Video of buying IphoneX with Bitcoin in Store! Even grandma can use bitcoin now!

bigdogdan2

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Quote from: Mandoy on December 25, 2017, 12:06:28 AM

This is one great news for cryptocurrency. Centra in its innovation has taken another step towards the improvement in the usage of cryptocurrency. But not only centra many other altcoins have also the same idea as centra. Sooner or later we can drink coffee and eat in a restaurant all over the world using our digital currencies.

I agree, its great news for the crypto community in general. Like the current credit and debit card market I think multiple brands can coexist and it will bring more awareness.

bigdogdan2

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Quote from: sangtuosimino on December 24, 2017, 11:59:17 PM

This is a good signal. It is hoped that these goods will be able to support more virtual currency payments in the coming 2018. If DOGE can pay that is perfect, I have a lot of DOGE coin! Grin

Yes, centra has community votes for the next token to be added. Qtum and Bitcoin cash won it for January. I'm not sure how many tokens they plan to add each month.

Mandoy

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Aurox

This is one great news for cryptocurrency. Centra in its innovation has taken another step towards the improvement in the usage of cryptocurrency. But not only centra many other altcoins have also the same idea as centra. Sooner or later we can drink coffee and eat in a restaurant all over the world using our digital currencies.

sangtuosimino

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This is a good signal. It is hoped that these goods will be able to support more virtual currency payments in the coming 2018. If DOGE can pay that is perfect, I have a lot of DOGE coin! Grin

bigdogdan2

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Quote from: pooya87 on December 24, 2017, 11:46:39 PM

i admit i don't fully know how they operate but i know that picture is a "Centra Black" prepaid card. so the user have already paid for it and has his balances with the company. right?
you also have to sign up with all your personal information to get the card and the price of it is 100,000 CTR which is worth $2.4 per token now.

To get a Centra Black card it requires you to hold a certain amount of CTR in the wallet for 6 months to 12 months. The CTR is completely yours. But once the time is up you can do what ever you want with that 100K CTR and the Black card is yours forever. The black is the highest Tier, you can pick a centra blue without that big hold.

Note, you cannot spend that 100K CTR for the lock period. If you want to spend crypto, you need to add additional btc, eth, ctr that you want to spend in your wallet.

pooya87

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Quote from: bigdogdan2 on December 24, 2017, 11:09:23 PM

Quote from: pooya87 on December 24, 2017, 11:00:30 PM

as other pointed out already this is not using bitcoin, this is using a third party and going through fiat route to spend cryptocurrencies that you do not even own, you own an account with them (the bank-like service) and they allow you to use it.

besides, using bitcoin has never been hard. you use something like your phone which almost everyone owns one and scan a QR and click OK and payment is complete!
understanding how bitcoin works have always been hard, and since bitcoin is new (not like fiat) everyone feels like they have to understand it fully before they start using it.

The crypto currency is completely yours. The wallet itself is similar to Jaxx wallet or Exodus wallet and your crypto is kept with in. And like how Exodus uses shapshift to switch your crypt, the centra wallet switches it to fiat. A bank is not holding your crypto.

i admit i don't fully know how they operate but i know that picture is a "Centra Black" prepaid card. so the user have already paid for it and has his balances with the company. right?
you also have to sign up with all your personal information to get the card and the price of it is 100,000 CTR which is worth $2.4 per token now.

bigdogdan2

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Quote from: aarons6 on December 24, 2017, 11:39:13 PM

this isnt how it works.. lol..

you buy crypto, you pay property tax on it..
then when you cash out, you pay income tax on it..
also if you switch from bitcoin to say zcash, you are basically cashing out and rebuying..

even if its done internally.. you better be keeping track for the irs.. :/

I'm not giving any tax advice and don't know about how taxes should work on crypto. This just giving options to use your crypto. And as i mentioned it brings more awareness to crypto itself.

bigdogdan2

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Quote from: pootutus on December 24, 2017, 11:28:10 PM

Is this an ad for Zcash? God, how can the transaction cost be so high, and it costs $12? It's almost 3% of the commodity price, which is not acceptable!

You are looking at it wrong. The beer itself cost $12. What was paid was 0.02459 Zcash

aarons6

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Quote from: bigdogdan2 on December 24, 2017, 11:17:33 PM

Quote from: aarons6 on December 24, 2017, 11:04:37 PM

you do realize that every transaction you make with this card that is used for cash is a taxable event.. this means as you are spending bitcoin or whatever altcoin you are using, you are giving the IRS tax twice.. once for property gains, and once because you converted it to cash.. :/

Whats the difference from using your own debit card and a crypto card? From mastercard point of view or the merchant that accepted the payment was all in fiat. I'm guessing no one knows you paid in crypto since I think the exchange happened in the wallet level.

this isnt how it works.. lol..

you buy crypto, you pay property tax on it..
then when you cash out, you pay income tax on it..
also if you switch from bitcoin to say zcash, you are basically cashing out and rebuying and cashing out again when you spend your zcash..

even if its done internally.. you better be keeping track for the irs.. :/

using this card is going to make your tax preparation a nightmare.

pootutus

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Is this an ad for Zcash? God, how can the transaction cost be so high, and it costs $12? It's almost 3% of the commodity price, which is not acceptable!

bigdogdan2

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Quote from: aarons6 on December 24, 2017, 11:04:37 PM

you do realize that every transaction you make with this card that is used for cash is a taxable event.. this means as you are spending bitcoin or whatever altcoin you are using, you are giving the IRS tax twice.. once for property gains, and once because you converted it to cash.. :/

Sorry, I don't know how taxes work in your country. This is just giving options on how you can use your crypto. This still brings awareness to crypto in general.

bigdogdan2

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Quote from: pooya87 on December 24, 2017, 11:00:30 PM

as other pointed out already this is not using bitcoin, this is using a third party and going through fiat route to spend cryptocurrencies that you do not even own, you own an account with them (the bank-like service) and they allow you to use it.

besides, using bitcoin has never been hard. you use something like your phone which almost everyone owns one and scan a QR and click OK and payment is complete!
understanding how bitcoin works have always been hard, and since bitcoin is new (not like fiat) everyone feels like they have to understand it fully before they start using it.

The crypto currency is completely yours. The wallet itself is similar to Jaxx wallet or Exodus wallet and your crypto is kept with in. And like how Exodus uses shapshift to switch your crypt, the centra wallet switches it to fiat. A bank is not holding your crypto.

aarons6

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Quote from: bigdogdan2 on December 24, 2017, 11:11:10 AM

Buying a IphoneX with Bitcoin. Video of the purchase using centra card! Now any of your family members can also use crypto!!!
https://twitter.com/AbraxTrader/status/944898142809542657

Use your Bitcoin, Ethereum, Litecoin, Ripple, Dash, Zcash, & Monero at any grocery, brick and motar, or online!
Next added token to be used will be Qtum and Bitcoin Cash in January. Community vote every month will allow you to vote your favorite token to be included to be used on Centra Card.

How it works:
You have a Centra wallet connected to the debit card. You select which token you want to use and when you use the card, your crypto gets converted to fiat at the time of purchase. So the receiving end gets fiat. Usable anywhere that MasterCard is accepted.

It will be too late for Christmas, but a crytpo debitcard would be awesome for your family members. Imagine your grandma going to a restaurant and saying "I bought dinner with crypto!" She would be the coolest grandma in the neighborhood!!

To show card also works with multiple tokens, here is buying beer with Ripple!!

this is a HORRIBLE idea..

you do realize that every transaction you make with this card that is used for cash is a taxable event.. this means as you are spending bitcoin or whatever altcoin you are using, you are giving the IRS tax twice.. once for property gains, and once because you converted it to cash.. :/

bigdogdan2

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Quote from: tomahawk9 on December 24, 2017, 04:08:05 PM

And what high fees are you talking about? That was a few days ago when the network was under attack with spam tx.

I apologize, I only used $50-$75 because the poster above used the number. What I was meaning to say is no matter what the transaction fee is, you don't have to pay it cause crypto never leaves the blockchain.

gredisgold88

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good news, last year only bitcoin alone can be used for purchasing items, and now altcoin is also well received. a debit card with cryptocurrency is likely to make a decentralized update system.

pooya87

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as other pointed out already this is not using bitcoin, this is using a third party and going through fiat route to spend cryptocurrencies that you do not even own, you own an account with them (the bank-like service) and they allow you to use it.

besides, using bitcoin has never been hard. you use something like your phone which almost everyone owns one and scan a QR and click OK and payment is complete!
understanding how bitcoin works have always been hard, and since bitcoin is new (not like fiat) everyone feels like they have to understand it fully before they start using it.

bigdogdan2

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Activity: 252

Merit: 106

Quote from: RealJoshuar on December 24, 2017, 04:09:58 PM

Scam. Your post is false. You're converting the bitcoin to fiat, aka you're not buying a Iphone X with bitcoin, you're buying it with Fiat...which makes absolutely no sense to use a a middle man to buy a phone, when a average person can just go buy a phone with fiat- no bitcoin conversion evolved(which makes it much easier..)

Its all in the eye of the beholder. Say if you gave a crypto debit card to your family member or your coworker (that didn't know about crypto) and they purchased something and saw crypto deducted from their wallet. They would go tell all their friends that they just used crypto. This is how you build crypto awareness. This is how you increase overall crypto marketcap. Its good for crypto sir.

bigdogdan2

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Quote from: JanpriX on December 24, 2017, 04:14:14 PM

The idea of buying things using crypto is great and that has been one of the target of usage in years. But, I'm not sure if I'll be happy if these transactions will still be handled by third party companies. What I want to have is some kind of straight payment using cryptocurrencies where the coins and tokens are directly paid to the wallet of the store and not handled by any other institution. I know that some stores are already doing that but I hope that this will be adapted by many stores in the future. It would be great if we could buy our clothing from a department store using BTC or Waves for instance. Grin

Centra is planning what are you discussing. If you look on Centra roadmap is Centra merchant services in Q2 2018. The plan is to allow merchants to be able to accept CTR and other tokens supported by centra directly if they sign up. If people are already using the centra wallet, then this process becomes a little easier. https://centra.tech/roadmap/

bigdogdan2

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Quote from: mrbnson on December 24, 2017, 04:17:20 PM

While such things are great and it's a really big step it's still nowhere near to being able to use bitcoin as a currency in itself. In fact I feel like we will never get to that stage. How is it in terms of cost effectiveness? Are there big transaction fees or poor rates of conversion?

There is a saying....Rome was not built overnight...

We are no where near using bitcoin as currency. But it will never get that way if more than 50% of the people are scared to use it because its either too complicated for them or they are scared from all the exchanges getting hacked and people loosing their money.

The card is a temporary bridge. If your parents have a card and are starting to use bitcoin (with fiat conversion) this opens the door for them to get more interested in it and actually read about it. The more people that read about it the faster the bitcoin adoption will happen. I'm not saying its gonna happen over night. But the debit crypto card pushes it in that direction.

And addressing the fear of many people who don't know crypto is many exchanges are getting hacked and people are loosing their funds. People can now relax a little because Like coinbase, any funds you keep in the Centra wallet is insured from network hack or employee theft as mentioned in the white paper.

bigdogdan2

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Quote from: ashao1015 on December 24, 2017, 04:21:19 PM

As I understand he paid it with fiat. Why btc then? XRP would be much cheaper and fast enough. And also banks like XRP a lot. Idea of the card with third party as bank is not great imho but it's good for the promotion anyway.

I think you are misunderstanding how it works. When using the crypto debit card, BTC, XRP, Dash, etc all have no fees. No transaction fees. The crypto never left the blockchain. The wallet converts your crypto to fiat, and fiat was paid. Thus from a speed or fee perspective, its all the same. The difference is it allows you to choose the crypto you want to pay with.

Some people don't have btc. some don't have xrp. You can use the crypto that you do have and skip the conversion step.

Topic: Video of buying IphoneX with Bitcoin in Store! Even grandma can use bitcoin now! (Read 273 times)