Demise of ePassporte means BitCoin can overtake the business

[italkcash]

We ran a big article here on iTalkcash.com back when ePassporte crumbled to the power trip of Visa Inc against the adult industry's financial buddy. Now it seems that a replacement has found its way, and this time nor due diligence, credit card act of this and that or the great powers of Visa/Mastercard can do squat about it.

The name is BitCoin, the revolutionary digital currency that is basing everything on pure P2P transfers. Firstly lets look on what ePassporte could and could not.

- ePassporte was a centralized system based on a number of factors to keep it open
- Most notably ePassporte was depending on its Bank and Visa
- ePassporte was run by a company, thus the company's situation was on the line of everyone's deposited funds
- ePassporte had debit cards (Visa Electron) tied to the balances displayed on ePassporte
- ePassporte allowed for peer 2 peer transfers, but all information was stored on the ePassporte servers, and additionally stored on the Visa network when a card was used
- ePassporte required passport identification as a minimum to open an account

In regards to BitCoin lets look on the same factors:

- BitCoin is decentralized as is based on the internet to exist
- BitCoin is not depending on Visa nor Mastercard or any other card issuer
- BitCoin is not owned by anyone, its as a matter of fact owned by nobody, but depending on the whole to exist and function (just like an economy needs people to be....an economy)
- ButCoin has no debit card solutions, yet some third party are now starting to sell
- BitCoin does not store any personal information, nor does anyone ever need to show/prove the size of their *********** to the supreme powers of the world in order to be able to receive money.

BitCoin is here to stay and it will certainly be a good boost to webmasters all over the world that looks for a convenient yet VERY safe system to transact money.

Only part of the puzzle everyone needs to know about is how to exchange money into BitCoin, which is easily done through https://mtgox.com/

A card alternative is being worked out as far I know, so that BitCoin's can be transferred to a credit card solution on the fly, without the credit card itself is issued specifically to a interconnected institution with BitCoin. More on this later....