I believe the release of Coin will have one of the biggest impacts on the world's economy. This one card has the capability to pay for any necessity in the world. Coin has the ability to make life simple, improve and fit for any individual. This card reduces clutter within a person's wallet and it allows a person to process all of their other cards onto one. More importantly, a person can process any card onto the Coin which includes debit cards, credit cards, membership cards and loyalty cards.
Next, the way people add cards onto the Coin is by using a mobile app to manage, add and sync different cards. Coin can currently be used anywhere within the U.S., but have not been processed in every location across the world. The release of the Coin is the summer of 2014, and each card will cost $100. I believe this was a great invention and will make a change for the best in our economy.
As useful as this may be, I would be very hesitant using this in its early stages. With the availability of advanced technology to the public, you may be subjecting yourself to harm. Although the system may have a form of encryption, it has become increasingly easier to break through any barrier that may be there. It has been proven recently in the case of crypto currency bit coins. There have been several fraudulent attacks on servers, brokers, and individuals that has caused significant damaged to its value and legitimacy.
ReplyDeleteCoin, is a very interesting device. Businessmen and women that have multiple cards in their wallets would be very interested in the device. I am also, interested in the device. I do feel that security issues needs to be worked out first. For instance, the cards deactivate itself when it no longer senses your bluetooth enabled phone for a period of time. I believe that it should also be a way to remotely deactivate the card. Lastly, the price is 100 dollars, which you would have to pay every two years when the battery dies. That is pretty high in my opinion.
ReplyDeleteThis is a very interesting article.
ReplyDeleteI absolutely love this idea. It would make life so much easier, especially for many people that have tons of cards. One concern though is the syncing process. I think that it should a little bit more thought out as in regards to verifying that that card that you're trying to sync to coin is actually yours. If it's the way they say it is (which I'm pretty sure it would be more thought out once it is actually release) then people could just pick up/steal random credit cards/debit cards and sync them to their device which would be terrible. Another thing is would this require any type of special, more advance card swipers, because if so it going to take this a while to catch on.
ReplyDeleteRobert Kinney
I see huge potential in this product, but I will be very hesitant during its early stages. The kinks would need to be worked out, like Robert and Jon stated. With the right team, I feel this could replace traditional credit cards. Not the companies, but the concept of multiple credit cards. It's like how they took the phone, pager (the originator of texting), and voicemail, then combined it into an all-in-one device, the smart phone. It's such a simple concept and an obvious need that it's ingenious. Props to the creators of Coin. This shows that we should always think outside of the box to challenge the accepted norm.
ReplyDeleteThis is very interesting because of the numerous technological advances in innovating how money is spent, held, and traded. I recently wrote an article about bitcoin in the Morehouse Business Association's Maroon Tiger, and currently it is being traded in over 4 countries (China, Japan, Germany, and Canada). The United States is contemplating whether to have the bitcoin regulated or not because homeland security is worried about the lucrative black market that always seems to be benefiting from these schemes. Moreover, regulation, loopholes in the early stages of the product remain to be questioned. It will be interesting to see the life stages of Coin and how profitable it will be in the near future because there are other innovative ideas similar to this with the same desired end goal.
ReplyDeleteCoin seems to be an extremely innovative idea. Being able to take all the cards out of your wallet and only carrying around one thing will be a big help to those with cluttered wallets. I do agree that it will more than likely have a great effect on the economy on a global scale. I am slightly skeptical about the safety of this product though.
ReplyDeleteI will wait to use this, new technology tends to have a few glitches when they first come out
ReplyDeleteCoin, sounds like a very innovative idea. After reading a couple articles and understanding the product I might purchase it during the first release.
ReplyDeleteI wouldn't do this because I wouldn't want to lose it and then lose access to all my cards. Plus, I do not feel like its safe to have all my information stored on one thing. It is a luxury and a curse at the same time.
ReplyDeleteThis invention seems pretty cool. I would want this even though I only have one card I use regularly. I am curious as to how certain credit card companies rewards and points systems would work with the Coin. Also, there would be certain geniuses out there who can possibly hack your info. I don't want to rely on a locator app to protect my money. I'd wait until all the bugs and glitches were worked out. Great idea!
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