Royal Canadian Mint rigged the MintChip Challenge. My response... #bitcoin #mintchip #banking #mo
However, MintChip did boast one very compelling feature – irreversibility. One of Bitcoin’s greatest attributes is that once a payment is made, it is “good money,” meaning it cannot be reversed by the payer. MintChip claiming the same feature meant that, in spite of the other reservations, perhaps it could compete with Bitcoin after all. More immediately, and with an amusing degree of irony, the irreversibility meant that MintChip was actually a great way to buy bitcoins! Unlike with credit cards, a seller of BTC could accept MintChip and send BTC immediately, without worrying about a chargeback. This was seen as a very big plus for Bitcoin itself – having a new funding option which, if the Royal Canadian Mint was successful, would become quite popular.