Re:MasterCard to open up network to cryptocurrencies
by PragmaticPulp on Thursday February 11, 2021 @01:05PM
(#26104970)
Doesn't work.
You can't guarantee that you haven't memorized the private key. You can't guarantee you haven't traded the same key multiple times.
The only way the receiver can truly guarantee ownership of the BTC is to put it in a transaction, which costs money.
Re:MasterCard to open up network to cryptocurrencies
by pmontra on Thursday February 11, 2021 @03:56PM
(#26107035)
They downvoted you but technically you are right. And yet MasterCard could make it work because double spending those coins would be a fraud and they'll go after their double spending customers. They can guarantee the coins with the weight of their legal department.
Re:MasterCard to open up network to cryptocurrencies
by PragmaticPulp on Thursday February 11, 2021 @07:28PM
(#26109439)
Regardless, "spending" Bitcoin in an economy where Bitcoin isn't the dominant currency will, on average, result in downward price pressure.
Unless you restrict the transactions to only be among Bitcoin users, which isn't going to happen because the providers make their money from exchange fees.
It's strange that so many commenters are going through mental gymnastics to pretend that the only rational thing to do with Bitcoin is to buy or trade it, but never sell it.
Not necessarily. I could give you the address of 0.001 BTC over the MasterCard network and you give me something I can eat (I don't know if this is how it will work, but why not?) No BTC is converted in fiat currency. You can hoard you BTCs for years or change them in dollars as soon as you receive them. Your choice.
Edit: I must give you the private key too.