ONEBIT APP TO ENABLE BITCOIN WHEREVER MASTERCARD PAYPASS IS ACCEPTED

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Self-described serial entrepreneur Toby Hoenisch has been making the rounds this morning, promoting his new start-up, OneBit, which proclaims a radically new paradigm for Bitcoin: the ability to spend it anywhere MasterCard’s PayPass terminals are located.   PayPass is MasterCard’s attempt to get everyday consumers to stop using cash, as their website says: You get better record keeping of all your purchases then using cash for those small everyday items. BitPay is the Secret Sauce However people in the Bitcoin world may feel about PayPass, the underlying technology of OneBit will be its mixing of BitPay and MasterCard. According to the OneBit website, no additional fees will be incurred, as is currently the case with BitPay-handled transactions: We offer market rate currency conversion using BitPay and charge no extra fees. No hidden fees either! MasterCard is one of the largest credit card networks in the world, and the announcement of this partnership may surprise those who’ve been paying attention the last few months, as MasterCard’s Southeast Asia president Matthew Driver had just denounced Bitcoin as criminally motivated and wrong-headed (paraphrasing) at the end of last year. His statements were pretty divisive, but apparently they were not the feeling of the entire …