A digital currency can be used for purchasing bitcoin.
Added about 2 years ago
This would be great, sadly no sane bitcoin user will accept coins with the flaws MintChip have.
MintChip is just another centralized e-gold
This is my favourite idea so far.
It sounds a @#$% of a lot better than paypal or credit cards. It'd be like a suped up version of Dwolla, except for Canadians.
I've been considering submitting exactly this.
Currently the plan is to allow customers to submit some number of MintChip and a $-per-BTC buy price. The BTC would be purchased (taking CAD/USD exchange rates into consideration) and sent to the customer, along with any un-spent MintChip, minus some percentage.
Any thoughts? Would you use such a service?
There isn't really much point in using MintChip when Bitcoin is such a better alternative :\
The thing is mintchip isn't a new concept - its just Canadian currency. Its basically like a gift card that you put credits on. But it does sound better than paypal/creditcards/interac(email money).
Paving the way btw cdn currency and bitcoin would be a good thing.
I think Bitcoin users should embrace MintChip. If MintChip chargebacks really are impossible then MintChip will provide another useful bridge between Fiat money and Bitcoin
As I understand the documentation, MintChip is not a currency, it is a both a wallet and a system of encoding currency. One can put any currency on a MintChip provided the issuer of that currency agrees to issue it in digital form. The Royal Canadian Mint already produces notes and coins for many other countries around the globe, so minting digital "coinage" would probably not not a big leap.
No need to purchase Bitcoins: Just create them in governments name!
State could buildup some mining rigs to "create new Bitcoins", which they can just sell for market price to their citizens. If mintchip is compatible to Bitcoin blockchain (but has its official "MintChip"-Tagging), everbody on the world can use them to buy/sell things on other countries accepting Bitcoin, and governmant has possibily to "print its money" _but only in a fair manner_ with its mining rig for their citizens!
Why inventing the wheel again:
Already plenty of apps implemented for Bitcoin Usage, and many coming up: Better develop for the future then just for another centralized currency. Have a look on
If this new gizmo is not reversible then I would use it to buy Bitcoins. I would fill it up with fiat or whatever it is then, assuming payments are not reversible, it could easily use it to buy Bitcoins - a true crypto currency. Will it be able to hold USD also?
Lets buy bitcoin!!
As a bitcoin using canadian i support this.
I'd cash in my chips and enjoy the added security of convenience of bitcoins for sure. (based on what I read on the topic on the HN thread comparing bitcoin vs. mintchip)
decentralized currency is the future, enough with TOO BIG TO FAIL banks!!!!
Bitcoins? Are there people that still think that isn't bad idea? Eve ISK would be a better investment
Yes people still use bitcoin, the ISK is centrally managed whereas bitcoin is not
Yes but the ISK represents something of value other than being back by the heat death of the universe
ISK like USD, GBP and bitcoin is not backed by anything, what could you possibly mean?
Google fiat currencies.
Sure real currencies are backed. Not by commodities, but by the US economy. Bitcoins aren't a currency they're a worthless speculative investment kind of like beanie babies or pogs.
First currencies are by definition not backed by anything. What do you mean by backed by the us economy?
bitcoins are a currency because they are fungible, tradable and limited. Beany babies and pogs are not currencies because they are not fungible. However they are similar to a fiat currency like dollars pounds or Zimbabwe dollars in that they are valued as long as the central authority is trusted. People lost trust in pogs beany babies and Zimbabwe dollars
"Sure real currencies are backed. Not by commodities, but by the US economy. Bitcoins aren't a currency they're a worthless speculative investment kind of like beanie babies or pogs."
Backing means that you can exchange the item for a set quantity of something else. The US dollar used to be backed by gold because you could redeem it at a fixed rate for gold. Today, nothing backs the US dollar. "The economy" doesn't back the dollar - you are misusing the term.
Bitcoins are similarly not backed, but they have value because they are useful and scarce (this is why gold has value as well). Being useful and scarce, and having the properties of good money (divisible, fungible, authentic, transportable, etc), Bitcoins indeed have become a money and a currency. Bitcoins are used around the world every day as a currency.
You might think it's not smart to use Bitcoins, and that's fine. Nobody forces you to use them.... unlike government fiat money, which derive value only because you're forced to pay taxes and accept as payment for debts.
There is no similarity between beanie babies/pogs and Bitcoin. The former would make a terrible money, the latter is an extremely effective money.
The value of bitcoins comes from the people who recognize and desire the freedom (decentralized) and security (based on military grade encryption) that it offers as a form of p2p exchange.
As the number of people who recognize and desire these qualities increases (as I believe they most certainly will) so does the value of the currency protocol. It's very simply supply and demand economics.
Bitcoin is the future, and slowly more and more people are begining to realize this.
Don't try too hard to contradict yourself. What's the central authority for pogs? There isn't one their value was based on demand. Fungiblility? Pogs are all pretty much the same unless you're emotionally invested in the picture printed on a milk cap. Oil is fungible, tradable and limited a lot more than dollars why can't I buy coffee with oil?
This mint-chip is just a stepping stone to help the majority of the population get used to the future that is Bitcoin.
It's a wonder, wonderful stepping stone.
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Date entered: April 04, 2012