Bitcoin Forum

VISA suddenly collapsed...BTC has never crashed..
The era of digital money is approaching? BTC go to moon?
https://sv1.uphinhnhanh.com/images/2018/06/03/image72147.png

but BTC did crash. 2013 leveldb bug..
in 2013 btc merchants literally stopped trading/accepting payments for hours, and worried about risks of double spending and if things would ever go back to normal.. (it eventually did go back to normal hours later.. but lets not pretend the event didnt happen)

i personally have a large hoard of coin from as far back as 2012. so dont get me wrong when i point out the reality.
but trying to use an event and then over promoting btc and underpromising it with lies wont actually make people trust or desire btc.
its far better to be brutally honest and get people who see the benefits of it. than to be shady and misrepresent it

i see many times thos that over promote btc are usually the ones waiting for their time to exit btc and run back to fiat in profit. not caring for the longevity/features/benefit of btc. and only looking for fiat profit. whih doubles the shady nonsense approach they try

bitcoins ill is that its a vampire, sucking on the energy production

Bitcoin can't replace credit card now. There are issues like, scalability, confirmations time, transaction fees.
So no one is accepting bitcoin as payment, price is too volatile.

Maybe lighting network can help but im not sure if it could solve all the issues about it.

it may be too far to compare visa collapse rather than btc crash. and too early to pair them. maybe for a few more years you will find the right answer for your statement.

There are over 100,000 merchants accepting Bitcoin and it keeps growing. How is it no one is accepting bitcoin"?
Volatility price is not even an excuse, because they can get the bitcoins converted to fiat automatically.
Visa also as fees by the way.

VISA already set its capability to ease the payment of people around the world since it was made and with that it really help in good terms so I don't think that it will collapse soon because it still working just fine and the number people that is still using it are way many compare to Bitcoin.

I believe in the future of Bitcoin as a payment but it was not meant to destroy or even collapse other payment platforms, let the best payment platform rule in the future for the betterment of mankind.

well visa is a very huge company, same as mastercard, I think these sudden problems would be fixed very soon and it will continue to operate normally,. this company is too big to fall, right?
as for bitcoin, this is really not the same case and I do not how it could be compared with visa.. they are really different.

In case, that btc using the same number of people like the visa, btc would by collapse too.

Well. Extra confirmation that there is no ideal system. Even a time-tested VISA payment system fails ))

Lightening network can only solve the transaction confirmation speed problem but until bitcoin's price is stable, which quite possible will never happen, we wont see mass adoption. Imagine if a business collects $200,000.00 at the start of the week and at the end of the week, its only worth $150,000.00 .losses like that can kill businesses.

Businesses don't create a crap ICO to collect money. And businesses work with fiats. How do you want a business pays the taxes, offices, workers with cryptos.
They borrow money to the banks and refund the funds within 10-20 years, or they already have the funds. Crowdfunding is not so much used but imagine if every new company has to start an ICO to collect funds.....

Are you happy that Visa is having issues with transactions going through that you quickly are shouting it has collapsed? Your thinking that bitcoin has not collapsed before is not true. How do you define what happened to bitcoin that it fell from $19,500+ to around $6000 some few months ago, if not collapse. What about when bitcoin confirmations were delayed? Bitcoin also has its own issues too.

Well, my mum had problem at shop to use VISA card. So I agree it will speed up the development of Lightning Network by getting new developers, but it must be really carefully made software which is easy to use and secure for average user. The barriers for financial software are really, really, but really high.

Would you rather allow scientists to suck on that instead? Check how much experiments in physics like the particle colliders are using and their research doesn't seem to lead anywhere. Let's be honest here Bitcoin is using energy but so are other things. Energy is meant to be sucked as it can't be stored efficiently.
Also, my visa is working fine.

Visa collapse is likely a big exchange or service related to btc that collapse.
I think is not the same of a whole collapse. Otherwise as franky1 reported in the past there was some situation where only transaction with more confirmations have been accepted.
Unless we get more and more btc atm we need service offered by credit card company to cashout crypto to fiat.

Visa is digital money too, but the fact that it is centralized is the problem. I would say that the era of decentralized currencies is approaching.
This might just be a hiccup for Visa and may be rectified soon, but it is an illustration of the problems that are possible for these centralized organizations.

I'd call it more of a burp than a collapse. It lasted a handful of hours and many people were still able to use cash machines. It looks like it was more of a POS terminal problem which was rapidly sorted.

But hey, let's have more of that 'Bitcoin user unaffected' crowing which makes no sense to me.

No the first time not the last. Visa and other payment processors had many downtimes in the past.
Then never made people doubt them to the point of choosing Bitcoin over standard card payments.
I don't think society at this point is capable of changing the way of thinking about how we use our money.

Maybe VISA have some reason for the disruption occurred. BTC is not collapsed because everyone prefer the decentralized currency.
many already use bitcoin for various purpose. There is no way for bitcoin to collapsed as long as many peoples use it and believe in btc.

Even if the issue of transaction speed is resolved, but for the price fluctuations, it seems to be difficult for some companies to use bitcoin transactions. If it is normal personal consumption that uses bitcoin real-time prices, there is no problem, but for For transactions between companies and companies, they need to sign contracts in advance and the funds need to be traded in batches. This price difference has a great impact on them.

Got to say I'm actually with you on this franky. Far too many Bitcoin "holders" who think they're doing the coin a favour by holding it, talking about how superior it is when events like these happen and saying: that wouldn't happen to Bitcoin. But they wouldn't know. Because they don't actually use Bitcoin. They're just waiting for their exit so they can ride off into the sunset with their lambos.

I've got most of my "crypto" belief in Bitcoin, if not all. But not to the point I need to be blind and hopefully never to the point I think it solves every problem in the world, because it doesn't.

It's not happening because there are some issues with VISA but I do see the fault of centralized systems. On the other hand, decentralized currencies have fewer chances of system failure as the capacity of such system to deal with the high volume is much more than that of a centralized system. I am not against VISA or any other company but I am no more a fan of the centralized system.

I think it is not a subject to compare it with bitcoin.

Don't you think it is a good news.

It's a really nice example for the reason that we need payment processors  to be decentralized.
When this issue to Visa happened, large amount of stores who were using Visa to process payments was just stopped working and they couldn't process payments, imagine a big mall who just can't accept new customers and have to stop working, can you imagine how much money stores and other corporations may lose from such a scenario? tons.

One of the things that bitcoin offer is the ability to guarentee a 100% time-ups, it's a very serious thing that there is not a company or payment processor who can offer the same.

Visa Network Crashes across Europe and UK! Is it the time for Blockchain?

The Visa credit card network slammed over the United Kingdom and Europe, leaving millions unfit to pay for different merchandise and
ventures with debit or credit cards.

Visa's credit card payment platform is broadly steady. In the case, prior today, it smashed in shops, corner stores, and railroad stations crosswise over
Britain and Europe, leaving millions unfit to utilize their debit or credit cards. The fall occurred at around 2:30 pm on Friday crosswise over
Europe, as indicated by The Guardian.

Visa reacted to the episode saying they were encountering "a service disruption" over the mainland, despite the fact that they didn't recognize the
reason for the disturbance.

“This incident is preventing some Visa transactions in Europe from being processed. We are investigating the cause and working as quickly as
possible to resolve the situation,” clarified Visa in an announcement.

Over the United Kingdom and Europe, lines started to frame at gas service stations as disappointed drivers were not able to pay for their gas in
the wake of topping off. Comparable lines showed up at Sainsbury's markets and train stations.

Mastercard's payment network continued to work as usual. However, clients with debit cards or credit cards associated with the Visa network were
left with no real way to get to their cash.

The Visa network was down for roughly 30 minutes before it was re-established around 3 pm on Friday. Notwithstanding, retailers detailed that
payments were reestablished sporadically and that a few payments proceeded to still not pass across.


So, Can we Say- It's Time For Blockchain?!

To read full news, visit: https://cointopper.com/news/visa-network-crashes-across-europe-and-uk-is-it-the-time-for-blockchain (https://cointopper.com/news/visa-network-crashes-across-europe-and-uk-is-it-the-time-for-blockchain)

Give us reason why do you think that? Knowing that visa is used to transfer money in the electric way and that bitcoin is itself a digital format of money well we could compare some aspects of it. Though bitcoin has a problem with scaling and with price fluctuation. Where as visa does fiat money transfers which at its core means that fiat is stable and it can process a lot more transactions.  So for bitcoin to be even seen as an alternative to visa it has to get a lot of things done.

20 hours of reminding which improvements give blockchaing technology.
Maybe it was planned attack from crypto enthusiasts?

I think thats why blockchain technology is powerfull than centralized technology. Bitcoin depending processing data on miner all around the world and thats more powerfull than centralized system

In addition there are always Bitpay, a global bitcoin payment service provider that can be used by a lot of merchants who wanted to accept bitcoin so volatility problem is solved.


Yeah, probably just a network hiccup and we all know that sometimes Visa always experienced this kind of issue so I don't think that we should make a big fuss out of it.


LOL. I knew exactly that someone will post this kind of speculation. But I don't think that this is a collaborative attacks from crypto enthusiast to down their system. And what's their to proved though? Will majority of them suddenly shifts to bitcoi and crypto as payment scheme? Nah. Sometimes system is not 100%, just to show you that no one is really perfect.

VISA network was collapsed just like usual centralize network can anytime without any notice but price of visa is not volatile so many people still tend to trust all these banks and VISA like payment gateway despite their hefty fee on each and every purchases.

I have heard something about VISA B2B blockchain based network/research before but looks like that is just another publicity stunt and they are still under their old classic centralize network.  ;D

the company has since said it "fell well short" of its goal to ensure cards work reliably at all times following problems on Friday afternoon.
Visa users complained about the issue, which was the result of a hardware failure, on social media.
A Visa spokesman said on Friday night: "Earlier today, Visa had a system failure that impacted customers across Europe.

This has nothing to do with Bitcoin and will not affect the price. And you can't compare Bitcoin system and Visa system, it's completely different way of functioning.
Yes, Visa had some serious technical issues but such problems appear from time to time, not to say they are normal. Bitcoin can't and will not replace credit card issuers, no matter the problems they might having.

In this era of technology it will be difficult for big companies to grow if they do not keep up with technological advances. Just like bitpay, it should work with bitcoin.
In addition to using a credit card, they must also receive payments using digital money.

A visa is a banking system. It does not own its value other than shares. I think it's not right to compare the company and the coin. And this is a big misconception that bitcoin will NEVER collapse

Completely perfectly agreed. Visa is totally different from bitcoin. For that reason, there is no need to compare bitcoin and visa. Visa will completely overcome the problems which It has encountred so far.

i actually share the same opinion like you. technical difficulties are always present, aside from those hacking attempts and system failures, besides they have different structure system. it also doesn't indicate that the fall of one structure will be the end, one more thing also, every system encounters this kind of problems and its quiet natural, but it is not the end of it.

Bitcoin always crashes but also can return. Let's face it we can't make Bitcoin as a payment method. We just have to find another coin that could do that role.

BTC is crashing every year. So I don't believe that this could be the result of a new era you're saying LOL. Everything in this would can and will crush in time.

No company, product or service is perfect. It’s quite normal to hit a few rough patches every now and then. What is important is that it fixes its issues and comes out stronger than ever. And for sure Visa is working harder than ever to improve their service to prevent Bitcoin from taking over.

right. no system that has no holes at all :)) Who Am I

This is FUD of the worst kind, because it falsely pumps up the opportunity for Bitcoin by implying that incumbent options are failing...which they aren't.

https://www.birminghammail.co.uk/news/midlands-news/why-visa-card-system-collapsed-14733822 (https://www.birminghammail.co.uk/news/midlands-news/why-visa-card-system-collapsed-14733822)

This was an isolated incident, not a global collapse. And guess what, they're back online now and consumers barely noticed the outage. Let's not over state the opportunity here.

That is just a technical error and they are working to fix it. That's not a fall. The era of Crypto has not come yet, it needs a long time to prove the virtue it brings to the world. In addition, it needs to be edited in so many ways. It needs to be transparent in transactions, investment deals need to be rigorously managed to avoid fraud.

I think the VISA network is back to normal! That's what matters if we experience a permanent breakdown or frequent breakdowns then that becomes and issue.
However, this was a temporary issue which VISA resolved it quite quick! As mentioned else where Bitcoins has its own issues to be used as a currency, even as a cryptocurrency bitcoin crashed earlier  because of scalability issues etc.  Learning from mistakes, new advances in technologies will make cryptocurrencies more
suitable to be used as a common global currency that is fast, reliable and cheap to transfer.