Wednesday, October 22, 2014

Two (more) Problems with Bitcoin

Bitcoin has huge potential. The biggest benefit is getting rid of the banks fees on transactions. A lot of the problems that are talked about are not really problems. Two problems that I see with it is the lack of bitcoin spending getting reported on credit reports and being able to spend borrowed bitcoin like people spend with borrowed money on credit cards. These two issues are never spoken of. I have not heard anybody mention these two problems and therefore nobody has coined :) a possible solution. These are the two barriers that prevent me from using bitcoin from all of my purchases. Well, that and most places do not (yet) accept bitcoin. If I could get a Bitcoin credit line that reports my spending to the credit bureaus, I would use it all of the time. Having a spending history on your credit report is important when you go to apply for new credit. Creditors want to see that you have borrowed money and successfully paid it back. Being able to borrow money is very important. For some, it is the only way to get ahead and start a business of their own.

Bitcoin