> This strikes me as an attempt by the Royal Canadian Mint to disintermediate credit card companies by offering a new, low-cost, "irrevocable," centrally-controlled payment system.
This seems to be exactly what they're doing. From the Developer Guide, Background page: "The emerging digital economy must be able to accommodate small-value transactions, such as micro transactions (under $10) and nano-transactions (under $1). The Mint hopes that software developers and entrepreneurs will use MintChip to ignite trade and commerce for these very-low-value markets."
The title of this post equates MintChip to BitCoin, but the two appear to have significantly different goals. MintChip may end up being the digital equivalent of pocket change.
Having used this myself, the problems were numerous. First of all, it's effectively a new currency, so you have to explicitly convert your cash money into this form. This sucks. But because it's meant for small purchases, you'll only ever have pocket change on there, which means your balance runs out all the time. The card doesn't display its value, so you risk looking like an idiot and pissing off every customer behind you when they see you tried to pay the 'fancy way' and failed.
Of course, today things are different, and the web is hugely important, and most of us carry smartphones. But do you really want your ability to use money to be tied to your phone's flakey battery?
Yeah, I agree with this statement. The title comparing MintChip to BitCoin is probably somewhat misleading. MintChip won't provide the decentralized currency system that BitCoin does, but as an alternative to credit cards, it does seem very appealing!
This seems to be exactly what they're doing. From the Developer Guide, Background page: "The emerging digital economy must be able to accommodate small-value transactions, such as micro transactions (under $10) and nano-transactions (under $1). The Mint hopes that software developers and entrepreneurs will use MintChip to ignite trade and commerce for these very-low-value markets."
The title of this post equates MintChip to BitCoin, but the two appear to have significantly different goals. MintChip may end up being the digital equivalent of pocket change.