Print Page - effect of Visa locks on bitcoin

Title: effect of Visa locks on bitcoin
Post by: hugeblack on January 07, 2018, 10:00:13 AM

Quote from: http://www.independent.co.uk/news/uk/home-news/bitcoin-visa-cards-cryptocurrency-lock-prepaid-latest-a8144706.html

Shoppers using cryptocurrencies like bitcoin and ethereum were hit after Visa locked down some pre-paid cards by blocking a single provider.

BitPay, Cryptopsy, and Bitwala have all had their cards suspended as of 5 January, meaning they cannot be used to pay for goods on the high street.

Visa said in a statement: “We can confirm that WaveCrest’s Visa membership is being terminated due to non-compliance with our operating rules. All WaveCrest-issued Visa card programmes will be closed as a result.

“The termination of WaveCrest’s Visa membership does not affect other Visa issuers’ card programmes, including those using fiat funds converted from cryptocurrency.[1] (http://www.independent.co.uk/news/uk/home-news/bitcoin-visa-cards-cryptocurrency-lock-prepaid-latest-a8144706.html)

Source http://www.independent.co.uk/news/uk/home-news/bitcoin-visa-cards-cryptocurrency-lock-prepaid-latest-a8144706.html (http://www.independent.co.uk/news/uk/home-news/bitcoin-visa-cards-cryptocurrency-lock-prepaid-latest-a8144706.html)

1. Are you using Bitcoin pre-paid cards?
2. Do you think Visa locks will effect bitcoin?

Title: Re: effect of Visa locks on bitcoin
Post by: BillCoin on January 07, 2018, 10:13:19 AM

Quote from: hugeblack on January 07, 2018, 10:00:13 AM

1. Are you using Bitcoin pre-paid cards?
2. Do you think Visa locks will effect bitcoin?

It doesn't has a strong impact on bitcoin.
The companies that issued visa debit cards that are being loaded with bitcoins usually charged an huge fee for that, what made it really unprofitable to use the bitcoins through the debit card.

I don't believe that they had many users, but it's maybe a sign that regulators are starting to look into crypto market and may attempt to regulate it, a thing that will damage the market at the long run.

Title: Re: effect of Visa locks on bitcoin
Post by: soham on January 07, 2018, 06:48:58 PM

When Wavecrest got into a partnership with Visa, I am sure they have signed some kind of SOW with definite terms and compliance requirements. If you say that their membership got cancelled because they are using crypto currency, I am not buying that! Visa is global name in payment facilitation service and they operate on a strong operating values and compliance. I am sure, WaveCrest had violeted some of their SOW regulations and could not fulfill the compliance requirements as prescribed by Visa. That is the reason why they are locked out.

Bitcoin prepaid cards were not immensely popular so I don't expect any impact on the bitcoin due to this reason. This is just a temporary issue and I am sure both the companies will come to an agreement sooner or later to unblock their service.

Title: Re: effect of Visa locks on bitcoin
Post by: Kprawn on January 07, 2018, 07:09:43 PM

Visa is starting to feel the disruption and they are using their centralized authority to slow it down. The problem is that they

will not be able to stop it, because Bitcoin is spreading like a virus. Wavecrest is just the start, we will see a lot more push

back from Visa as Bitcoin become mainstream. We support Bitcoin, because it is decentralized. ;D

Title: Re: effect of Visa locks on bitcoin
Post by: StGermain on January 07, 2018, 07:29:46 PM

Quote from: hugeblack on January 07, 2018, 10:00:13 AM

Reading this I think that it can be that either they effectively did not comply with VISA rules or that VISA did set up a "trap" for this supplier. The cards business is still upcoming and these thing are bound to happen again.

Title: Re: effect of Visa locks on bitcoin
Post by: bitbunnny on January 07, 2018, 07:35:15 PM

I'm one of affected Bitcoin debit card user and that is a big inconvenience for me.
Still I don't think that this is some special war of Visa against Bitcoin and it will not affect Bitcoin itself in any way.
This is Wave Crest issue, as a Visa Europe provider and I truly hope that Bitcoin debit card service will soon find some new and trusted provider.

Title: Re: effect of Visa locks on bitcoin
Post by: carlfebz2 on January 07, 2018, 07:39:06 PM

Quote from: BillCoin on January 07, 2018, 10:13:19 AM

Quote from: hugeblack on January 07, 2018, 10:00:13 AM

1. Are you using Bitcoin pre-paid cards?
2. Do you think Visa locks will effect bitcoin?

Same beliefs on here which I don't really think off that they do have lots of users which we can able to say that I has really a major impact neither on bitcoin or into crypto market. One thing would be mainly affected is the service or company itself. This thing does really signifies that they are really trying to set out compliance or rules which would lead up to centralization and now they are seeing that bitcoin doesn't have those things.

Title: Re: effect of Visa locks on bitcoin
Post by: HODL_guy on January 07, 2018, 08:06:23 PM

1. No, I think it's too early for that.
2. Visa can do it right now but it will be impossible in future and Visa will have to respect crypto. I don't think it will affect BTC price.

Title: Re: effect of Visa locks on bitcoin
Post by: jseverson on January 08, 2018, 03:17:28 AM

Quote from: hugeblack on January 07, 2018, 10:00:13 AM

Shoppers using cryptocurrencies like bitcoin and ethereum were hit after Visa locked down some pre-paid cards by blocking a single provider.

Some is the operative word. Everyone knows the stoppage was about a provider, rather than Bitcoin itself. From that, we could safely assume that the door is open for similar services in the future. It's an issue short term, because it blindsided users, but should pose no real problems long term.

It doesn't seem to have moved the market at all, and it only really affected users of the Visa pre-paid cards. It's not going to have any substantial effects other than inconvenience on the aforementioned users' end. It would be a different story if Visa banned all crypto related programs though.

Title: Re: effect of Visa locks on bitcoin
Post by: player514 on January 08, 2018, 03:45:14 AM

Quote from: hugeblack on January 07, 2018, 10:00:13 AM

1. Are you using Bitcoin pre-paid cards?
2. Do you think Visa locks will effect bitcoin?

As far as I know this was only in effect in Europe. The articles I've read are only about VISA shutting things down there. I personally don't use Bitcoin pre-paid cards. In fact, I don't really like using Bitcoin as a currency for the reasons most people claim. The transaction fees and the length of confirmations are pretty rough on users. I'm not too sure how prepaid cards work, but I'm positive at some point you need to load them up, so the process won't be instant. I don't think many people are trying to survive only on Bitcoin. They generally can convert to fiat as they need, so I don't see this as being an extremely impactful change.

Title: Re: effect of Visa locks on bitcoin
Post by: chiggz on January 08, 2018, 05:15:54 AM

This hardly had any impact of Bitcoin. Its not a surprise as this was going to happen sooner or later. Anyone who thought that Crypto prepaid cards were the way to go are idiots. When these big companies like VISA and banks have their own terms and conditions they will happily enforce it. And all these cards using one issuer i.e Wave Crest was a bit worrying. I guess there are a few ones using some other providers like TenX. I guess even these might come down soon.

Title: Re: effect of Visa locks on bitcoin
Post by: shaun98 on January 13, 2018, 03:09:06 AM

1. I'm not using Bitcoin debit cards
2. I think it will have a short term effect on the price of Bitcoin, and as of today, I think the effect is gone. However, this affects crypto card providers as most of them have to find new providers.

Title: Re: effect of Visa locks on bitcoin
Post by: flippener on January 13, 2018, 11:25:58 AM

I use Cryptopay and this has shut down their debit card - fortunately I wasn't using it.

Title: Re: effect of Visa locks on bitcoin
Post by: Lucius on January 13, 2018, 11:56:53 AM

I was thinking to get one of these cards this year,but then this happened so I will wait to see how will these companies adjust and offer some new cards.I see Bitwala is working on new solution by making crypto bank,it will be interesting to see what can they do regarding this.

This move from Visa have some impact on users who use such service to convert crypto to fiat,but most of them will find a way to do that in some other ways(BTC ATMs or LocalBitcoins).There is no doubt that many users just want to convert crypto to fiat and use it in daily life,so the need for such services is likely to increase by the time when we get opportunity to pay direct in crypto with low fees.

Title: Re: effect of Visa locks on bitcoin
Post by: Semosuchi Tesongrato on January 21, 2018, 08:49:12 PM

These are the first bullets from the traditional economic system trying to protect itself.
Bitcoin its a real threat to the power of banks and governments; and as they start to realize its revolutionary potential, we can expect all kind of try to ban it. But in my opinion they can't win.

Title: Re: effect of Visa locks on bitcoin
Post by: joinfree on January 21, 2018, 08:52:59 PM

There wasn't any effect on the price if that is what you meant.

But yes, all those cards who were using that provider are now fucked up, that is why i have always prefered to use MasterCard's instead of Visa's for my bitcoin cards.

And they are more easy to use.

Title: Re: effect of Visa locks on bitcoin
Post by: seven2smoke1 on January 21, 2018, 09:09:50 PM

Quote from: hugeblack on January 07, 2018, 10:00:13 AM

1. Are you using Bitcoin pre-paid cards?
2. Do you think Visa locks will effect bitcoin?

I am already affected by this bad decision, on Visa. I think, they can make some new rules for the cards, but not stop them at all, It's too bad for people who own bitcoin/eth which they want to buy some stuffs using the internet with the Visa pre-paid cards. Personally, I used first the Uquid visa cards, which they have a contract with waves cards, after a few months they stop all the cards, I passed to Cryptopay cards, and then after a few months, I see the same thing, so bad for us.
For the 2nd question, Absolutely no, bitcoin will never affect by these kind of decisions.

Title: Re: effect of Visa locks on bitcoin
Post by: francojon on January 21, 2018, 09:34:42 PM

Quote from: hugeblack on January 07, 2018, 10:00:13 AM

I think that VISA has tried to send a message out there to all the authorised card issuing partners. They just want to make sure that the new crypto wave is delayed as much as possible.

Title: Re: effect of Visa locks on bitcoin
Post by: Brunus on January 21, 2018, 11:20:57 PM

This is a clear sign that tha war against crypto is officially declared.
But banks and governments can only procrastinate the bitcoin victory: the only way to stop cryptocurrencies is to shut down the internet...

Title: Re: effect of Visa locks on bitcoin
Post by: alyssa85 on January 21, 2018, 11:23:48 PM

Quote from: hugeblack on January 07, 2018, 10:00:13 AM

1. Are you using Bitcoin pre-paid cards?
2. Do you think Visa locks will effect bitcoin?

Well it's time for Bitpay and others to create a way to use cryptocurrency without touching the Visa network. Hopefully this should spur innovation.

Title: Re: effect of Visa locks on bitcoin
Post by: Cryptophorus Columbus on January 22, 2018, 12:14:45 PM

It seems that traditional financial institutions start to realize the revolutionary potential of bitcoin, so they try to put things under their control.
Of course, this will create some difficulties (expect some campaigns saying that bitcoin is used to finance terrorism o something so, just to have a pretext to demonize it), but it can't stop the bitcoin progress.

Title: Re: effect of Visa locks on bitcoin
Post by: hase0278 on January 22, 2018, 12:37:53 PM

Quote from: alyssa85 on January 21, 2018, 11:23:48 PM

Well it's time for Bitpay and others to create a way to use cryptocurrency without touching the Visa network. Hopefully this should spur innovation.

This is not a new thing already since there are existing services and projects dedicated to create a way to use cryptocurrency without touching the Visa network. The only problem is that they are not being used that much because of few sites using their services to accommodate crypto users. In fact, all coins in the market can be used to transactions without touching Visa network but only a few shops accept them as payment for transactions.

Bitcoin Forum

Economy => Economics => Topic started by: hugeblack on January 07, 2018, 10:00:13 AM