Skip to content Skip to main navigation

Transport

Chamberlains - complete legal services for business

Bitcoin MyWay Recharge?

By imagineteamsol - 23 January 2014 66

Hey everyone,

We’re super excited to announce we’ve crossed the 50,000 active user mark for our MyBus 2.0 app.

We wanted to do something special to thank everyone for their support, and we got tired of waiting for the real-time feeds to become available (the launch date has been a roving target…), so we decided to focus our attention on the MyWay recharge.

We’re trying to see what we can do to let users recharge their MyWay card in real-time (think tap your card to your phone type thing) rather than wait for 3-5 business days, but while we try to find the legitimate way to do that, we were wondering if any of you would be interested in recharging your MyWay cards using Bitcoin? Asides from the novelty of the idea, we’re strong supporters of the currency, and would love to bring some legitimate use cases for Canberra. It would also be interesting as it’d be the first transport agency in the world that (indirectly) allowed for use of Bitcoin for public transport.

We’re rolling it out over the next week or two, but wanted to know if it was something anyone thought useful? If not, what would you like to see added?

Thanks everyone!

What’s Your opinion?


Please login to post your comments
66 Responses to
Bitcoin MyWay Recharge?
1
johnboy 8:45 am
23 Jan 14
#

Before anyone gets too enthusiastic about bitcoin I recommend Charles Stross’ take on it.

Report this comment

2
BundyB 9:11 am
23 Jan 14
#

johnboy said :

Before anyone gets too enthusiastic about bitcoin I recommend Charles Stross’ take on it.

Or this FAQ.

Report this comment

3
astrojax 9:15 am
23 Jan 14
#

which bit of my coin will recharge my myway card?

Report this comment

4
Roundhead89 9:27 am
23 Jan 14
#

OMG!! We’re still paying for Rhodium and the solar panels fiasco, the last thing the ACT Government should have anything to do with is anything as dodgy and volatile as Bitcoin.

Report this comment

5
Genie 9:39 am
23 Jan 14
#

Personally I’d settle for air conditioning / heating on all buses more than being able to reload instantly.

Report this comment

6
watto23 10:06 am
23 Jan 14
#

yeah the whole nature of Bitcoin is dodgy. Its all about bypassing laws.

Report this comment

7
imagineteamsol 10:17 am
23 Jan 14
#

Sheesh such negativity.

We’re well aware of bitcoin’s shortcomings, but we wouldn’t have done this if there wasn’t reasons that make it worth it. Specifically:

– Considering Credit Card processing fees are upward of 3% per transaction, the ACT Government must be spending a fortune. A conservative estimate of $40,000 a week means the ACT Government would pay `~$1200 a week in fees alone. This isn’t even considering costs for charge-backs and fraud. Bitcoin fees average at 1%, and can technically be free if you set it up yourself.
– The volatility is over-hyped. Bitcoin certainly isn’t as stable as the dollar, but the likelihood that the value changes significantly within a 10 minute window is non-significant. Certainly not enough to offset the benefit of no charge-backs and reduced fees.
– Perhaps most obviously, there is no risk, only benefit. If you use Bitcoin to recharge your MyWay card, who loses? It may not be an ideal currency, but we’re talking about recharging a MyWay card, not using it ubiquitously for everything ever. At the very least, its another way to recharge your MyWay card.

Report this comment

8
imagineteamsol 10:17 am
23 Jan 14
#

astrojax said :

which bit of my coin will recharge my myway card?

The doge side

Report this comment

9
poetix 10:33 am
23 Jan 14
#

imagineteamsol said :

Sheesh such negativity.

We’re well aware of bitcoin’s shortcomings, but we wouldn’t have done this if there wasn’t reasons that make it worth it. Specifically:

– Considering Credit Card processing fees are upward of 3% per transaction, the ACT Government must be spending a fortune. A conservative estimate of $40,000 a week means the ACT Government would pay `~$1200 a week in fees alone. This isn’t even considering costs for charge-backs and fraud. Bitcoin fees average at 1%, and can technically be free if you set it up yourself.
– The volatility is over-hyped. Bitcoin certainly isn’t as stable as the dollar, but the likelihood that the value changes significantly within a 10 minute window is non-significant. Certainly not enough to offset the benefit of no charge-backs and reduced fees.
– Perhaps most obviously, there is no risk, only benefit. If you use Bitcoin to recharge your MyWay card, who loses? It may not be an ideal currency, but we’re talking about recharging a MyWay card, not using it ubiquitously for everything ever. At the very least, its another way to recharge your MyWay card.

Don’t ask for opinions and then criticise those that are more than ‘Wow, great’.

There is no way that an ACT government service should be associated with bitcoin.

Report this comment

10
imagineteamsol 10:49 am
23 Jan 14
#

poetix said :

Don’t ask for opinions and then criticise those that are more than ‘Wow, great’.

Not asking for “Wow, great!” comments, rather looking for informed opinions with the context as a part of it. “Bitcoin is dangerous” or “Bitcoin sucks” isn’t an opinion thats relevant unless you explain how its being so is relevant to using for MyWay recharging.

Report this comment

11
Jardeath 11:39 am
23 Jan 14
#

Sounds interesting, would pay with Bitcoin if given the option.

Report this comment

12
LOVESPYLOVESPY 12:20 pm
23 Jan 14
#

I fail to see how a low adoption, volatile, dangerous by design currency should be even considered for a government application.

The only possible positives to using bitcoin are the lack of fees, which is normally largely nullified by the payment processor at play, or even by any fees that an exchange takes for the purchase of bitcoin. “Bitcoin has no fees” is a load of crap – sure it doesn’t have any by design, but neither does the dollar.

Bitcoin, while a fundamentally secure protocol, also falls flat in that it relies fully on your own (usually ridiculous) security measures to keep your money secure. The security of your funds is guaranteed by no one. Money goes missing from someone’s wallet, hosted on a exchange? Service provider simply says “tough”. Invisible hand I guess. There is no fraud protection in place for the CONSUMER.

I fail to see why charge backs are considered an issue – they exist as a consumer protection.

Not to mention – how could the government possibly cash out 40k a week at market value in a timely, effective manner?

It has been proven by large websites like reddit that the cost of receiving bitcoin, with the additional work required, was more than the amount of profit actually made from bitcoin.

Report this comment

13
davo101 12:32 pm
23 Jan 14
#

imagineteamsol said :

– Considering Credit Card processing fees are upward of 3% per transaction

You’re almost out by a factor of 4 there. Credit card merchant costs are 0.81% and falling.

imagineteamsol said :

The volatility is over-hyped. Bitcoin certainly isn’t as stable as the dollar

That certainly is an understatement, Bitcoins are as close to being a currency as Picasso sketches are, they have value in so much as you being able to find someone else who take it in exchange for something you want.

imagineteamsol said :

At the very least, its another way to recharge your MyWay card.

You can currently apply to have your MyWay card autoloaded when the balance drops to $10 and they give you a 5% discount. I’m not entirely sure setting up the ACT Government as a laundering service for Bitcoins is an improvement on the current options.

Report this comment

14
JackW01 12:41 pm
23 Jan 14
#

The Commonwealth Bank’s new app and smart stickers (for mobile phones) could be technology to look to. It allows users to pay wave with their phones and send funds to others using mobile numbers or Facebook https://www.youtube.com/watch?v=T6Eir3x-3BA&feature=player_embedded

I don’t use Action busses though would be great to pay (for small purchases) with my phone. I am more inclined to forget my wallet rather than my phone.

Report this comment

15
Primal 1:14 pm
23 Jan 14
#

If it’s not ‘legal tender’ by definition, no Australian government should be touching it with a billion-foot bargepole. Call it risk aversion if you will, I call it common sense.

Report this comment

1 2 3 5

Related Articles

CBR Tweets

Sign up to our newsletter

Top
Copyright © 2016 Riot ACT Holdings Pty Ltd. All rights reserved.

Search across the site