Mega Credit Card? Who needs it?
Mega’s KimDotCom recently tweeted:
#Megacard: I would love to create a#Bitcoin credit card! Who can help us make it happen? Email: twitter@kim.com
I think Kim’s proven himself a real action taker; he’s going to attempt to make this happen… The question then becomes; Will it be useful?
Considering the fact that mega.com didn’t go back up (yet) to the level of traffic that megaupload did, (meaning that the market is a bit shy or scared) I’m a little bearish on this card… Especially because it’s a CREDIT card, as he asked for in his tweet.
If it were a debit card, meaning that bitcoins back a local-currency denomination and any monies you take out of it get funded by your BTC balance, then I’d say he’d have a winner… If he can pull it off.
But as a credit card, I don’t know what to think. You make minimum monthly payments in BTC and it can pay BTC to vendors who take it? Seems like that’d be easy enough to do, but it wouldn’t overcome the limitations that BTC already has… Namely that few merchants accept BTC.
Perhaps he means that you make minimum monthly payments in BTC and it can pay Local currency at floating conversion rate to anyone at all… Which would be one helluva trick.
Bitcoinfinger 