Bitcoin Forum

I can't believe nobody has posted about this, Visa's head of crypto

"We see crypto assets as more like digital gold"

https://www.forbes.com/sites/billybambrough/2021/02/03/visa-reveals-bitcoin-and-crypto-banking-roadmap-amid-race-to-reach-network-of-70-million/

Several people have have mentioned crypto exchanges offering pre paid visa cards, but with very high user fees.

Nothing to do with pre-paid cards

"Visa CEO Says Payments Giant Set to Introduce Cryptocurrency Trading on Its Network"

https://news.bitcoin.com/visa-ceo-says-payments-giant-set-to-introduce-cryptocurrency-trading-on-its-network/

Big businesses just realising this which is considerable yet those people on government esp. central banks won't and will never do, more like most of them try to ban it instead (https://www.bbc.com/pidgin/tori-55952803)

Yes, it's strange that this isn't talked as much as the PayPal news were, because PayPal is like an ant compared to Visa.

Seems like Visa wants to cut the middlemen - the exchanges, and handle exchanging crypto to fiat itself. Maybe this will even be positive for crypto community, because now banks will be less likely to close accounts of customers who deal with crypto.


When was Visa an enemy of Bitcoin? Did they cut all crypto exchanges from its network? Did they ban all the Bitcoin debit cards?

Because of Paypal, VISA has to follow into the Crypto space. Obviously they dont want to be
left behind in this growing technology, there will be more following, exciting times.

From the article VISA will be offering services to help banks integrate Crypto transactions.


This is strange that it hasnt been reported on the forum before.

but there are crypto-debit cards that are already powered by Visa like the Coinbase card or the crypto.com visa card. so actually, Visa is not new on this aspect. they have been serving crypto platforms already in the past years.
maybe this time, they are more aggressive in tying up with the banks which will reach a lot of ordinary bank users.

They might have not directly closed crypto-linked cards, but they've stomped on crypto-related business relationships before. Back in 2018, a number of VISA cards that were used with crypto have been closed since VISA decided to cut ties with them. One example you can read about is this one (https://www.coindesk.com/visa-cracks-bitcoin-debit-cards-europe-providers-say), although you have likely been around crypto at the time.

Most if not all big businesses cracked down on crypto services and users. They considered us their enemies.. hence why I see this sudden adoption and acceptance as a very weird move that might actually be a huge trap for us!

I read about it in Coindesk -  https://www.coindesk.com/visa-anchorage-crypto-apis-pilot-for-banks

VISA has a long time interest in crypto and this is still a pilot program for a few banks. It could be fully working in a couple of months and then will have a significant impact.

What I find much more intriguing is this: Visa May Support USDC Credit Card After Adding Circle to ‘Fast Track’ Program -  https://www.coindesk.com/visa-connecting-global-payments-network-to-circles-usdc-on-ethereum-blockchain

Visa and other payment platforms will accept bitcoin and crypto sooner or later. They can not live without bitcoin and cryptocurrency in the future. The world nowadays are globalized and payment methods are very diversified. People have hundred or thousand of choices and they will choose few of them for their expenses.

Bitcoin and cryptocurrency won't kill fiat, won't kill Visa and they will go forwards together. Visa get income partially from users' transfer fees and bitcoin, cryptocurrency can help them to increase their income. It is fine for them and they get more benefits than losses to expand to crypto.

AFAIK those crypto debit cards before visa acknowledge crypto like today always requires user or the service provider to convert the cryptocurrency to fiat first.
But maybe with this kind of news Visa will eventually integrate cryptocurrency directly to their system? we don't know for sure but atleast it's a good news that visa seem to approve crypto. not to mention they've been in partner with USDC if i'm not mistaken.

Eventually they all realize that they can not fight bitcoin, the adoption is happening whether they keep spreading FUD about it or not and the market is already being taken over by other companies (such as Coinbase) that are making a ton of money from the traders with millions of dollars daily volumes on average.
At the end they would want a piece of this market so that they can make money themselves instead of letting the "fees" go in pocket of another business.

Even though this was expected long before any of them changed direction but you are right that it is weird that nobody has been talking about it (which is a bigger news) when they blew PayPal news out of proportions!

First Paypal, and now Visa. Soon, the other big company will follow behind and start to introduce crypto to their members. If that can happen this year, it could bring more users to the crypto world, making crypto more popular among them. If that success to reach them, it can open the opportunity to make money from crypto, and they will have the way to have the new investment from crypto. Maybe Visa sees the possibility they can get from the crypto, so they decide to integrate it with crypto.

In the blockchain digital payment ecology in the post-bitcoin era, we can see that the decentralized blockchain ecology represented by PACC is rapidly subverting and changing traditional financial payment methods, taking over Bitcoin and establishing more technological A new generation of digital payment ecosystem that is mature, more secure and convenient for transactions.

Seen this news few days ago, and I don't think that it was miss, perhaps not a big news for us since we all know that Visa as of late has been very positive about crypto market since Paypal enter the space. But the thing is that no one gets excited because they know that they are here because of the simply fact that they are going to make money out of us.

So why not directly go to exchanges and buy crypto and then store in our wallet?

Well, they kicked "Pornhub" and the 100's of websites affiliated to it in the teeth and those sites only offer Bitcoin payment now. We are talking about $100 000 000 in yearly revenue. Not a huge knock .... but some market share that was sacrificed to Bitcoin.

So effectively... if they get into Bitcoin and they open up their "network" to Bitcoin, then their "Bitcoin" users can once again pay for services at Pornhub and affiliated sites. (Whoooop.... $100 000 000 worth of business coming back to them) ...and they wash their hands.  ::)

And the above says it all about visa and the like of it who where ones enemy of bitcoin suddenly becomes an advocate, it is surprising how things can change very quickly, who would have thought giant company like visa would want to have connection with the highly hated and criticise bitcoin, time indeed is the healer of all wound  ;D

The world's largest payments processor, is set to integrate bitcoin payments on its platform? Wow, this is really big news. I wonder if this could push the price to the $ 50,000 level?

It sounds like we already one step closer to the global currencies digitalization. It's nice to see that one of the Bitcoin enemies and skeptics in the past now accepting the benefits of this technology.
I'm sure this development will affect the price of Bitcoin making it rise if it hasn't happened yet. But more important is that other global companies can follow the example of Tesla, MicroStrategy, and now the VISA.

that's the company's strategy in increasing crypto user customers. of course it will be better for crypto

Every year we get closer & closer to mainstream adoption. This news doesn’t surprise me, I have a feeling we will see many more large corps/entities incorporating bitcoin into their payment systems this year. Nobody wants to get left behind, adapt or liquidate.

That's great and it is also surprising at the same time, I mean all these platform all of a sudden remembers Bitcoin and now understands that, in order to remain in business while accomodating many users, they need to adopt Bitcoin and/or adopt crypto banking; in as much as it is surprising, it is also a welcoming news to the crypto space. I am just imagining all the bad words said about Bitcoin years ago and here are top organizations or platforms finding it worthwhile, this goes a long way in proving that Bitcoin is the most valuable and have a very high potential to transform a lot of thing in the near future. Talking about digital gold, crypto assets like Bitcoin, Ethereum etc are not far from it, because they have passed through a lot of refinement before becoming what they are today and as gold, they will continue growing as well.

Yeah, they realized that fight is useless but instead of fight, to my mind they decided to become a part of it and absorb it. Crypto doesn't need visa/master card or PayPal and in reality it was created in order to get rid of 3rd party services but seems they need it in order to get more profit. I would say that these giants see how Binance, Coinbase and others are growing and taking a lot of profit so why not to takeover them? And current exchanges that I mentioned, are nothing compared to VISA, Mastercard. This is just a monopoly, these giants won't let others to shine and they have all the resources for it.

This news is bigger than paypal adoption, crypto might experience a massive adoption in the next few years for sure will be followed by flexible regulations. I think no fud could hurt Bitcoin’s price these days, its going mainstream like a speeding bullet.

The article starts with this statement and I wonder when did Visa spoke against bitcoin in any of their public statements! I don't think so! However, they are a business organization and cryptocurrency has opened up a new business horizon in front of them. So they are just jumping in to get the benefit and expand their horizon. No doubt they have taken a wise decision in the ever-changing business landscape.

Visa has a bigger plan. Last year they have filed a patent in US for a private blockchain system.

https://www.pymnts.com/blockchain/2020/visa-seeks-patent-digital-blockchain-system/

They are planning to become a cash free company in near future!

Missed but extremely important news during GameStop and Dogecoin stories. The payments giant aims to connect more financial institutions to cryptocurrency and blockchain services.

After the VISA, we now have a Mastercard onboard as well:

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

This is really a month of good news for crypto.

Mastercard news is even better, until now they partnered up with few card providers (Wirex, BitPay and LVL) but crypto didnt move trough mastercard network, instead those partners converted it to fiat at their end. Now they are planning to directly support crypto assets which should remove market spread and offers many more solutions for future merchants.

Yes and it looks like we are truly going to experience that 6 digit 100.000 dollars for a bitcoin during this year.This time the climbing will go on since the beginning of this year until the end and why not to pass even more than 100.000 price,that would be like the best Christmas gift of all time for bitcoin users and holders.

I do not think this news is anything surprising if you look at the development of events in recent years. Payments companies are turning to bitcoin, but it seems to me that this is also part of the regulation. Bitcoin will no longer be anonymous for holders of such accounts.
However, no matter how we think about it, with skepticism or not, digital assets are becoming a part of our lives, and the support of digital giants such as VISA and Mastercard plays a big role in the global adoption of cryptocurrencies.

Visa happened to it the same as PayPal after noticing that there is a huge wave that Bitcoin brings and cryptocurrencies logically had no choice but to join it. It was like risking loss or having the competition do it first. The technology business is to reinvent itself and sustain itself over time.

The statistics do not lie for Visa, it is notorious that there is a great growth in the use of crypto by people around the world and since it is not participating, it has no choice but to plan to incorporate bitcoin in its services.