As a payment system consultant I see traditional payment systems have advantage in speed which makes a lot of sense in real world retailing. However if we take online transaction example crypto offers a lot more advantages. All the security aspects that people are talking about with time will be eliminated and crypto will be the primary choice of making payments online. The dinosaurs (VISA, MC, AMEX) will have to adapt or they will be extinct or at least reduced in size.
Take MasterCard and VISA who have their own private payment networks. To join one of the network or to issuer cards etc. You have to be either super rich or backed by rich sponsors. Even then you must go through the hoops to pass various certifications so your node can join. Now compare this to bitcoin and you will soon understand the huge advantage it offers.
In the near future I see hybrid systems that will merge crypto and traditional payment networks together(this is just a matter of regulation) as technology is already here.
I think you hit the nail on the head. I am also expecting a hybrid sort of system where the big payment processing companies like Visa and so on will try and work along side bitcoin without actually implementing it into their own systems. But I believe bitcoin will be the under dog to achieve the glory in this battle! : D
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