have a offline wallet at home for you savings and carry you spending money in you mobile wallet problem solved.
people don't want to do this for the same reason they don't usually keep wads of cash hidden in their homes. that, and just because a computer is in your home doesn't mean it's unhackable right? or maybe you also keep that computer off the internet, always. at best, it's no less safe than keeping a wad of cash under my mattress.
BTC is useful if you need an untraceable, irreversible transaction. other than that it's just a curiosity.
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Agreed thought all the people that shopped at Target late last year...
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Then I discovered absolutely No one in my town (major US city here not a backwater hill town) is set up for it.
When it comes to payment infrastructure, most major US cities are effectively backwaters.
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The Puget Sound region (Seattle area) has Orca [orcacard.com] cards. And Washington State DOT has their Good To Go [wa.gov] pass. These are all stored value systems where the issuing entity gets to sit on your cash between the time you load it until you use it. They all profit from the float inherent in the system. Same thing for gift cards and customer accounts at the local coffee shop. Everyone want you to hand them a lump of cash that they can invest until they need to pay expenses.
Nobody want to give their little pile of cash
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That still puts the cash in the hands of these providers in advance. Somebody has to pay for that line of credit. Even if you pay your card balance off every month, your bank still has to finance the loan. And that means you pay (fees, crappy savings account rates, etc.) for your float.
I want to park as little money as possible in stored value systems. Businesses and government agencies want me to park as much as possible in their own systems. Guess who appears to be winning?
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Chip and pin with RFID ftw. The total comes up on the PIN pad. I tap my card on the pad. It spits out a receipt and I move on. Total time 15 seconds. Worst case, I actually have to slide my card into the reader, hit ok a few times