Campbell R. Harvey Duke University and NBER

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Campbell R. Harvey Duke University and NBER Innovation and Cryptoventures Credit Cards Campbell R. Harvey Duke University and NBER January 19, 2018

Campbell R. Harvey 2018

Checksum Last digit on credit card deterministic – based on Luhn formula Checksum makes sure there is not error in transmission of the number Campbell R. Harvey 2018

Checksum Campbell R. Harvey 2018

Checksum Campbell R. Harvey 2018

Checksum Method Write down credit card number replacing the last number with “x” Working from right, double every second number If any number>9, then sum the digits, i.e. 16= 1+6=7 Multiply the sum of the 15 numbers by 9 Mod 10 the sum You have last number Campbell R. Harvey 2018

Differences Bitcoin is money. VISA is a transfer mechanism. VISA can be used to spend dollars, euros, - and potentially even bitcoin VISA is not money. It is a way to transfer money (and not a very secure way). Bitcoin is money. Receiving party for VISA cannot confirm the reception of a payment for 90 days (i.e. may get funds earlier but it is reversible) Bitcoin can be confirmed within one hour. VISA transactions fees 2-3%. Bitcoin is approximately 0.009% Campbell R. Harvey 2018

Differences Bitcoin is money. VISA is a token. BTC txs are uncensorable, VISA txs are censorable BTC balances are unseizable, VISA balances are seizable BTC monetary base is disinflationary, VISA fiat monetary base is inflationary BTC works in all countries, VISA fiat is sub-regional BTC is a P2P open source network, VISA is a private corporation BTC inert cold storage is in your sole control, VISA balance is in their sole control Campbell R. Harvey 2018

Differences VISA does have some advantages Able to handle very large throughput of transactions which is not currently possible with Bitcoin (though Bitcoin network has massive computing power) Provides credit (you don’t need to have the funds to buy something). It is possible that you could get credit with bitcoin too, such as a VISA card based on bitcoin. Currently, with bitcoin, you must have the coin to spend. Campbell R. Harvey 2018