MasterCard makes the case that it’s safer and faster than Bitcoin! LOL

[Amph]

If MasterCard is safer and faster than Bitcoin, why are they pushing for regulation? They should have nothing to worry about.

I understand that most members of the forum disagree with what MasterCard said, but I will agree with them, up to a point.
To elaborate, they are safer for the average Joe to use and they are definitely faster for the average Joe to use.

You are confused. A credit card is not faster in any way

The consumer experience:

Bitcoin: Scan a QR code. Press SEND. Done.
Credit Card: Give the cashier the card. Show identification. Wait for the slip to print. Sign the slip. Get the card back. Done.

The merchant experience:

Bitcoin: Wait for 1-6 confirmations. You have your money.
Credit card: Wait until the end of the month. You might have your money. Wait 9 months. You have your money.

That is true if you are receiving instant bitcoin confirmations. But we all know that confirmation can take couple minutes, and there is always a risk of double spending during that time.
So what will you do? Stay near the cashier for 10 minutes waiting for confirmation?

if this will be really a problem, sidechain could come in handy with this, with a chain where tokens are confirmed much faster

i can't see other solution, because hard forking for changing this, will never happen, for various problems that we are all well aware of

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[Kakmakr]

I look at it from this angle :
Fiat is shifted with MC and with the right partner or service, Bitcoin could be shifted immediately, without the need for confirmation on the Blockchain. For example <Offchain> Xapo. So is speed still a issue, when you compare apples with apples?
Secondly, MC is a vehicle for fiat money over the internet and Bitcoin in comparison use wallet providers to secure it. The vulnerability is not with Bitcoin but with the many different wallet providers being used.
Compare apples with apples.  

[Finchy]

If MasterCard is safer and faster than Bitcoin, why are they pushing for regulation? They should have nothing to worry about.

I understand that most members of the forum disagree with what MasterCard said, but I will agree with them, up to a point.
To elaborate, they are safer for the average Joe to use and they are definitely faster for the average Joe to use.

You are confused. A credit card is not faster in any way

The consumer experience:

Bitcoin: Scan a QR code. Press SEND. Done.
Credit Card: Give the cashier the card. Show identification. Wait for the slip to print. Sign the slip. Get the card back. Done.

The merchant experience:

Bitcoin: Wait for 1-6 confirmations. You have your money.
Credit card: Wait until the end of the month. You might have your money. Wait 9 months. You have your money.

I think you're being quite biased here. I don't know what country you live in but it takes seconds to use my debit or credit card and all I need to do is input my pin and I don't need to show any ID. My creditcard is even contactless and I don't even need to enter my pin which makes it quicker. And what you described is an ideal bitcoin use scenario, not one that will always happen. I'm sure there will be plenty of times when there's no net connection. I don't know if I'd dare use my bitcoins over wifi either since it opens you up to potential hacking. Good luck trying to get your coins back when that happens too.

[Daniel91]

If MasterCard is safer and faster than Bitcoin, why are they pushing for regulation? They should have nothing to worry about.

I understand that most members of the forum disagree with what MasterCard said, but I will agree with them, up to a point.
To elaborate, they are safer for the average Joe to use and they are definitely faster for the average Joe to use.

You are confused. A credit card is not faster in any way

The consumer experience:

Bitcoin: Scan a QR code. Press SEND. Done.
Credit Card: Give the cashier the card. Show identification. Wait for the slip to print. Sign the slip. Get the card back. Done.

The merchant experience:

Bitcoin: Wait for 1-6 confirmations. You have your money.
Credit card: Wait until the end of the month. You might have your money. Wait 9 months. You have your money.

I think you're being quite biased here. I don't know what country you live in but it takes seconds to use my debit or credit card and all I need to do is input my pin and I don't need to show any ID. My creditcard is even contactless and I don't even need to enter my pin which makes it quicker. And what you described is an ideal bitcoin use scenario, not one that will always happen. I'm sure there will be plenty of times when there's no net connection. I don't know if I'd dare use my bitcoins over wifi either since it opens you up to potential hacking. Good luck trying to get your coins back when that happens too.

Here are actually present very good arguments.
In my case, if I use my MasterCard online, I don't need PIN also, I just conform my transaction with a single pin of tokens.
If anything suspicious, the bank official will call me and make sure I initiated the transaction.
In the case of hacking my creditcard or bank account, the bank will recover lost funds.
All transaction happens in seconds and I don't need any exchanger to move funds etc.
So, in the terms of security, speed and ease of payment and transfer of funds, credit cards are still better than Bitcoin.
It should be remembered that MasterCard has become the standard and is accepted everywhere while bitcoin is very far from it.
I still hope that once in the future bitcoin will become mainstream and replace MasterCard but now they can not even be compared. 

[traderbit]

Mastercard feel that Bitcoin is a direct threat to their business, since they launched Mastercard Send a centralized P2P service

[zeraTunerse]

Mastercard feel that Bitcoin is a direct threat to their business, since they launched Mastercard Send a centralized P2P service

Mastercard will do everything now to pull the legs of bitcoin and create a negative mindset in the people who are using the bitcoin. No doubt mastercard is into the business since long time so people trust it more but you cannot make youth away from the use of bitcoins as the youth are more eager to learn new technology.

[oblivi]

These idiots will eventually regret saying that as they move their infrastructures to work under the Bitcoin Blockchain just like everyone else will be doing unless they want to get Kodak'd.
As always, old clueless people talking about what they don't know.

[aztecminer]

MasterCard is lobbying the UK government for increased regulation of bitcoin and other digital currencies that pose a threat to its legacy credit-cards business, as it tries to adapt to the transformation of a payments industry long overdo for change.

“In the current environment we feel that the risks of digital currencies outweigh the benefits,” the company wrote in strongly worded letter, obtained by digital currency website Coindesk, in which MasterCard asks the UK government for more regulation of crypto currencies.

We would argue that, when compared to MasterCard’s network, the claims pertaining to the speed and safety of digital currencies does not hold up, not least given that on average it takes 10 minutes for a block to be verified and that digital currencies are far more susceptible to hacking attacks.

Additionally, while digital currency transaction costs are currently lower, this is because providers of digital currency services do not currently bear any compliance costs, whereas providers of other forms of electronic payment bear the cost of complying with consumer protection laws and anti-money laundering laws.

http://qz.com/423739/mastercard-makes-the-case-that-its-safer-and-faster-than-bitcoin/

What a bunch of pussies are working in that company.  

their profits must be down and they are blaming bitcoin.

[Xenoph0bia]

MasterCard is lobbying the UK government for increased regulation of bitcoin and other digital currencies that pose a threat to its legacy credit-cards business, as it tries to adapt to the transformation of a payments industry long overdo for change.

“In the current environment we feel that the risks of digital currencies outweigh the benefits,” the company wrote in strongly worded letter, obtained by digital currency website Coindesk, in which MasterCard asks the UK government for more regulation of crypto currencies.

We would argue that, when compared to MasterCard’s network, the claims pertaining to the speed and safety of digital currencies does not hold up, not least given that on average it takes 10 minutes for a block to be verified and that digital currencies are far more susceptible to hacking attacks.

Additionally, while digital currency transaction costs are currently lower, this is because providers of digital currency services do not currently bear any compliance costs, whereas providers of other forms of electronic payment bear the cost of complying with consumer protection laws and anti-money laundering laws.

http://qz.com/423739/mastercard-makes-the-case-that-its-safer-and-faster-than-bitcoin/

What a bunch of pussies are working in that company.  

their profits must be down and they are blaming bitcoin.

It has definitely affected their profits and their customers so they are now spreading news that mastercard is safer then bitcoin but one advantage mastercard holds is that many of the countries are not in the use of bitcoin so that is the advantage for them but the situation will change in coming years when more and more people starts adopting bitcoins.

[torrentheaven]

MasterCard is lobbying the UK government for increased regulation of bitcoin and other digital currencies that pose a threat to its legacy credit-cards business, as it tries to adapt to the transformation of a payments industry long overdo for change.

“In the current environment we feel that the risks of digital currencies outweigh the benefits,” the company wrote in strongly worded letter, obtained by digital currency website Coindesk, in which MasterCard asks the UK government for more regulation of crypto currencies.

We would argue that, when compared to MasterCard’s network, the claims pertaining to the speed and safety of digital currencies does not hold up, not least given that on average it takes 10 minutes for a block to be verified and that digital currencies are far more susceptible to hacking attacks.

Additionally, while digital currency transaction costs are currently lower, this is because providers of digital currency services do not currently bear any compliance costs, whereas providers of other forms of electronic payment bear the cost of complying with consumer protection laws and anti-money laundering laws.

http://qz.com/423739/mastercard-makes-the-case-that-its-safer-and-faster-than-bitcoin/

What a bunch of pussies are working in that company.  

their profits must be down and they are blaming bitcoin.

It has definitely affected their profits and their customers so they are now spreading news that mastercard is safer then bitcoin but one advantage mastercard holds is that many of the countries are not in the use of bitcoin so that is the advantage for them but the situation will change in coming years when more and more people starts adopting bitcoins.

Master card has lost their nerves and are not able to digest their failure as more and more people have started using bitcoins which has definitely affected the usage of Master Card and that is the reason that they are more worried about the future of Master Card and their customers.

[countryfree]

I'm surprised to see so many critics of Mastercard. It's a good service, with millions of satisfied customers all over the world. What we must see is that BTC is much more than Mastercard because it's also a currency. Mastercard is only a fast and efficient payment system. You cannot invest any money in a Mastercard.

[umaOuma]

I'm surprised to see so many critics of Mastercard. It's a good service, with millions of satisfied customers all over the world. What we must see is that BTC is much more than Mastercard because it's also a currency. Mastercard is only a fast and efficient payment system. You cannot invest any money in a Mastercard.

What you are saying is absolutely correct. Then why mastercard view bitcoin as threat to its customers. And why they are involved in the negative publicity of bitcoin as they know it wont affect them much as mastercard is a payment system and bitcoin is a currency so i think mastercard should mind their own business.

[stromma44]

fuck Bitcoin.  what about free cigarettes

Do you want to get banned from this forum??? Comment what is logical and don't comment off topic.. I don't think that it much affect the master card and its customers and I agree that it is safer to use as we all have used master card before bitcoins came into play but making a comparison between mastercard and bitcoin would not be logical.

[funkenstein]

I'm surprised to see so many critics of Mastercard. It's a good service, with millions of satisfied customers all over the world. What we must see is that BTC is much more than Mastercard because it's also a currency. Mastercard is only a fast and efficient payment system. You cannot invest any money in a Mastercard.

 Countryfree has it.  Mastercard is one of many off-chain escrow / tx services.  When fees go up (they will, regardless of any attempts to stall that) you will use these services more.

   

[Xenoph0bia]

I'm surprised to see so many critics of Mastercard. It's a good service, with millions of satisfied customers all over the world. What we must see is that BTC is much more than Mastercard because it's also a currency. Mastercard is only a fast and efficient payment system. You cannot invest any money in a Mastercard.

 Countryfree has it.  Mastercard is one of many off-chain escrow / tx services.  When fees go up (they will, regardless of any attempts to stall that) you will use these services more.

   

Everyone is using it since long time and everyone will keep using in the future too. Bitcoin can never make any vast difference at a moment for reducing the customer base of master card as people have more faith in master card as compared to bitcoin and ofcourse master card is safe too no doubt about that.

[funkenstein]

I'm surprised to see so many critics of Mastercard. It's a good service, with millions of satisfied customers all over the world. What we must see is that BTC is much more than Mastercard because it's also a currency. Mastercard is only a fast and efficient payment system. You cannot invest any money in a Mastercard.

 Countryfree has it.  Mastercard is one of many off-chain escrow / tx services.  When fees go up (they will, regardless of any attempts to stall that) you will use these services more.

   

Everyone is using it since long time and everyone will keep using in the future too. Bitcoin can never make any vast difference at a moment for reducing the customer base of master card as people have more faith in master card as compared to bitcoin and ofcourse master card is safe too no doubt about that.

Xenophobia doesn't have it.  Bitcoin can never make any vast difference for reducing the customer base of mastercard for the same reason that Spanish Pomegranates will not reduce the customer base of mastercard.  They simply are not in any way competitors. 

[BitmoreCoin]

I'm surprised to see so many critics of Mastercard. It's a good service, with millions of satisfied customers all over the world. What we must see is that BTC is much more than Mastercard because it's also a currency. Mastercard is only a fast and efficient payment system. You cannot invest any money in a Mastercard.

Mastercard can adopt bitcoin and ensure instant transaction like fiat. However, the profit for Mastercard might be lower than before when bitcoin becomes more popular.

[operrajunk74]

I'm surprised to see so many critics of Mastercard. It's a good service, with millions of satisfied customers all over the world. What we must see is that BTC is much more than Mastercard because it's also a currency. Mastercard is only a fast and efficient payment system. You cannot invest any money in a Mastercard.

Mastercard can adopt bitcoin and ensure instant transaction like fiat. However, the profit for Mastercard might be lower than before when bitcoin becomes more popular.

Mastercard is already facing threat from bitcoin and I am very much sure that mastercard has started to loose its profit and customers too and that is the reason they are spreading this news to distract the mindset of the people from using bitcoins.

[Netnox]

They are shitting their pants because bitcoin is covering a niche which tradition systems like mastercard cant offer and when bitcoin gets the backing of a major government know they are fuckd.

[umaOuma]

I'm surprised to see so many critics of Mastercard. It's a good service, with millions of satisfied customers all over the world. What we must see is that BTC is much more than Mastercard because it's also a currency. Mastercard is only a fast and efficient payment system. You cannot invest any money in a Mastercard.

Mastercard can adopt bitcoin and ensure instant transaction like fiat. However, the profit for Mastercard might be lower than before when bitcoin becomes more popular.

Mastercard is already facing threat from bitcoin and I am very much sure that mastercard has started to loose its profit and customers too and that is the reason they are spreading this news to distract the mindset of the people from using bitcoins.

When someone talks negative about you then you are on right path. The rumors spread by master card and the allegations made by mastercard on bitcoin are gonna prove to be profitable for the bitcoin as it will get more attention from the people.