Bitcoin Forum

Good news, mastercard is getting worried about Bitcoin.

http://www.coindesk.com/mastercard-digital-currencys-risks-outweigh-the-benefits/


Good luck with that Mastercard.  You can try to get your
politician friends to regulate a protocol but I won't comply.

"All transactions should go through us!" is what the person was really thinking. Yeah, that's cool ... Or they can go through thousands and thousands of people verifying transactions, which is far more powerful than just one. When they fear you is when things are getting good.

Mehh.. i don't see why they are complaining, since most of bitcoin debit cards are issued by MasterCard, and they take profit from fees day in and out.
Or is it that they saw how people reacted good on that so now they realised how that was only stage 1 of the process  ::)

Screw you MC, politely ofc.

That is right, Mastercard is starting to worry. They want monopoly and top position on the financial market as payment processor. People at charge MasterCard are afraid of the cryptocurrency recent development and  they know that bitcoin is the future. Why not smear and tarnish reputation of it, while it is still new technology and people are not fully convinced.

I think that alot of companies probably have a negative opinion on Bitcoin as a currency and see it as more of a stock or investment option that is extremely volatile.  Only some publicly speak out about it though.

Seen the same pattern all over Europe. Banks are terrified about bitcoin, they are all making their own crappy mobile payment sollution. They where just like 5-6 years too late. None of the are based on blockchain tech. just more crappy fiat shit, making money out of the thin air. Looks like a panic solution to me.

Western Union got suddenly provoked simply by that picture last time .
and now It's MasterCard , it's nice to see them scared and feel threaten by Bitcoin . To da moon ;D

seems like an echo. everything has been slowly heading in that general direction anyways. nothing new here.

This is like the Yellow Cab taxi company doing an analysis and concluding that Uber has risks which are just too much to accept in view of the rewards.  Hahahahah!  MasterCard opinion of bitcoin is hilarious.  MasterCard is going to the same place Kodak went. Kodak said: "digital photography - no we are not concerned about that, it will never win the attention of true photographers"  Two years later it was bankruptcy for Kodak.  At the very end they launched an aggressive digital campaign.  Watch for MasterCard to launch an aggressive cryptocurrency campaign in the next year.  That will be the hint they are on their last straw.

Credit card moguls can suck my hairy ****.

The time of their supremacy s over.

Mastercard I can smell your fear from here....hehe!
Seriously when corporations act like this it means they're worried, bitcoin is better than credit cards in every way, they don't charge you ridiculous interest, you can't go over your limit (wallet balance).
It's still very early days but as bitcoin grows banks & credit card companies will try to do anything they can to destroy us.

Funny, yeat all bitcoin debit cards are MasterCard...

I don't think he's actively attracking Bitcoin. The CEO of these companies are literally grandpas, they don't really know what Bitcoin is about. Some do tho, i've just seen the founder of Visa is working in Xapo and is pro-Bitcoin and thinks it's the future.

Even better, the former CISO of MasterCard just joined BitReserve:

www.coindesk.com/former-mastercard-exec-joins-bitreserves-security-team/

What a PR disaster for MasterCard  :D

Mastercard got frustrated and they feel they have no future so that is the reason of FUD, BTCitcoin is the future crypto currency and has bright future ahead with so many advantages like it's low transaction fee and super fast processing time.it seems Mastercard admit of it future failure by this kind of statement.

The fact that they are saying anything about bitcoin shows there starting to think of it as a threat.

Time for mastercard to stop bitching and start diversifying their business model.

If we're going to view mastercard as a competitor to retail acceptance of bitcoin, I think that they're doing a good job in terms of acceptance. Why would they diversify their business model when they own a network that can succesfully handle 24k transactions per second worldwide (that's more than bitcoin at the moment btw).

But to be honest, by seeing such a statement I'm pretty sure that they're getting scared of the potential bitcoin could have. 

yes they are worried about the bitcoin as bitcoin is a competitor for them now and they are considering it as a threat to their businesses and the customers as the customers have started knowing the bitcoin and are getting attracted towards the bitcoin and master card are afraid of loosing their customer.

I think Xapo is using VISA. Maybe other Bitcoin companies should switch to VISA or other companies if MasterCard doesn't like that kind of business.

Well, truth is that it isn't that hard to issue a specific debit card if you have a company. IMO the business of bitcoin reloadable debit cards isn't all that huge for mastercard but it's not like they're going to lose their costumers over a statement.

Are you still going to support them after making a statement like that?

It reminds me this  :D

https://i.imgur.com/50tnTli.png

Yes they are so frustrated that they have started making negative publicity of the bitcoin and behaving like non professionals..Ridiculous.. The people who are using bitcoin knows the advantages of bitcoin as it is the simplest way to transact and that is the reason it makes bitcoin so attractive.

Yep.  Bitcoins could potentially cut into credit card profits by quite a lot.  And I am not talking about taking a loan from credit cards, but just using them for convenience.  I read somewhere that they generally get 2% of the transaction costs.  That seems astronomical to me and they are going to fight to keep that money rolling in.

Ok yeah , what they are trying to say is "Bitcoin should be centralized by us"

OK, fuck you is my message. Bitcoin is and will be anonymous and easy away from all your shitty systems.

BTC for ever  ;) ;D

Good one.

Well i for one sure wont go through all the trouble of finding another company just because of this statement. But i have to say that i will reconsider my options once the card
expires, but by then who knows what can happen, maybe they change their stand on it even.

Funny, in the article, the picture posted was from a skrill.com(former moneybookers) debit card, which has nothing to do with bitcoin.

cheers

MasterCard has already stated not to like Bitcoin a while ago, and now again. No surprise as it is a direct threat for them. I always say; If you can't beat them, join them.

I'm sure that mastercard isn't displeased then crypto users use their products. I don't think think that any bitcoin related debit card product that is powered by mastercard will be shut down, ever.

this is a good news, it shows that there is enough potential for bitcoin to be a good competitor for mastercard. since they are attacking bitcoin it shows that they are worried about their position, and worried about losing customers to bitcoin.

No reason for mastercard or any company to force Bitcoin companies to switch. Mastercard earns money through the transactions and they like it the most.
Worst claim ever. Digital currencies are resistent to attacks as of now. If any attacks become viable in the future, hardfork will solve it. Verifying transactions is never mandatory to accept a $5 transaction when you can use protective measures.

I thought bitcoin was not that big yet that could threaten any major businesses like MasterCard. this proved me wrong. it looks like they are scared for their future in the market shares,.

The threat that bitcoin presents is relative. The MC reaction could be just a note of caution from their side, any smart businessman will try to eliminate or try to lower the risk rather than to do nothing,
but in this case i believe they are being counter productive to their cause, giving their competition a place on the spotlight, even when it is not a big one; there is no bad publicity (or so people claim)

cheers

When you have a business model where your competitor stands a greater chance to win and totally out compete and squeeze you out, it's normal that you will do anything to prevent that. Bitcoin is still at its infancy stage and it is at this period that the reputation is most vulnerable

If they insist that they don't like bitcoin, companies should switch to visa :)

they don't like it, yet some mastercard cards are used for bitcoin business, so something is wrong about their thinking

i think with this, they just want to attract more users to use their circuit instead of visa, and they are not really discredit bitcoin

If you think mastercard cares about bitcoin you really need to do a reality check guys.

then why are they making a public statement about it?

Of course they care about bitcoin, they care more they are willing to admit, about blockchain and other forms of cryptocurrency and payments. Bitcoin is a direct competitor of MasterCard.
Now you can see that they noticed grow of bitcoin an started to take actions. It is better to start campaign against BTC while bitcoin is not totally mainstream and user base is not that big, if they wait it can be too late.

they want to stop bitcoin from growing and replace their system. so they are attacking it while it is small and vulnerable. but they care about bitcoin if it ever gets out of hand and starts being big and then they start issuing MasterCards 2.0 which implements bitcoin :D

more and more news about it everyday ;) i love it, and now is mastercad who are "scared" about it, thats a pretty good news for us, yes? ;)

i dont know whast their real intentions with all those news, but for me looks like they are moving slowly to take carea bout whats is comming.

I was wondering when this was going to happen. I wonder how much money they're going to now spend lobbying their anti-bitcoin agenda?

Maybe they're just blowing smoke. They make money from all these bitcoin mastercards.

Mastercard might be critical of bitcoin, but one would assume they are experimenting and trial testing the blockchain concept.

Ripple reportedly has 30 banks and remittance providers like western union testing their technology. They are soon to be the first KYC/AML compliant crypto, after a recent fincen fine.

The technology that bitcoin represents is too valuable for mainstream financial institutions to ignore. I suspect they will all either adopt a centralized version (like Ripple) or create their own blockchain / distributed ledger.

Not advocating if that's good or bad, but seems to be the reality were heading towards.

My 2 satoshis,

H.

reading the other users comments, i realized that many bitcoin users believe that this was a good news and showed that they are scared of bitcoin and think it can replace them.

but my question is, how would other people who do not use bitcion or know about bitcoin will think when hearing this news? it is not going to be a positive thought as we have.

If they aren't clever enough to realise that mastercard and bitcoin both are payment systems, they shouldn't be trying about Bitcoin anyway. We already have plenty of news outlets spreading negative falsified information about Bitcoin. If they are truly interested, they should be learning about it themselves instead of believing sources from news outlets/competitors.

Bad news travels faster then the good news and that is the situation in every country people often are more interested in following the bad news as compared to good news and that is the reason why bitcoin is facing trouble from the society. The people who are aware about the bitcoin they will stand in support of bitcoin.

bitcoin shoul not be considered a threat yet, it's still a niche market, they are just covering their ass because of all the recent good news, that might have an impact in the future, so their concerns aren't for the present, but most likely for the future

Mastercard doesn't realize that bitcoin transactions already go through "regulated and transparent administrators," the blockchain!

Bitcoin is definitely a threat to Mastercard, but only if they decide to not allow transactions with the currency that is bitcoin. Part of the challenge is that they can't run their business as safely or within the rules of government if they start dealing in bitcoin in large volumes. Mastercard has never been an innovative company, their Ad Agency is very innovative, but not their actual services. And from a a business perspective, if Mastercard isn't willing to innovate it is cheaper for them to try to discredit bitcoin in the media (with hopes that it doesn't take off) rather than evolved to meet the demand.

Each and everything needs a publicity. The people who are using it they don't have to worried about it and those who are not aware about the bitcoins now they will come to know through media after the allegations from mastercard and they will start knowing what bitcoin is and if they find it suitable for themselves they will start accepting it;

Convenience offered Bitcoin become a serious rival to mastercard on trying than complicate  bitcoin regulation,Mastercard trying better to make inovasi or new event to attract consumers.

That is true but master card is just an payment system it is not a currency like bitcoins so I do not understand why they are attacking bitcoins as the customer segments are different for both the products and people who believes in paying by card they would generally prefer master card and not bitcoins.

Yes and I don't understand why people are making issue out of it. It is not that big news that it will change the lives of the people who are using master card and bitcoins. It would sereously won't affect anyone neither the master card nor the bitcoin community as people will go with the products they are used to it.

Because in their opinion it's much more probable that one day they will say "we told you about that btc thing, we are the only one you can trust, see?" instead of something like "we told you it was the future".

They are just spreading  rumor in the blind. So that they would be on the safer side in the future if bitcoin doesn't work for the people so they want to play safe and want to tell the world that they already gave you a hint in the past no to go for bitcoins and that is the strategy master card is following right now.

Exactly there are more users of master card as compared to bitcoins. And I don't think it can make a difference to the master card customers as they are just trying to distract the mindset of people by spreading this news it will never affect the customer base of master card as a whole.

Mastecard is scared of loosing its customers to bitcoin and yes the customers who are tech advanced very well know that which product benefits them more and which is cost effective and they would switch to bitcoin once they know the benefits of bitcoin.

Obviously Mastercard will blame Whole BTC systems it's very normal for them because them only and one headache which is BTC. Mastercard will try to manipulate people for keep and long term them business. Now they thinking BTC can easily getting all of them client which is for them becoming big headache. Any kinds of business can be beaten if other's can deployed better than that so it's obviously possible to attack Bitcoin whole systems by how.

I find this all somewhat strange, especially since there's been barely a peep out of Visa other than its old guard making positive noises.

They don't have to be anti it or even bother talking about it at all. Most people don't care.

If the time comes there's money to be made by them by integrating it or offering services on top of it, or it fades away and they carry on coining it. Everyone wins. 

Mastercard feeling unsecure of them well stabilised business for Bit coin full systems they never did faces ever until now in them economical territory. Suddenly when they can see other someone entered and doing better than them in the world economical networking systems then them headaches started and for that they decided to attack bit coin and trying to manipulation peoples for keeping far from BTC. I don't think Mastercard can be successful about attack on BTC systems.  

Mastercard just dissin on us for not having enough tps!!! The rest is pure FUD ;D

What makes you think Bitcoin is doing better than them? Lets be realistic, Bitcoin is a blip on the radar compared to the amount of transactions they process. There are rampant issues of merchants accepting and then dropping Bitcoin payments because nobody is using it with them, but not the case with credit cards.

It was also proven by the recent stress test one could effectively clog up the network for a single day for about $5,000 in transaction fees, these guys could destroy Bitcoin without blinking by clogging up the network for a month very easily.

Bitcoin started it..lol

mastercard as visa are the kings and here already for several years.... they get a fee for all soo they are worryed that bitcoin can achieve another potencial and enter the market with cards? the big thing is why those companies that only cares about fees would press bitcoin is the future they must adapt it or some other company will do those and take the fees to them ...

Mastercard's 'centralized' crypto is only going to boost bitcoin by generating mainstream attention!

nobody in their right mind would adopt this mastercard scamcoin .. but plenty of people are not in their 'right mind'.  Anyways, the attention can only be good for Bitcoin itself

Yes I believe its a good news for bitcoin that master card is attacking it but I genuinely believe it would not make any difference to the users of bitcoin and they would continue to adopt it.

Mastercard is a payment system and bitcoin is a currency. So even if it is attacking bitcoin it will not affect the users of mastercard as the people who have faith in mastercard would generally prefer mastercard for making payments.

Ofcourse MC is only payment system, but they are defending their largest client - banks, and their fiat. Anyway it's somewhat hypocritical of them, because they have contracts with some
bitcoin payment processors regarding bitcoin MC debit cards, or do they want to pretend that they don't exist..

cheers

It wouldn't surprise me too much if certain bitcoin companies haven't actually told them the true nature of their business. Stranger things have happened.

Ofcourse people having faith in bitcoin will generally show their interest in using bitcoin as a currency or a mode of payment and things will change in future as the mass adoption takes place.

Like MasterCard is more transparent than bitcoin?  Bitcoin's ledger is open-sourced and owned by anyone who so cares to own it.  Anyone can easily verify any transaction and there is actually privacy for the users of bitcoin.  So how does it work with MasterCard?  Special investigators required to detect fraud.  And then let's not even get started with their executives.  How many millions do they "earn" off the backs of their livable wage employees while they enjoy their lavishes?  

What a bunch of hypocrites.  

exactly, with the blockchain being a public ledger, we individuals can investigate for fraud, like with the whole cryptoforcause/aahzmundus fiasco that just happened, props to QS for finding those links. we dont have to rely on the words of some company to give us the facts.

Just thinking about fraud.

If fraud increases, Mastercard must charge higher fees.

Is it really in Mastercards interest to reduce fraud?

Unless, of course there is a competitor with much lower rates of fraud ...

so they actually fear the competition not bitocin itself, they don't want to lower their fee because bitcoin has a non-existing ones, it could make more sense, if you see it in this way


this is maybe the best reason why banks are aiming in adopting the blochchain tech, and not caring so much about bitcoin

well i got your points banks doesnt wanna be exposed ,blockhain tracks all transactions.. soo those way owners could steal money or corrupt potliticians.... soo better stay away to avoid be catched ,even mc wanna to show all transactions they made as receive .... how many payments they hide.....

even it may sounds crazy it is somehow good for bitcoin, that company like mastercards attacking. actually, very good.

I agree. Any attack on Bitcloin by MasterCard is good in my books. Bitcoin has so many advantages the credit card companies are on their way out. Interest rates are lower, and blockchain is only beginning to find more uses.

That is true that Bitcoin has many advantages over the Bitcoin But the main concern is Bitcoin still needs a time and support to get on the mainstream and that is only possible by the mass adoption and the awareness of the people around us. Once Bitcoins get on mainstream it would be difficult to stop it.

Yeah But when it will get on mainstream man?? I mean still how long years do we have to wait it is already 6 years into existence so when it will get on mainstream looking at the present scenario I find it way long that either it would get on mainstream or simply disappear from the market without leaving its footprints.

HAHA, It is a good news, if the transaction of Bitcoin needs administrator, who will the bank trust to do this, certainly the bank itself, so it should admit it first and make regulation, then people could feel relieved to use it.

This shows that the BitCoin is expanding and gaining a lot of strength around the world. Maybe one day this method of payment is not as popular as the credit card :)

forget about master card,just using bitcoin and make them bankrupt, so many fee's has been deducated from our money but now its time for bitcoin,this is future

Wow, if MC decided that is worth to open mouth and say anything about Bitcoin, that means that it's becoming a serious business :D
Don't think that cc operators can compete with cryptos as this is new standard, a level up in evolution of tenders. It's like car manufacturers would warn against aircrafts.

mastercard attention is amazing they cant strike bitcoin .... lower fees a lot interest on bitcoin already they made the attack too late  bitcoins technology is above some heads already.... master is worldwide as bitcoin the diference is fees.... and well transactions takes a bit more in bitcoins then on master or visa cards that are instant soo if bitcoins makes blockhain confirm all transfers instants would mean that others will get burned on the road.... people would go for a loan of bitcoins with low fee ,would use some btc to pay on end of the month as well the thing is bitcoin stills volatil if were a fixed price should be diferent but is better this way since no banks manipulation on it .There is a huge potencial and a small hall to bitcoin take control and well the sky is the limit

Yes they have made huge profit out of collecting fees from the customers but the bitcoin is different identity and we don't have to pay annual fees as we pay in mastercard so that would save our money and now we don't need credit card to make purchases online. Bitcoin will take care of it.  :D

When more people will realize that they can use bitcoins without borders, globally, as remittance solution - it will be a breakthrough. Payment processing companies gonna tremble.
They know this and we can see how scared they are now. I am sure Visa, Mastercard, PayPal are gonna soon start full anti bitcoin campaign - if they want to survive it is the only way.

Yeah they are being intimidated by bitcoin now, and I think the best way to survive is keep their customers away from bitcoin instead of looking for new customers. And maybe they will exaggerate the bitcoin problems like people using it to drugs transaction or black market,etc.

Consider this.
Bitcoin is the only way to use electronic money without it being owned by a private company.
they are afraid of a future competitor

Bitcoin is so vastly superior for remittances, but we are still so early in adoption.
It is puzzling that more people are not utilizing it.  I know I would much rather send my family
10% more money rather than wasting time and money in line at some Western union office.
The whole remittance system is so ripe for disruption it is frightening.  

It is good publicity for Bitcoin, let them do it :D

bitcoins is getting the space on the top and most know payments processors.... master is the first to try to block bitcoin .... then visa paypal they will try it ,otherwise they will start to compete with bitcoin low fees to keep alive,but im pretty sure no all people will use bitcoin but a large part will do soo would mean a loss to them.

This is just sad. I got a Neteller Net+ card because they allowed instant funding with bitcoin which makes it easy for spending. A week or two later, they cancelled the ability to spend bitcoin funds because MasterCard asked them to stop. It's insane.

While I don't believe we will ever see the end of Companies of Credit Cards  as we know them, increasing competition from bitcoin and other new systems will hopefully put pressure on them to offer a better service.

Their main line of attack against Bitcoin is their undeniable superiority of volume of transactions per second. In the latest Gavin's approach which is 8mb increase every two years, we would have the following:

(B=bytes, b=bits, 500 bytes/Tx)

2016 8MB 0.1Mb/s 26Tx/s

2018 16MB 0.2Mb/s 53Tx/s

2020 32MB 0.4Mb/s 106Tx/s

2022 64MB 0.9Mb/s 213Tx/s

2024 128MB 1.7Mb/s 426Tx/s

2026 256MB 3.4Mb/s 853Tx/s

2028 512MB 6.8Mb/s 1700Tx/s

2030 1024MB 14Mb/s 3400Tx/s

2032 2048MB 27Mb/s 6800Tx/s

2034 4096MB 55Mb/s 13600Tx/s

2036 8192MB 109Mb/s 27300Tx/s

END OF BLOCK SIZE INCREASE

That would mean it will take 20 years to reach Visa's transaction peak volume. Even with LN, we'll still have problem to reach the ultimate goal, which is worldwide fluid usage. Im just hoping solutions are found along the way.

It is our current solution and it was introduced to please the masses. I think that bitcoin for not all that much popular to justify further and faster block size increase.
In fact we don't need TX number increase, because there is not need for it. Of course Visa or Mastercard can process more transactions, because they are top dog companies with millions of clients.
Bitcoin is not that big, not yet. So their argument is invalid in my eyes.

Blocks are starting to get full. If the increment of block size has to be made, it would be great to increase it slowly rather than increasing it all at one go. Also, the increment of block size can help to reduce the impact of potential attacks against the network like what is happening right now. The blocks can handle only around 1000 transaction [If pools set it at 1mb max limit and each transaction has 1kb of data]. Medium scale attacks would be very effective in attacks to increase the time other transaction take to gain a confirmation. Increasing the block limit may not solve it but it will at least help to reduce the impact.

those companies are just too scared of bitcoin and they must because they will loose several clients as thousands and millions on the next years.... soo they attack while bitcoin starts get mature and able to grow it worth....

It's really not that amazing that they are scared.
Either Bitcoin or some other crypto currency has the potential to become a big player in the financial systems of the future.

they realized this so they are trying to keep their customers from using payment system like bitcoin instead of their system. or at least make them think twice when they want to use bitcoin,.

With every new p2p technology comes a scared middleman trying to protect his profits.
Cryptocurrency brings the person to person transactions of paper money to the electronic world.

They will try to limit the inevitable expansion of cryptocurrencies… but they will fail eventually

That's a positive sign... They obviously see bitcoin as a genuine threat to their monopolies ;)

When the concept has matured and found it's legs it will be interesting to see the real world Companies and Banks fight it.

Ehh, no surprise a credit card company would be worried about crypto currencies. I wouldn't take a word they say into consideration. They're trying to talk rubbish to the currency that will most likely replace it.

this shows that they have lost some considerable users or at least they have seen a growth in using bitcoin instead of their service, otherwise they wouldn't give a shit about bitcoin being safe or the things they mentioned in the article.

Yeah, if the Bitcoin developers can get their heads out of their asses, this bitcoin thing might actually work. :D

yeah Bitcoin does have the potential to make some businesses or at least some big portions of businesses unnecessary.

i think they will join it at this point, they will join it in some way, for example like they are doing right now, with the costruction of their own blockchain, or maybe they will use the bitcoin blockchain to save money and time..if they are smart enough

When we try to purchase anything off the internet with our credit cards, there's every chance that we might get stolen.

With bitcoin, there's no chance to even find out the wallet.

People are not willing to use credit cards and get robbed in small time payment when they know they have better options.

So yeah, they should be worried.

As million of people using bitcoin debit card.It enable uer to convert Bitcoin to CASH which you can withdraw anonymously from ATMs around the world where bitcoins are excepted.With the growth and fame of bitcoins mastrcard are at risk.They want monopoly and top position on the financial market as payment processor.  :)

It is not that simple. Normally, if our credit card information gets stolen (mostly as a result of negligence) and it is used for some rogue transaction, the bank will refund the money after a simple investigation. But in case of Bitcoin, if someone steals the wallet password and transfer all the coins out of it, they are gone for ever.

Come on let's be serious: is there any difference between VISA and MC?
For me it's like coca cola and pepsi. They seem at war but both of them have huge profits.

MasterCard butthurt make me smile  ;D

Anyone who is into BTC at this stage sure as shit isn't going to listen to what Mastercard says. If and when the public in larger numbers starts to embrace it it'll be too late for them to influence the way they're thinking anyway.

They're not doing themselves any favours with this attitude. It does make for excellent quote material to annoy them in the future though when they relent and start to process it.

Nice.
btw. this is no joke now, 1 month ago i read a german article, where stand that in about 4-5 years bitcoin will be so big like mastercard.
They calculated, that the price of 1 bitcoin will be then about 50.000 Dollar.

And now i read this here.  :o

well the community support present on bitcoin is very easy to other companies be scared how we keep growing every day ,spending our money into bitcoin world and not on the places they wanna us to spend with their cards...

The people who are using bitcoin knows the advantages of bitcoin as it is the simplest way to transact and that is the reason it makes bitcoin so attractive. Mastercard just got frustrated

well bitcoin is the future of fiat, banks must addopt it, the changes that all facing several problems soo fees would be the way to live and stay away from problems ,fee on BRAZIL is juat 50% on some products.... that we pay to receive anything from other country.

Not only loosing the customer, every Credit card companies are going to pay price for their brutality in the name of hefty interest slapped on the loyal customers due to their exceeding time limit periods to pay the money.

If that 50% is import duty, you are going to continue to pay it, whether Bitcoin is widely adopted or not. Bitcoin can smoothen international trade, but definitely can't change international policies.

yes those fee will keep to be paid the cards fee is just around 4% i guess worlwide soo in 10000 dollars transaction we pay 400 dollars soo with bitcoin we should pay around 40 dollars maybe?

There is absolutly not doubt that future transactions will be based on blockchain technoligy. As MC also point out, there are some good reason while bitcoin will not replace MC. But bitcoin is just the start, the proto typotype so to say. I have no doubt that all the major credit card company and banks are developing their own blockchained based currency. They are just keeping it a secret.

well i believe they will otherwise bitcoin will replace most of them because loow fees ,and well future is coming

At best I hope all they can do is slow it down but not stop it.

All of this PR is all signs that credit cards should be worried. I hate Visa and their interest rates and fees. If Bitcoin were used everywhere, I would work to pay off my credit card debt and never use them again. I love how bitcoin wallet addresses are so unique and even if someone were to find out your address they won't find your wallet. How many people's credit cards were stolen online?

First they ignore you, then they mock/fear you, then they fight you, then you win.

I guess we are in phase two.... on the way to phase three...

The funny part is that in less than 20 years, if MasterCard doesn't want to completely disappear forever, they'll have to somehow adapt their business and reconvert themsevels into something that runs under the Bitcoin blockchain and serves a positive reason to exist for crypto. They choose: Join us or perish.

Acknowledging BTC at all is an insight in to their perception as a threat.  Should get interesting from here out, MC and Apple making statements like this is like shooting a BB gun at a freight train.  

They will join us. But the era of huge transaction fees and huge profits is coming to an end.
Mastercard will have to reconcile themselves to that fact.

Well, this is hardly surprising. Established companies like mastercard have a tremendous amount to lose if payment systems like Bitcoin go mainstream.

70 billion market cap advantage to VISA?

I don't know why people in this thread have suggested or implied that credit cards or companies are required at all.  One argument was that credit is necessary for online shopping, however there are lots of online payment options that can be linked directly to a bank account.  The idea that you have to be reliant on credit is a problem in itself, which makes the market for these companies to exploit.  I am actually quite interested to see how the credit juggernaughts will bastardize the idea of a decentralized, immutable ledger to suit their own benefit.  Believe me, they are better managed and more adaptable than Kodak.

Mastercard and such only have so much to lose because of how much they milk people with the created need of easy transaction access. If they want to keep making money they just have to make a better system. Expecting the same method to produce money forever, demanding that no one ever create a better/cheaper/more efficient system is some serious greed.

I still think that Bitcoin should be made in a way that you can transfer whole wallets to someone.

It would include making a portion of the record in the blockchain to be client coded in such a way that if you transferred a wallet, you could no longer access it. Only the client code you transferred it to would be able to access the wallet. You would still be able to transfer individual bitcoins from any wallet your client managed in the same way as usual.

I should think that such a change would make transparency even less than it is now in some ways... especially if you could go into the programming in your client, and change its code to the client code you just transferred your wallet to. (You wouldn't be able to do this if you transferred your wallet to the client of someone else. In that case, you would have given up access to the wallet. A different client would have it.)

:)

That's awfully complicated. Why not spend 3 cents and send your whole balance to someone else's and skip all the security things?

I dont really see a reason to do otherwise. Wouldnt your way just be a way to transfer funds skipping fee? And if so, how would it be accepted by the blockchain?

Fuck them to be honest, WU takes insane amount of comission for transactions. Try sending money from an EU country to Africa. If they don't take at least 10% of it, i'll eat my hat.

Yes man, their transaction cost is too high, and it really sucks, I mean they really charge a heavy rate on each transaction that it becomes embarrasing, but now with bitcoins I can transfer funds across the country with the minimum transaction cost and it is quite affordable.

Western Union will be the first to go, we already got them actually:


http://static3.businessinsider.com/image/52a0b77269bedd7b1cc3403b/the-daily-value-of-bitcoin-transactions-has-passed-western-unions-and-its-catching-up-to-paypals.jpg

Imagine how irrelevant it will be in 10 years. Will it even exist? Maybe if they rebrand themselves and work under the blockchain they can somehow survive a post crypto environment.

Well, thanks for sharing such an amazing and meaningful information, looking at the figures stated above I don't think that WU has a great future ahead, it would simply diminished, the only way to survive is they should lower their transaction cost, it could attract the customers.

Let's not for one second forget, how many people are buying bitcoins with credit cards now. So they still getting income from the bitcoin market

Hmm, well kind of. Are you talking about the Circle service? I don't know other services.

I wouldnt say getting a processing fee is saying they get things from the bitcoin market. Unless you're saying they basically get a part of every market. In which case, i guess they get income from most market, at least in North America where people pay more often with CC than Debit.

Nothing is guaranteed, If WU doesn't guarantee you its existence in next 10 years, then neither Bitcoin does, It is simply unpredictable, It can go vice-versa also.

But Ofcourse, WU is fooling or rather we can say decepting their customers by charging such an heavy transaction cost, and that is the main reason that people have reduced their transactions at WU.

It is in their best interests at this juncture to keep it as Bitcoin underground as possible, in the hope that regulations/some other event will ultimately strangle bitcoin's potential.

I don't see these credit card companies lasting long 20 years from now, Cryptocurrency will wipe out master card and visa because the interest rates are low. It's only a matter of time.

Well in that week it managed to surpass WU.
Considering all the advertising and costs associated with WU's revenue model that is quite the impressive feat for Bitcoin.

They won't go away just because crypto currencies have low fees. They will just create their own blockchain at some point to get all the benefits from it without losing any control.

What does them having a blockchain have anything to do with it?

Mastercard just frustrated , Bitcoin is the future

Now you can see that they noticed grow of bitcoin an started to take actions. It is better to start campaign against BTC while bitcoin is not totally mainstream and user base is not that big