Bitcoin Forum

Wal-Mart [WMT (NYSE)] has just filed a massive $5 billion lawsuit against VISA [V (NYSE)] over card processing fees..!!

It's all over the place in mainstream media:

http://www.reuters.com/article/2014/03/27/us-walmart-visa-lawsuit-idUSBREA2Q2BJ20140327 (http://www.reuters.com/article/2014/03/27/us-walmart-visa-lawsuit-idUSBREA2Q2BJ20140327)

http://money.cnn.com/2014/03/28/news/companies/walmart-visa-suit/ (http://money.cnn.com/2014/03/28/news/companies/walmart-visa-suit/)

http://www.bbc.com/news/business-26780821 (http://www.bbc.com/news/business-26780821)

http://www.bloomberg.com/news/2014-03-27/wal-mart-sues-visa-claiming-card-transaction-fee-fixing.html (http://www.bloomberg.com/news/2014-03-27/wal-mart-sues-visa-claiming-card-transaction-fee-fixing.html)

Is this the Beginning of the End for conventional payment processors like VISA & MASTERCARD (and Rise of the Bitcoin)?

Well Wal-Mart isn't it time you started accepting Bitcoin?

None of the above. It will be the wake-up call that results from the inevitable fiat-implosion of one of the major national economies. That event will drives millions to seek refuge in crypto, and not just from the nation that implodes, but from every nation in the world.

I'm taking bets on whether it'll be the euro, the dollar, or the Yuan that pops first.

Huge companies can afford to settle.
They will not go down without a long, bitter fight against Bitcoin.

heard about it couple days ago on reddit, bitcoin will replace easily visa/mastercard
so easy, smartphone and thats it

HARDWARE WALLET ... we need you!  :'(

This is huge news! As much as I despise walmart....I despise the CC companies even more.

i think it would make walmart more money because it would cut down on processing fees. i think walmart really should consider bitcoin as a payment method in the future

Just like the Vietcong outlasted the US military in Vietnam, so shall Bitcoin technology outlast the banks and all of their expensive tastes.

Bleed 'em dry!

For online, its easy. But brick and mortal retailers, we need something like hardware wallet to safely using btc publicly. I dont trust smartphone or ANY internet access.

With hardware wallet, you dont need to have internet access, you just sign the tx and on your way.
 

You make no sense whatsoever. What the fck does this has anything to do with banks and their expensive taste?

None of the above.

Bank bail ins in a country that people have heard of (no offense talking about the masses here) that can't be swept under the rug.
(aka not Cyprus, but Spain Germany or France)

Launch of a secure & usable hardware wallet will be a milestone in the history history of Bitcoin. 

In future, we can even expect credit card sized hardware wallets (which may be called 'Bitcoin Debit Devices') which merchants can simply swipe on their 'Bitcoin Debit Machines' to quickly charge their customers - all of this without the huge transaction processing charges.

I'll be interested in updates.
It is Huge news.

Credit card company's wont admit it but they fear Bitcoin.

That's why it's so difficult to buy Bitcoins with a credit card.

Thankfully we still can @ VirWox via USD -> SLL -> BTC

This is simply not true.  Visa hates dildos, bongs, pornography and bullets but you can buy those things with Visa.  Visa doesn't go around deciding who can use their system based upon their love/hate for a product.  If it is legal to sell, and sometimes even illegal, Visa is going to let you use the system so long as they get their cut.  Its just business.

Expensive taste = itemizing every single portion of their business model and charging an associated fee.

Think outside the box, son!

No.

Large corps like to threaten each other with lawsuits, but both know full well that they can't do without each other. Walmart will not accept visa at their counters? or Visa stop authorising payments at Walmart outlets?

It would make far, far, less money, because people would only be able to spend money they actually had right then, not buy on credit.
That would reduce WalMart's profits far more than the couple of percent they pay to Visa.

I'd be surprised if Walmart pay above 1% to Visa.  Not many bitcoin alternatives at that price yet is there?

Either Amazon or Ebay accepts Bitcoin or someone creates another site like Bitmit, I really want to buy stuff with Bitcoins again

Do you know for Chinese pay procesor Union Pay ?

Wait, what? They are suing them because of high fees? And that is done by a company that's selling overpriced items? only in USA...

AmEx already joined coinbase with their child company (square)

People never heard of Cyprus!?!?, where are these masses you speak of, the 'MURICA bible belt?

the inevitable fiat-implosion :o

It was legal to donate to Wikileaks when Visa stopped processing the payments.

I do agree though that it's more likely to be the rate of chargebacks that prevent most purchasing of bitcoins with credit cards.