Bitcoin Forum

Fintech company BlockFi became a partner with VISA to provide customers with Bitcoin reward besides cash or airline miles. In my opinoin this innovation will be wide spread among most payment systems.
https://cointelegraph.com/news/visa-and-blockfi-to-launch-bitcoin-rewards-credit-card-as-adoption-grows

Wow! Visa are definitely the biggest payment processor in Europe afaik (not sure about the World but Europe is pretty huge in population anyway)...

Bitcoin at the moment in my opinion should see people only investing small(ish) amounts anyway so getting it as a free reward on a credit card purchase seems apt for that - as long as it doesn't cause people to buy the top.

What I want to know is what exactly pushed such big company to accept this technology. We know in this industry how beneficial cryptos are as a mode of payment but things are different in the eyes of the masses wherein the impression is not that good towards cryptocurrencies. IMO what PayPal did, contributed to what Visa is about to make. As I've mentioned before, a domino effect could be triggered once a huge company makes a move and that seems to happen.

Yeah, it looks like we may see a domino effect from payment processing companies and possibly banks too if they see it's workable with VISA

Simply, to make more money by riding the popularity of bitcoin.


It could have trigger a domino effect, but this companies are really in the business of making money from consumers so with the current rise of bitcoin, every individual and companies doesn't want to miss the hype train and squeeze more profits.

Finally. Although in fact, it is high time to combine visa and bitcoin in one system with reduced tax rates. I think visa should be more attentive to cryptocurrency in General, because the crypto currency may at some point displace visa from the market. Although it seems to me that they probably have a financial Department that works with cryptocurrencies.

nobody can buy bitcoin through any of them.
you open an account with this company and get their credit card where you pay $200 annual fee on it among other fees and deposit fiat and purchase stuff with the card. then as a reward point or cash back system they reward you bitcoin.
for example if you purchase something worth $1000 with this centralized card you will receive 0.0007 bitcoin!

this is not news in my opinion, it is just one company that is trying to sell their services by including the name "bitcoin" in their ads.

I see enough expensive credit cards out there to expect they must have some market using them....

I meant more if someone got €10/0.0007 btc and saw it go to €300 for example they might naively thing it's "rise only" and swear off crypto for good.

Although I do think most of Europe has heard of bitcoin by now (especially in the west) and if they haven't bought any yet then they're not going to care anytime soon...

The news is comfortable and good to hear but here is a problem probably.Visa is a worldwide payment method or card for payment system and this is totally linked with banks. If this is going to happen then I have doubt that it will be somehow a track by the government  about crypto uses.

It is good that they are offering cryptocurrency as a rewards. In my opinion though, airline miles is still the best reward in this position. The amount you spent on traveling is dramatically decreased by having airline miles rewards, plus you can spend more on the where you want to travel. And you also given another problem about authorities tracking the transaction, I do not think that you should be worried about it, even if you do not have that, everything about is already available for the government to look at starting from the day you were born.

Great news! I think Mastercard and other competitors will follow this step.

Wow, looks like VISA really wants to be ahead in bitcoin adoption with USDC stablecoin support.
https://www.coindesk.com/visa-connecting-global-payments-network-to-circles-usdc-on-ethereum-blockchain

"The card, which carries a $200 annual fee, will be issued by Evolve Bank & Trust."

I don't think that a card with such a high annual fee will be in demand. Maybe only in the USA or in some other countries of the first world people will perceive positively this credit card. Therefore, you should not expect a strong impact on the price of bitcoin.

so this is what they are saying that the next step after paypal are going to come in visa but as i read the title again it turns out that its not the first project visa involved with but there could be previous than this , im not aware with that  .
 not all loves travelling and it will be a waste if the rewards given to them are related to airlines but it will be more useful if they are rewarded with btc credits because that can be use in many ways or it can also act as an investment  .

PayPal then Visa. It connects everything and there will be other payment processors that could follow their steps. They have no choice but to adopt bitcoin. Whether no coiners/haters don't like it or not, their favorite payment processors will have the same news in the future.
They can't be against it as it's massively being adopted and they can't be late on this trend. The scheme that they are up to is going to be one of the kind.

This is just first steps, as the adoption contues and competition rises they will reduce annual fees and provide more options. We are still in the very beginning..

I agree with you. Today all companies will try to "accept" bitcoins primarily to keep up with the times. Think back to Visa's recent negative attitude towards Bitcoin.
https://www.telegraph.co.uk/technology/2018/01/05/visa-locks-bitcoin-payment-cards-crackdown-card-issuer/

But fortunately, as the saying goes, "at least this way to start" gradually all companies are forced to introduce bitcoin into their systems. This is primarily necessary to maintain the current status of leading companies, and not Bitcoin itself, which, more and more, is gaining momentum in popularity, crushing those who so sincerely wanted to ban it earlier.

I guess the rewards tier would be pretty high, knowing how VISA operates their rewards system on miles and all that stuff. The big break here would be on the part of BlockFi getting most of the publicity currently, being paired with a payment processing giant and all that type of stuff. Integration wise, there doesn’t seem to be much to marvel at this partnership, although it’s good that VISA recognized a company that focuses solely on crypto-related things.

Another big company trying to sell ads with the use of Bitcoin as the center of circumference. They are rushing to get Bitcoin before it gets to $100k or they might have stocked it up when they were busy criticising this amazing technology. The adoption is breaking through and causing them restless nights. This is just amazing if they are to reward users through Decentralization when they spend in centralised body. But the card is expensive.

Company after company are integrating Bitcoin and crypto in their current system already.

This is creating a domino effect and this is a good news for the crypto users as more and more people are getting aware that a thing like cryptocurrency is existing. Good for BlockFi as they are the ones who partnered with VISA so their supporters and token holders will surely get some huge profit in this news :D.

With this kind of news, I wander up to how much the price of the market would be this year? I mean, come on guys, isn't this amazing? a few months ago, PayPal has joined the crypto market and now we heard one of the giant company is joining too. I just can't believe it, man, everything is happening base on most of the user's speculations. There is no bad news so far, the price of the BTC in the market is taking its first time holding for a long time at that high and we have lots of good news along the way. For those who bought BTC before the price goes up, they are those who are really lucky especially those who have bought a big amount of BTC.

I can already smell the sweet taste of freedom by next year I guess the whole world are going to be exposed to cryptocurrency. Everyone in the world knows Visa, anyone with a bank account and ATM card has Visa logo on it. I wonder if there will soon have BTC logo on our bank cards. They finally realize that digital assets is the future of money.

yesterday I read the news about VISA in cooperation with USDC. it looks like VISA has started moving towards connecting their platform with crypto. with bitcoin and stablecoins, VISA seems to want to compete with Paypal. they want to be the first payment system that's crypto-friendly.

the more mainstream payment systems that start to connect with crypto the better it is for the market. the problem is regulation. hopefully with so many mainstream companies connected to crypto, there will be changes in regulations.

This is such good news not only for the community but also to those people who are using VISA and does have holdings of bitcoin. As time passes by, bitcoin is being recognized by some online financial service and we are hoping that it continues and reach those countries who are banning bitcoin and influence them how good bitcoin is. Companies are now appreciating the nature of bitcoin on how good it is to use, we all know that bitcoin has a lot of benefits not only that it is good in terms of transaction but it is also good in terms of investments.

The market is very lively and this kind of adoption will surely to continue especially if they can get a huge profit in their actions. BlockFi has done a great job as they were able to partner with VISA and this kind of news is pretty good especially to bitcoin lover as it is another step for more usage of bitcoin in the future.

I will just hope that this kind of partnerships will not collapse easily especially in the bear season where the prices of bitcoin and other currencies will start to decrease at the bottom again.

exactly.
my hope is that what we are seeing these days would be just a phase. a short term one where everyone starts adding bitcoin to their system through all these centralized third parties then slowly move away from them and start accepting bitcoin on their own (which is the correct way of using bitcoin).
that way we use these centralized services until they stop being useful.

I do not think that this adoption will push through. VISA is already a big name of credit cards but their adoption is somehow to fast to think about. For VISA to use Bitcoin as another payment system within their system, they need to at least have a large amount of bitcoin stored since its not normal for them to just use their current money to be change into bitcoin simultaneously.

I still think its too early for Credit Cards to adopt bitcoin but having a Bitcoin ATM is possible.

I saw that in a YouTube video yesterday.


Yes, at least it helps normalize bitcoin within society. It would be better if people started using bitcoin privately but if for bitcoin to be massively adopted it will be through small steps like this one. We are slowly moving from bitcoin being a weird word to been a common and everyday one.

It’s not something new for Visa to work with any cryptocurrency company , it’s an old thing, Visa and MasterCard has been working with lots of cryptocurrency companies, they are working with BitPay for cryptocurrency debit cards, and they are working many others as well.

As for this collaboration with BlockFI, I don’t see much there, but it’s still a really cool thing that they have done there as rewarding people for making purchase using cryptocurrency will make a lot of people to want to make use of cryptocurrency so that they will be able to get some cash rewards or whatever other rewards that is being given.

The adoption of blockchain technology by such a large payment system as Visa gives a big step towards the development and adoption of the cryptocurrency industry in general, as well as a great opportunity for the world to learn more about cryptocurrency and understand what benefits it can bring to society, I hope in the future other large companies will implement blockchain technology in its field of activity, which should give a greater push to the development of the cryptocurrency sphere

Perhaps better understanding of the technology and how it will be beneficial to their business both in long and short term base, i mean they are not ignorant to the fact about the way the crypto community is growing and many services are beginning to accept btc as an alternative payment option, so i believe it will be in their best interest to reevaluate their stand on the issue before they lose out, PayPal announcement was more like a wake-up call to some of them.  

Obviously there is a very significant difference and it looks like it will be difficult to make a single version.
let it complement each other but don't have clear cooperation, the designation is different because visas require a clear identity while bitcoin doesn't need them, many won't use them because most don't want their identities to be known.
although it may indicate that there is growing recognition about bitcoin, it is starting to be recognized as a whole.

You basically answered your own question, companies that do not innovate are left behind by those that do, Visa saw what PayPal did and they could not allow them to take advantage on the market or they are never going to overcome the lead that PayPal will get, this is what it is called first mover advantage, and we can see a perfect example of this in this market, bitcoin is the first cryptocurrency and it still the best and while many coins have a very similar technology to the one bitcoin has bitcoin still remains very comfortably on the lead because it has our trust while those coins do not, and Visa is afraid an scenario like that happens to them.

This is really a big news for bitcoin community. It is just a proof that bitcoin is continuously growing. Big and popular companies are already accepting bitcoin as part of payment system and new digital currency for our era. This huge steps will open a new opportunity for bitcoin as well as other companies to be able to use btc as payment or transaction method. Now, we will see how bitcoin turns into trend in news specially when it hits 20K dollars above. The era for bitcoin seems to be started, hoping all of the users as well as investors of bitcoin will become more happy in it.