MasterCard Exec: ‘Bitcoin Doesn't Really Work in Today's Environment’

[Denker]

Bitcoin is slow? What the hell is this guy talking about. The transactions are almost instantly. It's the settlement what needs 6 confirmations. Mastercard will experience in the future how it feels to become obsolete. It will not happen tomorrow or next year but it is inevitable if they do not adapt.

[DarkHyudrA]

Nice, more bs from MasterCard.
And well, although using BTC avoids some transactional taxes, in the end we need fiat to live, so its a bit regulated for itself.
We don't need and don't want a BitLicense to make something so great to become another useless tech because it got banned.

It remembers me all of that Uber stuff, everyone likes it, except the ones that are afraid of competition.

[franky1]

MasterCard has been feeling the heat of Bitcoin for over a year now. Bitcoin has become big enough worldwide so that it can no longer be ignored as a viable payment option and currency. In a state-of-the-business interview with the International Business Times, Ann Cairns, president of international markets for MasterCard was asked directly about Bitcoin and how it compares to MasterCard.

Here is what he said :

"Bitcoin in its current incarnation is slow in the sense of being able to do a transaction and have it properly authenticated, which can take quite a few minutes. It doesn't really work in today's fast-paced shopping environment; even more so in train stations and so on when you have got millions of people trying to go through turn-styles – there you need real-time, instantaneous authentication, and delivery.”

Full article : http://cointelegraph.com/news/115390/mastercard-exec-bitcoin-doesnt-really-work-in-todays-environment

Come on guys , tell me what you think about this   Pretty sure you have a lot of stuff to say .

but mastercard doesn't authenticate instantly..
infact most people dont see funds disapear from their bank account for upto 3 days..

what mastercard does is guarantee the merchant upto $100 when customers use contactless technology.. so it doesnt matter if there is no funds in the bank account of a customer. mastercard just hits the customer later on when they get their statements, with charges if funds were not available.

these days it is not cheap to buy a ticket at the turn-styles and alot of people pre-buy tickets or even buy season tickets. even bitcoin can buy these without issue and the customer can store the receipt on their phone which turn-styles then reads. so i see it as a non-issue. unless you just dont care about costing yourself extra money, in which case stick with mastercard and be afraid of card cloning or NFC readers (21st century pickpocketers)

[franky1]

There is no such thing as Bitcoin 2.0 it is just a marketing scheme.

Ever hear of smart properties?

bitcoin is bitcoin. anything else is just an altcoin (using different ledger/chain) or is just a third-party service treating certain satoshi's as a representation of an asset. but that does not make anything a bitcoin 2.0

[LFC_Bitcoin]

Hardly a shock that Mastercard aren't feeling positive about bitcoin, why would they? Bitcoin is a threat to them, they're not going to promote it

[franky1]

Hardly a shock that Mastercard aren't feeling positive about bitcoin, why would they? Bitcoin is a threat to them, they're not going to promote it

but by talking about it. they are promoting it..

EG if you didnt care about an invasion of ants.. you would not talk about it. it just wouldnt be something that even came to mind to mention. but by mentioning it even negatively, people will want to seek out ants. and be on the look out for them

[knowhow]

Well i didnt used bitcoin at some store yet because there isnt yet one,and its amazing to know that you scan pay and keep walking the same way you would do with a card or fiat.Mastercard is loosing their control on the industry and there is nothing they can do about it,rejecting and trying to ignore bitcoin make it just bigger,its funny there isnt a position of visa company ,i guess they wanna to keep bitcoin hidden.

[countryfree]

This guy's right. If you want to buy a train ticket, a credit card transaction is faster than anything with BTC. But BTC is way better if I want to send money to some guy on the other side of the planet. A credit card doesn't even compete! Credit cards can only handle consumers to business transactions, whereas BTC doesn't even make a difference between a consumer and a business. That alone makes it better.

[Mickeyb]

He is talking about Bitshares guys

they will have 1000 TPS and 3 second block times, thus they will be able compete with Visa and Mastercard.

they have changed improved their block times, TPS, etc at least 3 times so far. There is no easy to use wallet until October 14th

There, fixed it for you

There is no such thing as Bitcoin 2.0 it is just a marketing scheme.

Ever hear of smart properties?

I hope it will be really October 14th, since last new client, Bitshares client, not Bitshares X client was supposed to be out by the New Year's 2015, so you are about 10 months late already!

[NeuroticFish]

Right now it's correct. Bitcoin doesn't really work good enough for today's environment.

Bitcoin is a wonderful project. Altcoins are - some of them - another wonderful thing: they bring (even more) innovation.
At some point bitcoin will implement some of the best innovations of the altcoins (it will have to, in order to survive). And then it will surpass easily all the current payment systems.

Long ago I dreamed that the payment systems will see the opportunity in bitcoin and will use it. Then I woke up. There's the saying "if it's not broken, don't fix it". The current payment system with fiat is - for now - good enough for normal people. Also it's protected by the governments, which protect their own currency they can play with. So bitcoin has to evolve (even more) to match them.

I hope that it's only a matter of time and this will happen.
I already found my ways to avoid the use of the silly PayPal in most cases. Maybe some day I will be able to also avoid Visa, Mastercard and the banks.

[Kprawn]

What we lack in tps, we make up with more important features, eg. Online security & efficiency for eCommerce. I gave up on using credit cards for online transaction for more than 3 years now. It just got too

risky and I lost just too much money using it. Your info get stored in a centralized location.. they get hacked, and you pay the penalty.

What is more important... waiting at a turn-style for 1 minute? or losing all your credit in online fraud or credit card skimming? .... Their technology did not evolve with the internet and Bitcoin did. 

[BTCBinary]

MasterCard has been feeling the heat of Bitcoin for over a year now. Bitcoin has become big enough worldwide so that it can no longer be ignored as a viable payment option and currency. In a state-of-the-business interview with the International Business Times, Ann Cairns, president of international markets for MasterCard was asked directly about Bitcoin and how it compares to MasterCard.

Here is what he said :

"Bitcoin in its current incarnation is slow in the sense of being able to do a transaction and have it properly authenticated, which can take quite a few minutes. It doesn't really work in today's fast-paced shopping environment; even more so in train stations and so on when you have got millions of people trying to go through turn-styles – there you need real-time, instantaneous authentication, and delivery.”

Full article : http://cointelegraph.com/news/115390/mastercard-exec-bitcoin-doesnt-really-work-in-todays-environment

Come on guys , tell me what you think about this  Pretty sure you have a lot of stuff to say .

That is just something very dumm to say... and it only proves that this guy doesn't even knows what bitcoin is, and what is this industry all about. Or is just he protecting his interessests?

[franky1]

What we lack in tps,

mastercards tps is actually less then you think. this is because their databases are separate. not only based on currency but also country.
now if we were to say BTC was for america, feathercoin for UK, litecoin for europe and another 200 coins for each country of the world.
then you will see that the total tps potential of blockchain technology vs individual mastercard databases are the same. if not blockchain tech surpasses mastercard.

[DarkHyudrA]

What we lack in tps,

mastercards tps is actually less then you think. this is because their databases are separate. not only based on currency but also country.
now if we were to say BTC was for america, feathercoin for UK, litecoin for europe and another 200 coins for each country of the world.
then you will see that the total tps potential of blockchain technology vs individual mastercard databases are the same. if not blockchain tech surpasses mastercard.

That's exactly what would happen with sidechains.
I don't know about the rest o the community, but I'm pretty "happy" with 2 TPS for now.

[franky1]

What we lack in tps,

mastercards tps is actually less then you think. this is because their databases are separate. not only based on currency but also country.
now if we were to say BTC was for america, feathercoin for UK, litecoin for europe and another 200 coins for each country of the world.
then you will see that the total tps potential of blockchain technology vs individual mastercard databases are the same. if not blockchain tech surpasses mastercard.

That's exactly what would happen with sidechains.
I don't know about the rest o the community, but I'm pretty "happy" with 2 TPS for now.

side chains does not help anything.. a tx on bitcoin with a 32mb limit is the same as 32 sidechain coins of 1mb limit..
the only reason the sidechains are even being considered is by the altcoin army trying to get they penny per coin alts to suddenly be worth $200+.

bitcoin itself can handle more tx's but its the miners that want to limit the dataload out of greed,
its actually 7tps and if allowed to do 32mb per block, that would be 224tx per second potential.

bitcoin does not have to overtake mastercards dominance of 1200tps. even if 10% of the world used bitcoin compared to fiat/mastercard, bitcoin will revolutionize the world

[Pab]

Guy from Master Card said something,that is all,what is to compare btc with mastercard,if MasterCard want to integrate btc it is fine if not i dont care

[BitmoreCoin]

Guy from Master Card said something,that is all,what is to compare btc with mastercard,if MasterCard want to integrate btc it is fine if not i dont care

They have to integrate bitcoin in the future if mastercard wants to stay in business.

[knowhow]

Mastercard wont adopt bitcoin ,they have the credit card meaning you can spend something you dont have ,the bill comes next month.With bitcoin these at the moment is impossible and cant happen since is decentralized,soo bitcoin to avoid big fees and your name exposed on their database will be a new market ,and mastercad and visa will keep their business of credit cards,with less people using their cards,as people know bitcoin ,but they will stand alive .

[RKing]

Mastercard wont adopt bitcoin ,they have the credit card meaning you can spend something you dont have ,the bill comes next month.With bitcoin these at the moment is impossible and cant happen since is decentralized,soo bitcoin to avoid big fees and your name exposed on their database will be a new market ,and mastercad and visa will keep their business of credit cards,with less people using their cards,as people know bitcoin ,but they will stand alive .

You can also borrow bitcoin from (bitcoin) banks to spend then repay it back. There is no difference to fiat.

[knowhow]

Bitcoin is affecting banks and some companies but well that wont be enought to make the companies a long time present in the market,bitcoin is new and may become the most used currency coin worlwide besides fiat.