24 Jul '12, 5pm

Interested in Mobile Payments: Bitcoin Is Cash at a Distance via @ShellyKramer

Consumers like to pay for things digitally because it’s easier and faster than hard cash—but they don’t like having to give up their account identity to do it. Credit cards (in the U.S., anyway) and checks must reveal your account information to the payee because they’re based on you giving someone else the information (your account number) necessary to withdraw money from your account. This is pretty much a security hole you can drive a truck through. Bitcoin, conversely, is based on giving money, not taking it. A Bitcoin public ID can only be used to deposit money, not withdraw it. People and organizations publicly post their Bitcoin IDs online so others can make contributions or payments to it. It’s fraud-proof by its very nature. In fact, if you’d like to make a contribution to me, my Bitcoin ID is: 1FrTHp5DR3hLAqCVmuzXLmTLkpJFKCAAgP

Full article: http://www.v3im.com/2012/07/interested-in-mobile-payments...

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