mastercard attacking Bitcoin

[kenbytes]

The people who are using bitcoin knows the advantages of bitcoin as it is the simplest way to transact and that is the reason it makes bitcoin so attractive. Mastercard just got frustrated

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[knowhow]

well bitcoin is the future of fiat, banks must addopt it, the changes that all facing several problems soo fees would be the way to live and stay away from problems ,fee on BRAZIL is juat 50% on some products.... that we pay to receive anything from other country.

[ThEmporium]

yes they are worried about the bitcoin as bitcoin is a competitor for them now and they are considering it as a threat to their businesses and the customers as the customers have started knowing the bitcoin and are getting attracted towards the bitcoin and master card are afraid of loosing their customer.

Not only loosing the customer, every Credit card companies are going to pay price for their brutality in the name of hefty interest slapped on the loyal customers due to their exceeding time limit periods to pay the money.

[panju1]

well bitcoin is the future of fiat, banks must addopt it, the changes that all facing several problems soo fees would be the way to live and stay away from problems ,fee on BRAZIL is juat 50% on some products.... that we pay to receive anything from other country.

If that 50% is import duty, you are going to continue to pay it, whether Bitcoin is widely adopted or not. Bitcoin can smoothen international trade, but definitely can't change international policies.

[knowhow]

well bitcoin is the future of fiat, banks must addopt it, the changes that all facing several problems soo fees would be the way to live and stay away from problems ,fee on BRAZIL is juat 50% on some products.... that we pay to receive anything from other country.

If that 50% is import duty, you are going to continue to pay it, whether Bitcoin is widely adopted or not. Bitcoin can smoothen international trade, but definitely can't change international policies.

yes those fee will keep to be paid the cards fee is just around 4% i guess worlwide soo in 10000 dollars transaction we pay 400 dollars soo with bitcoin we should pay around 40 dollars maybe?

[BrianM]

There is absolutly not doubt that future transactions will be based on blockchain technoligy. As MC also point out, there are some good reason while bitcoin will not replace MC. But bitcoin is just the start, the proto typotype so to say. I have no doubt that all the major credit card company and banks are developing their own blockchained based currency. They are just keeping it a secret.

[knowhow]

well i believe they will otherwise bitcoin will replace most of them because loow fees ,and well future is coming

[mark coins]

At best I hope all they can do is slow it down but not stop it.

[tommorisonwebdesign]

When we try to purchase anything off the internet with our credit cards, there's every chance that we might get stolen.

With bitcoin, there's no chance to even find out the wallet.

People are not willing to use credit cards and get robbed in small time payment when they know they have better options.

So yeah, they should be worried.

All of this PR is all signs that credit cards should be worried. I hate Visa and their interest rates and fees. If Bitcoin were used everywhere, I would work to pay off my credit card debt and never use them again. I love how bitcoin wallet addresses are so unique and even if someone were to find out your address they won't find your wallet. How many people's credit cards were stolen online?

[ransomer]

First they ignore you, then they mock/fear you, then they fight you, then you win.

I guess we are in phase two.... on the way to phase three...

[cellard]

The funny part is that in less than 20 years, if MasterCard doesn't want to completely disappear forever, they'll have to somehow adapt their business and reconvert themsevels into something that runs under the Bitcoin blockchain and serves a positive reason to exist for crypto. They choose: Join us or perish.

[Jorge320]

Acknowledging BTC at all is an insight in to their perception as a threat.  Should get interesting from here out, MC and Apple making statements like this is like shooting a BB gun at a freight train.  

[jjacob]

The funny part is that in less than 20 years, if MasterCard doesn't want to completely disappear forever, they'll have to somehow adapt their business and reconvert themsevels into something that runs under the Bitcoin blockchain and serves a positive reason to exist for crypto. They choose: Join us or perish.

They will join us. But the era of huge transaction fees and huge profits is coming to an end.
Mastercard will have to reconcile themselves to that fact.

[dodgecharger]

Well, this is hardly surprising. Established companies like mastercard have a tremendous amount to lose if payment systems like Bitcoin go mainstream.

[mooseCavalry]

lCome on let's be serious: is there any difference between VISA and MC?
For me it's like coca cola and pepsi. They seem at war but both of them have huge profits.

70 billion market cap advantage to VISA?

I don't know why people in this thread have suggested or implied that credit cards or companies are required at all.  One argument was that credit is necessary for online shopping, however there are lots of online payment options that can be linked directly to a bank account.  The idea that you have to be reliant on credit is a problem in itself, which makes the market for these companies to exploit.  I am actually quite interested to see how the credit juggernaughts will bastardize the idea of a decentralized, immutable ledger to suit their own benefit.  Believe me, they are better managed and more adaptable than Kodak.

[VirosaGITS]

Mastercard and such only have so much to lose because of how much they milk people with the created need of easy transaction access. If they want to keep making money they just have to make a better system. Expecting the same method to produce money forever, demanding that no one ever create a better/cheaper/more efficient system is some serious greed.

[BADecker]

I still think that Bitcoin should be made in a way that you can transfer whole wallets to someone.

It would include making a portion of the record in the blockchain to be client coded in such a way that if you transferred a wallet, you could no longer access it. Only the client code you transferred it to would be able to access the wallet. You would still be able to transfer individual bitcoins from any wallet your client managed in the same way as usual.

I should think that such a change would make transparency even less than it is now in some ways... especially if you could go into the programming in your client, and change its code to the client code you just transferred your wallet to. (You wouldn't be able to do this if you transferred your wallet to the client of someone else. In that case, you would have given up access to the wallet. A different client would have it.)

[VirosaGITS]

I still think that Bitcoin should be made in a way that you can transfer whole wallets to someone.

It would include making a portion of the record in the blockchain to be client coded in such a way that if you transferred a wallet, you could no longer access it. Only the client code you transferred it to would be able to access the wallet. You would still be able to transfer individual bitcoins from any wallet your client managed in the same way as usual.

I should think that such a change would make transparency even less than it is now in some ways... especially if you could go into the programming in your client, and change its code to the client code you just transferred your wallet to. (You wouldn't be able to do this if you transferred your wallet to the client of someone else. In that case, you would have given up access to the wallet. A different client would have it.)

That's awfully complicated. Why not spend 3 cents and send your whole balance to someone else's and skip all the security things?

I dont really see a reason to do otherwise. Wouldnt your way just be a way to transfer funds skipping fee? And if so, how would it be accepted by the blockchain?

[Bitcoininspace]

Western Union got suddenly provoked simply by that picture last time .
and now It's MasterCard , it's nice to see them scared and feel threaten by Bitcoin . To da moon

Fuck them to be honest, WU takes insane amount of comission for transactions. Try sending money from an EU country to Africa. If they don't take at least 10% of it, i'll eat my hat.

[zeraTunerse]

Western Union got suddenly provoked simply by that picture last time .
and now It's MasterCard , it's nice to see them scared and feel threaten by Bitcoin . To da moon

Fuck them to be honest, WU takes insane amount of comission for transactions. Try sending money from an EU country to Africa. If they don't take at least 10% of it, i'll eat my hat.

Yes man, their transaction cost is too high, and it really sucks, I mean they really charge a heavy rate on each transaction that it becomes embarrasing, but now with bitcoins I can transfer funds across the country with the minimum transaction cost and it is quite affordable.