Bitcoin Forum

Master card a basic credit card has promised to transact in crypto currency later this year. Although there weren't specific on which coin there going to list on their cards but we believe strongly a hand full of crypto currencies would be transacted using master card just the same way we do direct transactions from our traditional banking system.

If this becomes a reliality we then should also be anticipating for more crytocurrency ATM machines across continents most especially in underdeveloped and developing nations which are yet to embrace this technocratic innovation.

If this happens our banking system would be forced to do major transaction in crypto currency or else the might just have to suffer deflation on the long run. Considering the fact most companies now transact in crypto currency and pay workers in crypto currency as well

For me i feel the mayor of Miami who has intentions of turning his city into crypto hub which would likely be the worlds crypto headquarters would also love to partner massively with master card and other Debit and credit card companies to invest in Miami so has to generate massive income for his cities development.

If master card finally makes arrangements for direct crypto currency would our political leaders still have autocratic and dictective rule over their subjects anymore seeing that means of transactions has gone decentralized and the can't manipulate the market capitalization as the will with their economic and political exploitations.

Although master card is centralized and can easily be Manipulated I pray it shouldn't be a medium where by our nations governing council would try to manipulate the block chain space on a long run



https://www.coindesk.com/mastercard-accepts-crypto-payments

They will probably be one of the companies that will help you invest in cryptocurrencies. According to their website, they will support some crypto within their network and ensure that the ones they will accept are within their requirements. I like their idea of what they are looking for, and they mention four key elements.

• Consumer Protection
• Privacy
• KYC
• Applications and Payments

https://www.mastercard.com/news/perspectives/2021/why-mastercard-is-bringing-crypto-onto-our-network/

I think @OP you are assuming things with the move Mastercard did, you are right that they may accept crypto payments later in their business but it doesn't mean that they'll be removing the option for fiat currency paymnets. Mastercard doesn't even have any final approach for this move so we really don't know how they will implement crypto payments with their card system. Thus your assumption about banks being forced into a corner is not a possibility as we all know most of us right now are holding crypto not in a means of using it as a payment but in a means for investment.

Since I do live in Europe I did try to apply for one but unfortunately the application process was lengthy and at the same time they were asking a lot of documents so I did not move further and at the same time there are crypto cards which are making promises like *use it and you get 10% extra* , which I do believe is a little ridiculous. 10% ?! I see advertisements on YouTube regarding this all the time. So what I do right now is use my normal visa and I have integrated it with my wallet cum trading software, so I buy on the go when needed and send the money to the integrated bank account. Which is not only useful but also instant except at some times when the network congestion is happening but most of the times I do get the warning in advance. Be careful while dealing with such cards, they can very easily be a scam. ( Only very limited are available in a limited region.)

Manipulation is already gonna happen since there are so many whales and companies involved with bitcoins now. What am scared about is the  Government trying to Centralize BTC to earn more tax .

Dear @op, Mastercard is not a credit card company. It is a settlement provider for the plastic cards that banks provide to us!  So Mastercard is adding options to settle cryptos as well to make cryptocurrency more usable and also to fill their own coffers. Visa has planned a Similar approach.

These companies are technologically innovative companies so they quite well understand the future business market. So it is no wonder that they are trying to adopt and use cryptocurrency in their daily business. Just a wise survival strategy for the future!

Mastercard has said this will be possible this year ending prior to the government directive on cryptocurrency in Nigeria. I looked forward to seeing all this applicable through them in the Country.

Mastercard is a credit company that offers money to the customers to be paid at the end of the month. There is usually a certain limit on each card that we can use. As you said that these are tech companies who work well with payment transfers. Going into the crypto world is a good way to prepare for the future and try to offer more payment options. Mastercard is a global company that deals in all kind of currencies.

If master card isn't a credit card company as you claim what can the possibly offer to cryptocurrency. MasterCard is a credit, debit and prepaid card issuing company that has enabled fiat currency transactions digital and intercontinental.

Mastercard unlike other credit and debit card companies like visa etc, planning on accepting cryptocurrency would help transactions in bitcoin smooth and efficient

On one hand, it's good that companies like PayPal and Mastercard are willing to accept cryptocurrencies and make steps towards adoption. On the other hand, it more and more feels like they're all trying to turn cryptocurrencies into some sort of web money. People should know about the pros of crypto, such as privacy, full control, decentralization. If they all link crypto to bank accounts (which is inevitable, right?) and make the transactions through credit cards, this poses the question: what's the point of such cryptocurrency use? Will it still be crypto? 

^ My opinion is during the days when ATMs were myths, Mastercard was there to make the impossible and helped the world become having more convenient than before. Before them, people have to fall in line and approach an intimidating teller. Now, I guess they are making their best position with the innovation of fintech once again. They have done it once and they can still do it twice or even more.

"Coins"? No, they said they only like coins that follow KYC, can freeze user's accounts, etc. They don't even want to deal with Bitcoin, the king of crypto. Mastercard want to keep everything centralized and regulated, they don't support the philosophy of coins like Bitcoin that people should have full control over their money.

Many cards providers have the same approach like mastercard when bitcoin is getting more and more popular. Because of the high usage of bitcoin, they understand that it will soon become one of the biggest fishing rod and no one wants to miss the opportunity. The world is altering mostly everyday, so as companies. If they want to survive and thrive in the future, they have to accept the innovative techs

It is hard to manipulate bitcoin or any cryptocurrency unless they are made by government. Therefore, I doubt that they have the ability to control bitcoin even though they are a centralized company. Data is my only concern. You have to provide appropriate private data in order to use the new system

I hope that the KYC part isn't going to be a difficult one and that if we use their card, we don't have to worry about putting another KYC in other sites because the card already has the information, I am excited on this one and I do hope that it will be the case.

I think it would depend on where you are going to buy. I'm not sure what their plan is with purchasing and applying cryptocurrency purchases but I still think it would come through third-party sites and they would be able to accept it already because they allow it to. I can't wait to see the future of cryptocurrencies everywhere in the world and with the help of institutional investors, it would be seen more and more.

I hope everything would lead to an increase in price :D

They can't totally accept Bitcoin or else AMLA will run to them, that's why they are looking for a more cetranlized coin which require KYC so they can easily monitor that account and take the necessary actions if they saw irregularities. This is still a good news, at least there's an option now to buy cryptocurrency on a more secured way and no more reason to freeze your bank account because you transact on a legal way.

One of the main reasons people have to be bothered is the Centralization and other features/issues that go contrary to the ideals of True Cryptocurrency. People who depend on centralized organizations to store cryptocurrency are likely contributing to the zombification of the truely decentralized cryptocurrency. If the centralized companies/organizations take most of the users that should have been using cryptocurrency in decentralized form, then expect the potential turning of the cryptocurrency into Centralized Organization controlled by owners of the centralized companies and money bags.

If that's the case that is such a bore because you will have to do a double KYC then because they are such a bitch about it that they don't like the idea of collaborating their KYC so it will be more convenient. I do hope too that this will lead to increase in prices and I am sure that it will be because this is an adoption.

There's no KYC when using credit cards, so definitely not going to happen. It didn't happen to me. I don't know about anyone else. I think as long as your details are aligned, you won't have to worry about anything.

This is false. The banking system definitely wouldn't be forced to do anything. One company allowing for crypto transactions isn't going to anything consequential to the overall banking system, and 99.99% of Mastercard's own transactions are still going to be denominated in USD.

I believe that one system will not get disturbed by others just because of what other companies are newly adopting or continuing what they are doing for years. I could not get the point of how if major transactions will be happening in crypto will lead to deflation? A payment processor does not need to worry about anything like this as they are working as a hub and not controlling one thing for another. I expect in the near future, MasterCard will be a prominent payment system with both fiats and crypto options and I guess both of these payments stream will exist without troubling each other.

You will not be able to transact any Bitcoin with help of Mastercard. They will let you buy imaginary Bitcoins on your master card account. You will not able to withdraw them or deposit. All you will be able to do is speculate about their value.

Is it? I am seeing on few exchanges are also doing that. For example in my local exchange, I cannot deposit or withdraw dogecoins but I'm able to trade dogecoins for USDT. They are saying some reason why they have not enabled the deposit and withdraw functionality for dogecoins. I am just hearing about same thing with mastercard as well. Anyhow, we can expect MasterCard to add deposit and withdraw functionality for bitcoins in near future so that people who will able to buy/sell bitcoins more conveniently.

This reminds me of the PayPal situation! They are doing something similar...

In any case, and from any side, those third-party services will have to change the ways they operate if they wish to be ready for the future that's coming! And in that future, there will not be a need for some third-party services that have only one purpose, to transact money, we are able to do it now without them already! They are becoming obsolete!

Well, all third-party services that earn from the transaction fees (a lot) to move money from one place to another are big companies, with huge capital! And I guess when you have a lot of money you can easily transform your company and start offering more popular services...

It’s breath taking how giant financial based companies are accepting the crypto currency trend. They will do this to keep up the spark of their customers and trust in their firms. The technology is ever changing and it needs to be adopted if people love it and this one is great example of the same. Master card will be flash card for the crypto space and it will move the coins and it’s market cap to whole new dimension. So I’m pretty interested in this project and just hope that they will tell all the governments there is always a middle point where you can meet and taste both of the worlds.  ;D

I think Mastercard is doing just that with this awesome move of theirs. It's super amazing seeing big and successful financial institutions adopting bitcoin and other cryptocurrencies.  It shows they are ready evolve just the way the world is evolving technologically.  If they don't get on the train, they'd only get left behind which isn't so good for business.
I believe they start accepting bitcoin and other crypto but I don't think they'll rule out fiat currencies as an option. Not everyone is involved with crypto and they also need to satisfy the needs of those ones too. Else they'd wobble as though they are walking on a leg