Magnetic strip card reader to function with their cryptocurrency

neha

full member

Activity: 168

Merit: 100

Quote from: johncarpe64 on September 04, 2014, 12:15:14 AM

This would never work. If you wanted to use a debit card alone to spend your bitcoin then you would have no way of protecting yourself from a less then trustworthy merchant from taking all of your money in your debit card (address). There would be no way for you to propagate a transaction to the network or to sign a specific transaction with only a debit card. You would therefor need to trust the merchant and expose your private key to the merchant who would then send a TX to the network.

Very true. Will not work for blockchain transactions but will work for off-blockchain transactions like our platform. You have to trust a middle man to make this happen.

johncarpe64

sr. member

Activity: 420

Merit: 250

This would never work. If you wanted to use a debit card alone to spend your bitcoin then you would have no way of protecting yourself from a less then trustworthy merchant from taking all of your money in your debit card (address). There would be no way for you to propagate a transaction to the network or to sign a specific transaction with only a debit card. You would therefor need to trust the merchant and expose your private key to the merchant who would then send a TX to the network.

neha

full member

Activity: 168

Merit: 100

Quote from: RedDiamond on September 03, 2014, 10:02:07 AM

Maybe you can use both, just place a writable NFC Sticker to your mag card. They are very cheap nowadays, about $1 each. See for example http://buynfcstickers.com/index.php/?mode=list

Yeah we could look into this in near future. App might need a few additions but it shouldnt be difficult at all. Thanks for the suggestion.

RedDiamond

sr. member

Activity: 294

Merit: 250

Quote from: neha on September 03, 2014, 09:34:07 AM

Quote from: RedDiamond on September 03, 2014, 09:12:15 AM

Quote from: neha on September 03, 2014, 09:00:44 AM

RFID will be the most difficult to propagate. I think banks also tried integrating RFID into cards but its not as widely accepted. I might be wrong.

For example MasterCard uses already RFID technology: "Contactless is accepted globally at all kinds of merchants, including retail stores, fast-food restaurants, pharmacies, transit points of entry, and grocery and convenience stores. You’ll even find contactless in taxicabs and vending machines."

http://www.mastercard.com/contactless/index.html

Also other credit card companies have similar products: Visa PayWave, American Express ExpressPay and Discover Zip.

Yeah this is what I was suggesting. Again, the POS machines are very expensive and not all phones feature NFC. Thus, QR and mag will be the cheapest for merchant adoption. Also, if you think about it, atleast in our platform, the security doesnt get sacrificed between a QR or a mag as all transactions happen using an OTP which will be generated after you swipe/scan your card. Ofcourse you can pregen the OTP or use a permanent pin for the mag card, but for highest security, we would be advising users to use the OTP.

Maybe you can use both, just place a writable NFC Sticker to your mag card. They are very cheap nowadays, about $1 each. See for example http://buynfcstickers.com/index.php/?mode=list

neha

full member

Activity: 168

Merit: 100

Quote from: RedDiamond on September 03, 2014, 09:12:15 AM

Quote from: neha on September 03, 2014, 09:00:44 AM

RFID will be the most difficult to propagate. I think banks also tried integrating RFID into cards but its not as widely accepted. I might be wrong.

For example MasterCard uses already RFID technology: "Contactless is accepted globally at all kinds of merchants, including retail stores, fast-food restaurants, pharmacies, transit points of entry, and grocery and convenience stores. You’ll even find contactless in taxicabs and vending machines."

http://www.mastercard.com/contactless/index.html

Also other credit card companies have similar products: Visa PayWave, American Express ExpressPay and Discover Zip.

Yeah this is what I was suggesting. Again, the POS machines are very expensive and not all phones feature NFC. Thus, QR and mag will be the cheapest for merchant adoption. Also, if you think about it, atleast in our platform, the security doesnt get sacrificed between a QR or a mag as all transactions happen using an OTP which will be generated after you swipe/scan your card. Ofcourse you can pregen the OTP or use a permanent pin for the mag card, but for highest security, we would be advising users to use the OTP.

RedDiamond

sr. member

Activity: 294

Merit: 250

Quote from: neha on September 03, 2014, 09:00:44 AM

RFID will be the most difficult to propagate. I think banks also tried integrating RFID into cards but its not as widely accepted. I might be wrong.

For example MasterCard uses already RFID technology: "Contactless is accepted globally at all kinds of merchants, including retail stores, fast-food restaurants, pharmacies, transit points of entry, and grocery and convenience stores. You’ll even find contactless in taxicabs and vending machines."

http://www.mastercard.com/contactless/index.html

Also other credit card companies have similar products: Visa PayWave, American Express ExpressPay and Discover Zip.

neha

full member

Activity: 168

Merit: 100

Quote from: RedDiamond on September 03, 2014, 08:50:32 AM

Quote from: ed_teech on September 03, 2014, 04:12:20 AM

If a magnetic card is supposed to only contain an address, I think QR-based solutions will be more convenient.

Maybe you can use RFID tag for that purpose. Magnetic cards are so eighties

Yes but it is the cheapest to integrate which means maximum merchant adoption. Moreover, we feel that QR is the future if integrated properly and securely. QR is literally free and everyone has a phone that can display a photo, doesnt require any postage and is instant.

RFID will be the most difficult to propagate. I think banks also tried integrating RFID into cards but its not as widely accepted. I might be wrong.

Quote from: Jay Gatsby on September 03, 2014, 08:53:34 AM

This is really fascinating. How do I actually purchase a Nuevocard? The only thing I could find on the website was subscribe to the mailing list.

Its not yet launched. You will be informed as soon as we are ready to launch.

Jay Gatsby

newbie

Activity: 14

Merit: 0

This is really fascinating. How do I actually purchase a Nuevocard? The only thing I could find on the website was subscribe to the mailing list.

RedDiamond

sr. member

Activity: 294

Merit: 250

Quote from: ed_teech on September 03, 2014, 04:12:20 AM

If a magnetic card is supposed to only contain an address, I think QR-based solutions will be more convenient.

Maybe you can use RFID tag for that purpose. Magnetic cards are so eighties

neha

full member

Activity: 168

Merit: 100

Quote from: Jay Gatsby on September 03, 2014, 08:22:50 AM

Nuevocard looks really interesting. Could it be possible to actually store bitcoins into this card (like a wallet)? Do you have any plans of developing point of sale systems specifically for just Bitcoin, when mass adoption occurs.

You can only store crypto in the card and spend it at merchants who will accept it, but you wont be able to send money to other users unless they are verified. The online functionality will be similar to paypal where as the offline functionality will be similar to your average bank cards. Also, its not specific for Bitcoins, it will support multiple crypto(initial list yet to be finalized).

There will be no provision to store fiat in the card. Although we are introducing one feature that merchants will like. Will inform everyone soon once integration and testing is complete.

Jay Gatsby

newbie

Activity: 14

Merit: 0

Nuevocard looks really interesting. Could it be possible to actually store bitcoins into this card (like a wallet)? Do you have any plans of developing point of sale systems specifically for just Bitcoin, when mass adoption occurs.

neha

full member

Activity: 168

Merit: 100

Quote from: ijphlrnxewho on September 03, 2014, 07:01:16 AM

Quote from: ed_teech on September 03, 2014, 04:12:20 AM

If a magnetic card is supposed to only contain an address, I think QR-based solutions will be more convenient.

The problem with QR code is it's too complicated and it requires a smartphone that's just happen to be smarter than the average person.
The magnetic plastic card is easier to use and swipe. The card must not be linked to the base currency USD, ect...
https://bitcointalksearch.org/topic/bitcoin-debit-card-is-not-the-solution-to-decentralized-currency-767775

I will send you a ping when we launch and then I will ask you again to give your comment on QR Card. I hope you find our solution to be as easy as a mag card. In the meanwhile check out our intro video at https://www.youtube.com/watch?v=ui4bi-zxY7Y. This should be self explanatory I feel.

ijphlrnxewho

legendary

Activity: 1582

Merit: 1000

Quote from: ed_teech on September 03, 2014, 04:12:20 AM

If a magnetic card is supposed to only contain an address, I think QR-based solutions will be more convenient.

The problem with QR code is it's too complicated and it requires a smartphone that's just happen to be smarter than the average person.
The magnetic plastic card is easier to use and swipe. The card must not be linked to the base currency USD, ect...
https://bitcointalksearch.org/topic/bitcoin-debit-card-is-not-the-solution-to-decentralized-currency-767775

neha

full member

Activity: 168

Merit: 100

Quote from: ed_teech on September 03, 2014, 04:12:20 AM

If a magnetic card is supposed to only contain an address, I think QR-based solutions will be more convenient.

We are offering both in the same card. Both have their own features and benefits, the biggest benefit of QR being that it costs nothing to print and is instant and thus like you said, more convenient.

Quote from: ijphlrnxewho on September 03, 2014, 04:10:32 AM

Don't forget to create an asset on the NXT asset exchange site: https://trade.secureae.com
This will allow you to raise funds for your product. Good luck!

Thanks for the information. I will look into this.

ed_teech

hero member

Activity: 508

Merit: 500

Jahaha

If a magnetic card is supposed to only contain an address, I think QR-based solutions will be more convenient.

ijphlrnxewho

legendary

Activity: 1582

Merit: 1000

Don't forget to create an asset on the NXT asset exchange site: https://trade.secureae.com
This will allow you to raise funds for your product. Good luck!

neha

full member

Activity: 168

Merit: 100

Quote from: ijphlrnxewho on September 03, 2014, 01:57:47 AM

New Challenge to Developers:
Developers must develop a magnetic strip card reader/writer to function with their cryptocurrency.

Future coin developers can issue out plastic cards with direct access to the coins and completely bypass the base currency (USD). Customers can log into their Desktop Wallet and deposit or withdrawal coins. Of course, their plastic card will link to their Desktop Wallet Address.

Future stores can use the magnetic card reader to only accept cryptocurrency and completely bypass the base currency (USD). The cards can carry their cryptocurrency's logo.

--------------------------
related thread:
Bitcoin Debit Card linked to USD is NOT the solution to decentralized currency
https://bitcointalksearch.org/topic/bitcoin-debit-card-is-not-the-solution-to-decentralized-currency-767775

We are already working on this.

ijphlrnxewho

legendary

Activity: 1582

Merit: 1000

New Challenge to Developers:
Developers must develop a magnetic strip card reader/writer to function with their cryptocurrency.

Future coin developers can issue out plastic cards with direct access to the coins and completely bypass the base currency (USD). Customers can log into their Desktop Wallet and deposit or withdrawal coins. Of course, their plastic card will link to their Desktop Wallet Address.

Future stores can use the magnetic card reader to only accept cryptocurrency and completely bypass the base currency (USD). The cards can carry their cryptocurrency's logo.

--------------------------
related thread:
Bitcoin Debit Card linked to USD is NOT the solution to decentralized currency
https://bitcointalksearch.org/topic/bitcoin-debit-card-is-not-the-solution-to-decentralized-currency-767775

Topic: Magnetic strip card reader to function with their cryptocurrency (Read 2574 times)