Wouldn't you still need some sort connection to the greater network to use a credit card? Of course if you're speaking about cash then yes, but BTC also comes in the form of physical coins as well if you really wanted it.
> Wouldn't you still need some sort connection to the greater network to use a credit card?
Nope. Reminder for those new to how credit cards actually work, there are two distinct transactions and they are not connected. Authorization transactions establish that this is, in fact, really a credit card issued by BIG BANK, and optionally that some credentials you've got are genuine (e.g. a PIN for modern chip and PIN cards, or a 3-4 digit security code for a remote payment). Authorization aims to protect merchants from crooked customers and to some extent to protect banks from crooked merchants. Nobody cares about the customer, if you want protecting ask your government. Settlement transactions move money from the customer's account to the merchant's account.
An offline credit card terminal may be able to perform some limited Authorization with chip cards in particular, it can confirm that the chip card says this is the correct PIN for example, but regardless it can begin the Settlement transaction.
Now, the Settlement won't actually happen immediately, but eventually the transactions are batched up and sent to a bank and the bank executes them, and the settlements occur.
Debit cards can need an online transaction because the card may be unwilling to authorise the Settlement process if it can't confirm you actually have the money, as these cards may be issued to people who aren't allowed credit.
The credit card transaction involves fungible currency, the Bitcoin transaction doesn't do that. As a result the batch operation succeeds for the credit card.
Six equivalent cards, each performing six offline transactions for $5 each results in thirty six $5 transactions, $180 from one account to various merchants. Settlement transactions can complete more or less instantly or take several days, you don't care and your card isn't involved.
The credit card transaction isn't about the specific money. A Bitcoin transaction about this Bitcoin A is different from one about this other Bitcoin B. If I do two offline transactions paying with Bitcoin A, but keep Bitcoin B each time, then even though I received goods worth two Bitcoins, the blockchain says only one merchant gets Bitcoin A and neither gets Bitcoin B. But if I do two $100 credit card transactions, those aren't for the "same" $100, when settlement is completed two $100 transactions adds up to $200.
Yes, but a reasonable bitcoin wallet wont let you spend the same coin twice, even if offline. As far as I know, none of the common wallet software that support offline transactions will let you do this by accident.
Credit cards suffer from a similar problem, the transactions will not necessarily go through when you get online.
Nope. Reminder for those new to how credit cards actually work, there are two distinct transactions and they are not connected. Authorization transactions establish that this is, in fact, really a credit card issued by BIG BANK, and optionally that some credentials you've got are genuine (e.g. a PIN for modern chip and PIN cards, or a 3-4 digit security code for a remote payment). Authorization aims to protect merchants from crooked customers and to some extent to protect banks from crooked merchants. Nobody cares about the customer, if you want protecting ask your government. Settlement transactions move money from the customer's account to the merchant's account.
An offline credit card terminal may be able to perform some limited Authorization with chip cards in particular, it can confirm that the chip card says this is the correct PIN for example, but regardless it can begin the Settlement transaction.
Now, the Settlement won't actually happen immediately, but eventually the transactions are batched up and sent to a bank and the bank executes them, and the settlements occur.
Debit cards can need an online transaction because the card may be unwilling to authorise the Settlement process if it can't confirm you actually have the money, as these cards may be issued to people who aren't allowed credit.