Bitcoin Forum

Here's some positive news.
 
Visa enlists onto the crypto supporter group by allowing payment settlements using cryptocurrency.

Source here: https://www.reuters.com/article/crypto-currency-visa/exclusive-visa-moves-to-allow-payment-settlements-using-cryptocurrency-idUSB8N27V00M

While this is a pilot study, it seems that Elon's influence as well as other major finance firms like BlackRock Inc and Mastercard Inc is really making an impact.

I wonder which major firm/company will be next to realise the power of crypto  ??? ??? ???

another good development for the crypto community. though Visa is accepting only the USDC stablecoin at the moment, i believe, it is a matter of time before they integrate BTC and other popular alts. right now, for them, USDC is like transacting with USD fiat money. so they don't have to worry about volatility.
but already a good step to crypto adoption in their payment system. definitely, other big companies will follow their steps. anyway, big companies like Microsoft, AT&T, or BMW, have been accepting bitcoin payments for quite a while now. you can also check other 15 biggest companies that are already into crypto payment  here  (https://finance.yahoo.com/news/15-biggest-companies-accept-bitcoin-165115491.html)

Love it we getting so much good news daily!!!

Glad to see Visa finally following suit with Mastercard. Although it's still a pilot program, they said that they're looking to aboard more partners in the near future and maybe we could see some more support as well because they only support USDC crypto transactions at the moment. Let's hope they'll add Bitcoin to the list anytime soon.  Now that PayPal, Mastercard and Visa are rolling out support for crypto, it shouldn't take long for other major and minor financial firms will follow suit so let's just keep our fingers crossed. There's more coming, I'm sure.

Huge companies is already on the bitcoin bandwagon, it can't be ignore, otherwise they will be left in the closet with this new revolution.

I agree that this is welcoming news indeed, although not completely on-board because this is just a pilot program, but it's either they will go full crypto when this pilot program becoming encouraging for them and for their clients, or this is just the beginning for them and other well established financial and payment institutions.

they should enable dogecoin to make a deposit, if its from Elon effect then probably they already know about dogecoin and the new generation who entered the crypto world like TikTok users probably have also used Dogecoin before.
dogecoin -> visa
dogecoin -> bitcoin (eventually)
dogecoin -> defi, etc ...

I agree. There are a few big financial players making a move into the crypto space, regardless of how skeptic they might be, they don't want to miss out. And this is great as it adds traction and more credibility, laying the ground for others to join and continue with this rally.

I can only say that the crypto space will take over the financial institutions as we know it today, slowly but surely ;)

I don't know if I am one of the abnormal ones, but if it has nothing to do with Bitcoin, such news doesn't usually excite me or feel positive at all ;)
Bitcoin is a very secure decentralized network yet VISA seems to rush for a centralized USDC, one that can easily be controlled.

Aren't ETH fees kinda high right now and tend to get high when there's a lot of trading activity? How's Visa going to deal with that? Or does the settlement happen in batches rather than for each individual transactions?

From this article it's not fully clear how all this thing works and what's the benefit for the users. But the fact that Visa is interested in cryptocurrency is pretty big, but I wonder if they will ever adopt Bitcoin.

This is another adoption of crypto by the big company more will follow. No doubt this is one major news that drives crypto prices up today. Despite the global crisis, Bitcoin and crypto is going opposite the positivity is overwhelming we can say that this is the meanstream when big institutions recognise it.

I'm guessing they're testing out some stuff, hence why they wanted to start with a stablecoin. They're also probably checking out how much fees they would incur if they ever started testing, and then test around on a few coins here and there. I wouldn't necessarily be down since it's a stable coin, since originally the idea of cryptos being used by major financial corps wasn't that visible, and yet here we are now. Any development is still development in my eyes anw.

A welcome news indeed, but this is just one of the first few steps. It's great that we've arrived at this particular point but this is not where we want to be really. This is not yet the goal. This is a significant development toward mass adoption, though.

Even with this significant step, however, things are still essentially based on fiat. What was replaced with this decision was the conversion from crypto to fiat. But the replacement is not much of a big deal as it is a stable coin which is also pegged on fiat. There's not much change really.

at the current time I think it's fair to say that crypto has already dominated the world, if not for some government that overly paranoid against crypto we might have seen far better adoption right now but seeing that visa really trying to embrace crypto and trying to get into it, really make me wonder what's gonna happen to our crypto market 5 years in the future as it's only matters of time until other large corporations adopt it as well.
Maybe integration of crypto to apple pay and google pay next? who knows

This is another good news for the crypto community, Visa is now accepting cryptocurrency specifically stable coins, well this is just a stepping stone before they consider as well bitcoin and altcoins. It is such a great feeling that every single day, I always read good news about the development of the crypto community. Hoping that we could see a whole mass adoption shortly.

What I mostly wondered after reading this news the other day was when all of this is going to blow up in their face because they aren't embracing bitcoin, they are leaning more towards altcoins many of which are centralized and highly risky!
To be honest this news sounds more like a panic move without much thinking and the day the centralized altcoin scammed them, blocked their account or something like tat is the day they too realize they should never use anything centralized :)

looks Like i need to reactivate my Visa once more to have access in using this featur though this is just a Pilot program or a test but I'm sure the impact will lead for this to be permanently activated.

Well another Applause to Elon for this reaction from another Business example .

It's old news though but yeah still good news. I mean you know already Coinbase is partnered with Visa since last year already so Visa is definitely deep diving into crypto (and Coinbase I believe was part of that pilot program along with many other blockchain companies already).

Why are we crediting Elon for this also now?:)

Something weird is happening in the world of global finance,since corporations like PayPal and VISA became suddenly interested into adopting cryptocurrency payments.I wonder what's the main reason for this.This couldn't be marketing only.The crypto community is still relatively small and few hundred thousand new customers aren't such a big deal for major corporations like VISA.
Anyways,if VISA is going to embrace only stablecoins,then this is a pseudo crypto adoption.I guess that having Bitcoin settlements will be a little bit harder to implement,since Bitcoin is very volatile.

I guess they want something with high throughput and less hassle to set-up. They might set up their own node to process their transactions too if they think it's good enough. But even if that's not the case, using Ethereum is somewhat weird considering the fee is high, which is unreliable for microtransactions.

Sooner or later they might start using Bitcoin to secure big value transactions though, I doubt they're that stupid using a network where 51% attack is easier to do.

We don't know, maybe they are just really testing crypto for now and perhaps later will also allow bitcoin for their transactions. It's too early to say what's Visa's true intention, USDC and Ethereum Blockchain, for settlements, it's really decentralized and it could break anytime for all we know and with Ethereum's gas fee too high, doesn't make sense in the long run.

Maybe they just want to adapt so their businesses can survive, I mean that is the only way for a business or a company to stay relevant in this fast paced world, every trend should be ridden upon and if crypto is the trend then they better get in on it because people that are acknowledging bitcoin is slowly growing and companies wants those people to notice them.

Gone are the days when crypto was considered untouchable and even blockchain was not accepted.
Now many major business companies are not only adopting crypto and blockchain but they are heavily investing in them too.
Some of the major names that have already into blockchain/crypto are :
De Beers
Foxconn
Amazon
Baidu
BMW
Broadridge
These are only few names, you can find full list here https://www.forbes.com/sites/michaeldelcastillo/2020/02/19/blockchain-50/?sh=5549332c7553

There's another news outlet following up from this and that is 'PayPal to launch crypto checkout service'. Source: https://www.reuters.com/article/crypto-currency-paypal/exclusive-paypal-launches-crypto-checkout-service-idUSL1N2LR0OD

Again, if people still believe that VISA's move is not enough to encourage organic growth in the space of crypto here's PayPal trying to get onto that crypto finance...

Enjoy the read  ;)

I have saw some articles about that recently upon scrolling on the internet about news and even on the internet being shared by some of my friends and for me that is indeed impressive that Bitcoin adaption is continuously moving along side although it is still a pilot program with regards to crypto payments, still Visa is now looking forward to participate in the trend and this will give us a lot more hope for a better future of mass adaption using crypto as a payment option. It is really great how popular people and big institutions are showing interest with regards to cryptocurrencies and thay is very impressive for the reason that they are now realizing and recognizing the worth and importance of cryptocurrencies.

They actually found a nice loophole in the system with the acceptance of USDC ...because you are still converting Fiat currency to USDC and you are not messing with the US Dollar.  ::)

Yes, this is a gateway introduction for people into Crypto currencies... but StableCoins are not the same. A true Crypto currency does not in my opinion, rely on the US Dollar to determine it's value... it should purely be based on Supply and Demand.  ;)

Still some positive news and it will have a indirect influence on the Bitcoin price.

They are currently testing this as they have just launched the pilot program partnering with crypto.com to settle crypto transactions.They have just embraced USDC which is stable coin pegged to US dollar directly which is somehow making it more centralized move ahead of visa transactions.They will be using Ethereum blockchain to settle digital coins transaction into traditional money with its merchants.They will incurr high fees which is another bad move on their part but still they are using this following the other competitors like MasterCard and BNY Mellon but soon they will realise they have to add decentralised finance options like bitcoin into their system.

Will MasterCard somehow react to this?

It is really great seeing some companies changing their minds about Bitcoin. VISA is one of them which was totally against Bitcoin before. In time, I believe the number of institutions, companies etc. that embrace BTC will increase and it will help Bitcoin adoption grow also.