Bitcoin Forum

The largest cryptocurrency, bitcoin, is a commodity and not a payment system, according to Visa’s chief executive. Visa will also not give bitcoin or other cryptocurrencies a platform for wire transfers and exchanges. “I don't view it as payment system player,” CEO Alfred Kelly told CNBC.

“We at Visa won't process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions,” he added. Visa is the world's largest credit card company.

Bitcoin was originally created as an alternative de-centralized currency. However, with its 2,000 percent growth last year, it has become a source for speculators to make a quick buck. As bitcoin turnover grows, it faces problems like high fees, astoundingly slow transactions and volatile prices.

https://www.rt.com/business (https://www.rt.com/business/416395-visa-bitcoin-war-payment-system)

So wouldn't a visa transaction to a usd wallet on an exchange be a fiat transaction

Excellent news!

Visa is a competitor to Bitcoin. We want them to get out of the way! Bitcoin and crypto currency was created so we don't need to use Visa...and get charged their outrageous fees for using their payment system.

Ripple is set to replace Visa for business to business transactions.

The reality is that low cost and faster transaction times will win. Visa can't compete, so they criticize.

I don't think that a decision would anywhere be affecting the Bitcoin or even the cryptocurrency market. The process of revolution has started long ago and now cannot be stopped irrespective of the multiple attempts from the existing giants. These companies can definitely stop people from transacting in Bitcoin through their platform but they cannot stop people from using Bitcoin all cryptocurrencies at all. They have full right to defend their soil but I don't see any value in these attempts.

Visa is like a fool, they will be replaced by XRP.
The BTC and altcoin transactions do not require Visa.
Visa does not understand the big trends in the blockchain, and I think they will eventually be eliminated.

Visa and Mastercard are the only 2 universal business entities that can create its own money system should there is a "single currency" worldwide.

Bitcoin and blockchain ignored the use of debit and credit cards for digital payments. Now Bitcoin is last in the line for digital money.

What the Visa Company said was true. Actually bitcoin right now is not yet functioning truly as a currency. And it is also true that the majority of bitcoin holders are treating bitcoin as a commodity rather than as a currency. But sooner or later bitcoin will be treated as a currency, and right now we are slowly walking on that path. It maybe will take years but we will reach that goal.

Yes it would, especially if the exchange is based in the US. Visa is located in California, so they should obey their state laws and in this state there's a bill already being constructed that will legalize cryptocurrencies and allow for government records to be kept on the blockchain. I wonder what will Visa say when this bill passes.
Maybe they're against people buying BTC on credit, which might be an additional risk to them, but with such attitude they should also block all the legally operating casinos and not allow people to buy chips.

It can be their current position to crypto, but in the situation when the whole banking system will have to change due to involving crypto in everybody's everyday life VISA or MC or others will simply have not a way and they will have to be plastic with all this modern terms and requirements.

haha, this was a very funny news. thanks for sharing it. i don't know how i missed it since it is quite old too.
it is mostly funny because in my head it is like a small food truck (Visa in this case) talking about McDonalds (imagine bitcoin) and say they won't buy hamburgers at McDonals ever.
who gives a shit if Visa is going to process cryptocurrency transactions or not. they don't need Visa at all.

The creator of bitcoin created it as decentralized ; geographically accessible breaking national boundaries; without any control over it.  The purpose was p2p platform for transactions.
But the speculators converted this currency into one instrument (commodity) and with the entry of speculators; the price of bitcoin surprisingly rise to unbelieveable heights. 
So honestly speaking; the chairman of Visa when says that bitcoin is commodity not currency; he is not 100% incorect.  Because it is being used as a source of investment so it is not currency but it is commodity.
But time may change in future and the bitcoin may again be used for the purpose for which it was created i.e. transacting for monetary payments only instead of speculators making it dance at the directives of speculators.

stopped reading at 


 ::)

I believe the C.E.O of Visa company according to the laws of the United state of America. Its a fact that they may not allow their company to process Bitcoin and other cryptocurrency transactions but that cannot stop cryptocurrencies from trending. There are other means implemented already and those yet to be implemented which would give people the platform to trade in cryptocurrencies

Crypto currency is in the world increasingly strong positions and it causes concern of many companies including the Visa. But the process of the financial revolution has already been launched and it can not be stopped.

Volatility has always been the issue of most businessmen why they wont consider bitcoin in their businesses. Coz if you buy $20 worth of btc now, tomorrow it may be worth just $9. Volatility is nkt good for the business. The issue of bitcoin not being a currency is because it wasnt accepted in most countries. In a country like japan where most businesses accepts bitcoin, it is regarded as a currency and not an asset.

Bitcoin is direct competition for Visa if Visa is stopping bitcoin means they are afraid of bitcoin and Visa tieed up with banks to ban bitcoins to some extent Bitcoin is people currency they will buy at any cost

Old news, I believe that both VISA and Mastercard said that they are going to block bitcoin related payments around 4-5 months ago when the US regulators started making steps against cryptocurrencies


No, actually they are meant to block any transaction that their automatic systems detected that it is related to cryptocurrency trading, most likely buying in coinbase/Circle with credit card won't work, also blockchain companies that offered debit card based on bitcoin will be closed as their cards are going to be blocked by Visa and Mastercard.

It's seen as too risky because the fluidity of the liquidity of prices within the market. The price could jump high, or fall low, all within the course of a day. That is a huge financial risk for a bank to take part in. Also, the regulations on crypto aren't entirely certain in every aspect.

Their statement is obviously economical with the truth because at the end of the day, their main reason for not wanting to support Bitcoin is because they know it's unlike other competitors and doing so would actually mean an endorsement. Just like I won't expect to find a Benz in a BMW show room!

Just goes to show how hard companies will go to ban crypto in their space. Sounds like they're missing out to me.

I will come back to Bitcoin after 5 years. If Bitcoin is there, it will go the silver way. Just as Silver was $80/ounce in 1980, Bitcoin can go back to $200.

Of course, you cant just expect visa to accept crypto while they are the biggest player in fiat payment market
Why do they have to risk their comfortable position to try new things?
When you do not try to accept the technology, you will find yourself left behind by the technology itself

I am not too surprised. First of all, the legal status of Bitcoin is not clear in many of the jurisdictions. And secondly, Visa may consider BTC as a competitor which can have a negative impact on its business in the near future.

it always starts with situations like this and finally it ends up with we have been looking for a way to tap into the blockchain technology and finally we did but what we wished is that we started it far more earlier. those will be visa's comments in the near future.

Currently it can be a good position for them to crypto with a situation when the entire banking system should be able to change because it can involve crypto in everyday life for everyone, Visa or MC or others have no way and they should be like plastic with all requirements in a modern way. Over time there will be state approvals allowing visas to transact via bitcoin or other cryptocurrencies. 8)

Bitcoin and blockchain ignored the use of debit and credit cards for digital payments. Now Bitcoin is last in the line for digital money.

The CEO of visa may attack or withhold the access to use it platform to carry out cryptocurrency transactions but thank God for advance technology that allow user to have access to exchange of fait money and cryptocurrency I know since visa operate on the traditional banking system it will always come against cryptocurrency.

   I personally think that VISA and Mastercard they should be more open to innovation if they want to win long term - 10 plus years. Innovating only if you have to will = failure. Organizations need to examine how they can best take advantage of Crypto and other technologies. The future is coming whether you prepare or not.

if visa wouldnt another company will do, visa is a big player in card/payment based on fiat bussiness, if visa allowing bitcoin/cryptocurrencies to using visa platform it will ruin visa bussiness itself

Visa among other credit card operators have always kick against transactions that involved bitcoin or other cryptocurrency but the fact still remains that with time the same visa card will adopt and allow the use of their service for transactions that involved cryptocurrency currencies because the  world is speedily adopting bitcoin which any credit card and financial operator who don't join the moving train will be lacking behind.

if the news is true. It is jabar that is not good because it is not what we expected. because I hope we can use bitcoin for transaction services. both in the digital or real world.

I am yet to understand what people really think about $Bitcoin and cryptocurrencies! It annoys me each time I read/hear projects going to obtain cards/adopt card services for a cryptocurrency!! Is this really it?? Do we need cards for cryptocurrency transactions?? If yes, what are the reasons for Cards!? Isn't wallet to wallet transfers via mobile devices lovelier?? and more convenient?? Cards are Uncrypto By my assessment! Why not forget card services?? Afterall it is these same card services that $Bitcoin and Cryptocurrencies  are suppose to remove from the space as they are middle men who the tech seeks to bypass! Enough of all these card rubbish! It makes nonsense of the idea behind crypto!!

They said they would want to be in the middle of the crypto market if it comes to that. But crypto needs no middleman :)

https://coincodex.com/article/2548/visa-ceo-says-crypto-not-a-threat-to-the-company/

I have heard the same thing but to my mind this may change with time and we will be able to use crypto, especially btc for transactions. As for me, this is possible and i don't understand why we can't do this

Agreed why to ask this question to them in the first place. If they are like competitors this is probably what he will answer. I think it will be goodbye visa in the future or hello VISA Coin.

How quick time flies? there's a change of heart for VISA's CEO.

https://www.ccn.com/visa-ceo-crypto-is-not-a-big-threat-but-if-needed-we-will-support-it/
https://www.cnbc.com/2018/10/25/visa-ceo-cryptocurrencies-not-a-near-term-threat-in-any-way.html
https://www.newsbtc.com/2018/10/26/visa-ceo-we-may-move-to-adopt-crypto-assets/

I fully agree that Bitcoin is a commodity and not a means of payment. It is very bad as a digital currency, so you should not consider it as money at all.

Visa is one of the biggest rivals of bitcoin, because equally as an alternative to digital payment instruments, I think it is impossible to happen about a visa to cooperate with bitcoin at any time.

Well ofcourse that's impossible visa allowing to process bitcoin
Visa credit card is one of most pioneer in credit card use online banking system
Bitcoin or cryptocurrency is treat for visa processing via wire topped transaction
Possible to replace bitcoin fiat online visa transaction crypto allowed to combine into visa credit card

In the interim visa won't process bitcoins but I can say that if bitcoins go mainstream in the future and the demand is so huge, there wouldn't be an option for visa but to process it on behalf of it customers.

Bitcoin actually same with fiat, in digital way. And can be used as payment if people agree about it. Even with problem that can cause bitcoin very bad as digital currency, it can solved by people so that problem not happen.

because visa see that crypto growth is still slow, I believe, if the growth of bitcoin and other crypto is better, and faster, enthusiasm in each country becomes high, demand increases high, and even some countries that legalize crypto are more dominating, then the visa will give positive response to bitcoin and other cryptos. The visa will change or add some features to a new application for crypto.

It is obvious that the person fills to himself the price. Today, he claims all over the country that he will not have any dealings with cryptocurrency and that visa transactions will never process, thereby instilling competitors a false view of the situation with the crypt. And as soon as the stability of the Fiat currency is shaken, the visa will be the first to start withdrawing the crypt into real money at ATMs. It's a matter of time and I think very close.

As an update to this, Visa's CEO is open to processing crypto transactions as a middleman if it becomes significant enough:

https://www.ccn.com/visa-ceo-crypto-is-not-a-big-threat-but-if-needed-we-will-support-it/

It's all about the money.

Isn't it a good news? Visa has just shown its inability of how payment can't be done. They only processing fiat and non-cryptocurrency based, along with its problems. They just can't see how payment should work in the future, even they claim themselves as the largest credit company, it wont work if they still stuck with its high fees, slow transaction, or even volatile prices and other problems they carry with. Let them sink with their understanding, until they realize one day they have been left far away by bitcoin system.

Earlier this year, a number of prepaid crypto debit card providers had their services suspended by Visa.

Bitwala, Crytopay, TenX and Wirex were affected. TNW published a statement from Visa Europe confirming it had terminated its partnership with WaveCrest Holdings, a global payment solutions company, after it had failed to comply with Visa’s operating rules. WaveCrest is the issuing partner for the affected parties.

The legitimacy of cryptocurrencies is a hotly debated topic among economists and trading strategists. A number of economists have raised concerns over the substance of bitcoin and other cryptocurrencies.

Late last year, UBS chief economist Paul Donovan claimed crypto was the “bubble to end all bubbles”.

“Cryptocurrencies only have value if accepted as currencies. However, they cannot be used for the most important transaction in an economy, and cryptocurrency supply can only rise and never fall (making them a poor store of value). To date, using cryptocurrencies requires (effectively) a simultaneous asset sale and purchase of goods or services,” Donovan said in a note to investors in December 2017.

Despite economists’ hesitations, the largest US options exchange, CBOE, launched bitcoin futures trading last year, offering investors an opportunity to bet on whether a cryptocurrency’s value will rise or fall over time.
The information I read.!

I think they still have hard feelings to the cryptocurrency but Im sure later on they will soon realized that they will also need to accept crypto trasaction because if not they will be left by the new technologies.

Imagine a business that dont accept crypto when most of the people use it.

It is worse for Visa if they will not support a bitcoin, less business for them. Most probably they don't see a crypto potential or just don't want to support it as they are scared of competition. It is a big loss for them.

The company seems to be under the auspices of the government, so it is difficult to accept crypto payments, but it has become its policy and this is nothing to blame. Indeed they do not understand the crypto that they see is only one eye, but that is what happens, and we must appreciate it.

Visa won't process transactions that are crypto-based because they only see crypto from the negative side, just wait until the demand for crypto increased and many people around the world using crypto and we will see visa will accept the crypto too because they see a huge potential...

there you go. money will always talk. if they see they can benefit from it, CEOs can change their minds about it. same thing with governments, they should really take this opportunity as early as of now so they can collect more when bullrun comes. if its possible that they create their own crypto, no one is stopping but at least the government is up to develop in favor for this coming trend.

    Perhaps someone mentions of the low trading volumes, the fact that Visa doesn’t see bitcoin as a threat, the decreasing values of google search trends. I’m pro bitcoin, but feel that a balanced approach might spark more productive discourse.

Bitcoin is the largest growing crypto currency ever as from having millions of haters to millions of investors millions has made a tremendous progress in the last past decade, though the journey was never that easy but has faced many obstacles and now is on the top of crypto ranking but still till now it is only available as a type of investment only as payment making through bitcoin is still not allowed but with the past growth of bitcoin and specifically in the last year that was 2000% there are still hopes to bitcoin to get legalised all over the world and then it will replace the available Fiat currencies.