MasterCard may be trying to stomp out Bitcoin in places like Australia, but what they’re not realizing is the fact that people want to use their Bitcoin to pay for everyday expenses, bills and utilities. Even still, rather than find a way to integrate Bitcoin technology into their business model, they’re trying to find a way to get rid of it through regulation.
Not only did the company use the Australian Senate investigation as a tool to express deep concern about the illegal use of bitcoins, they also released this video on the need for digital currencies.
But following in the footsteps of Bylls and Living Room of Satoshi, a new service emerged recently that aims to be the next “Bitcoin ecosystem” and even plays nice with MasterCard.
Pay VISA, American Express and MasterCard with Bitcoin
A site called YesToBitcoins.com is a website that allows for the purchase of gift cards with bitcoins, similar to eGifter and Gyft. Coupled with that, founder Darwin Ramon wanted to find a way to pay his credit card bill with his bitcoins. Once he started asking the right questions, a business venture came to light.
“The idea came from asking, why can’t I use Bitcoins to pay my credit card bill? The technology is already here, so why do I have to wait until the banks catch up?”
And so, Ramon created YesToBitcoins with the ability to pay all Canadian credit cards in bitcoins. The list includes four types of American Express cards, 23 from MasterCard and 33 different VISA credit cards.
“If bitcoins can be spent, bitcoins are useful. It is my goal to facilitate the inclusion of bitcoins in the established economy. “If anything you put on your credit card, can be paid with bitcoins, then anything you buy can be paid with bitcoins.”
The Bitcoin payment on YesToBitcoins is processed by BitPay, and the credit card payment is processed by PC Financial Bank. This way, consumers can show credit card companies like MasterCard that both forms of payment can easily exist in the same world, without having to fight. It’s all about giving the power back to the people to decide how they want to spend their money; wherever they are.
The real question is, though, how many services like this one need to emerge before the consumer-base is overwhelmed with options to buy gift cards and pay their bills? How redundant is too redundant? Or maybe the competition is good, as long as the companies keep innovating to bring the consumer the best value for their money.
Images from YestoBitcoins.com, Sukharevskyy Dmytro and Shutterstock.