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Is there a bitcoin solution that looks like this without having either party directly deal with bitcoin?: currency in bank account of person 1 --> bitcoin -->
by prklmn 9y ago
Is there a bitcoin solution that looks like this without having either party directly deal with bitcoin?:
currency in bank account of person 1 --> bitcoin --> currency in bank account of person 2
or
credit card of person 1 --> bitcoin --> currency in bank account of person 2
- Dylan16807 9y agoThat sounds like a scenario that only gets the downsides of bitcoin and no benefits.
- prklmn 9y agoWhy is that? The risks of holding bitcoin would be avoided.
- Dylan16807 9y agoBut all the security risks and complications are still borne by someone, presumably the company doing the transaction. Both users need to trust that company, so they don't gain anything by the use of bitcoin. They in fact lose money because of the extra transaction fee, and possibly more in conversion fees/inefficiencies. Oh and there's privacy loss too from putting it on the blockchain. The only 'benefit' is that there's a sticker saying "now with bitcoin!". No party involved gains anything.
- E6300 9y agoSo what is "-->"? It would have to be a company of some kind. You would actually be doing person1 --> company --> bitcoin --> company --> person2 At that point, you may as well cut out the middle man: person1 --> company --> person2
- prklmn 9y agoRight. The company would take the place of paypal and users would be aware that their transactions are being executed via an instantaneous bitcoin purchase and sale.
- sayelt 9y agoBitwage.