what do you think about Bitcoin, Visa, Mastercard and Paypal

[Scream]

what do you think about Bitcoin, Visa, Mastercard and Paypal
after i read this article
http://coinjournal.net/bitcoin-will-need-to-scale-to-levels-much-higher-than-visa-mastercard-and-paypal-combined/

i think in future bitcoin will be famous and more often used than other payment method

[vero]

I guess you didn't know this, but anything you do with ANY credit card is tracked is different with bitcoin is anonymous

[Mickeyb]

I think that great challenges are in front of Bitcoin. How we will progress, how we will scale, how we will improve every aspect of Bitcoin are many questions? In the answers of these questions also lays the answer of the Bitcoin's future.

I believe that Bitcoin will scale successfully, in this way or another. We have great devs and we will just keep attracting more and more smart people. Solutions will be created.

Also in this article lays the answer of Bitcoin's potential. And potential is really huge!

[RawDog]

I guess you didn't know this, but anything you do with ANY credit card is tracked is different with bitcoin is anonymous

I guess you didn't know this, but bitcoin is not anonymous. 

[RawDog]

We have great devs and we will just keep attracting more and more smart people. Solutions will be created.

wtf?  'our' devs are fucking idiots.  Half of them work for Blockstream and they are trying to wreck bitcoin with a ball and chain of 1Mb blocks so their 'sidechain' money maker system can be sold.  The other half of devs like mike hearn and gavin can't get the group to work together.  It is MAD disorganization.  It ASSURES that bitcoin development will be fucked for many years. 

In the real world, a leader needs to step up and make a final decision when two disagreeing groups arrive at an impass.  In bitcoin, an impasse means total end to the entire system. 

[Amph]

I guess you didn't know this, but anything you do with ANY credit card is tracked is different with bitcoin is anonymous

I guess you didn't know this, but bitcoin is not anonymous.  

are you able to track my name/general info, if i just send one bitcoin from one address to another? i guess no

so yes it's anonymous, until you reveal yourself by purchasing something

[RustyNomad]

Have to agree with RawDog in a way in regards to the developers but with that said, I do believe that the issues at hand will be addresses especially on the scalability. I think this is one of the most important issues to get sorted out.

Once that is in place bitcoin won't have to stand back for any other payment platform like Visa etc...

[franky1]

pretending bitcoin needs to do more tx/s than mastercard, paypal and visa combined is like pretending that bitcoin has to be the sole currency for atleast  4billion people.

bitcoin does not need to be used as the sole currency for half of the world. it doesnt even need to be the sole currency for quarter..

the UK pound is a currency that is successful but for under 70million people.. thats just 1%
things like stocks and shares are only used by, again only 1% of the population directly
gold is traded by even less.

but..... they are all active and successful currencies and investments. thus they dont care about tx/s figures..

in my eyes its mastercard and visa that are the worried people. so they dont just tell you the tx/s of their UK bank accont holders.. they dont just tell you the tx/s of their american account holders.. but instead they group together all tx's of all the different databases and networks they have to try to bulk up their presence to look like a giant.

but in short mastercard UK works on a different database, different network than mastercard US. same for visa UK/Visa US.
and for anyone ever using these. when you look at the live balance in the bank account it always has 'balance' and 'available funds' and many people see upto a 2 day delay before the tx tallies with actual balance..

thus mastercard and visa are just crap and they know it.

[Kprawn]

There are definitely room for all of them, and I would like to see Bitcoin having the biggest share of the market, but to be honest.. I cannot see it happening with the tps we have

now. Yes, we can go with side chains and off-chain 3rd parties like Xapo for micro payments, but it's not the ideal solution. We want full transparency and these side projects and

centralized services are not a good idea. The more 3rd parties we use and the more they get hacked, the more Bitcoin will get blamed. Everything should happen on the blockchain

and it should be able to handle it. 

[Wei H]

I don't think so, I would say in the near future Bitcoin will still have no chance to displace the Visa, Mastercard or Paypal.

[RustyNomad]

pretending bitcoin needs to do more tx/s than mastercard, paypal and visa combined is like pretending that bitcoin has to be the sole currency for atleast  4billion people.

bitcoin does not need to be used as the sole currency for half of the world. it doesnt even need to be the sole currency for quarter..

the UK pound is a currency that is successful but for under 70million people.. thats just 1%
things like stocks and shares are only used by, again only 1% of the population directly
gold is traded by even less.

but..... they are all active and successful currencies and investments. thus they dont care about tx/s figures..

in my eyes its mastercard and visa that are the worried people. so they dont just tell you the tx/s of their UK bank accont holders.. they dont just tell you the tx/s of their american account holders.. but instead they group together all tx's of all the different databases and networks they have to try to bulk up their presence to look like a giant.

but in short mastercard UK works on a different database, different network than mastercard US. same for visa UK/Visa US.
and for anyone ever using these. when you look at the live balance in the bank account it always has 'balance' and 'available funds' and many people see upto a 2 day delay before the tx tallies with actual balance..

thus mastercard and visa are just crap and they know it.

I fully agree with your comment in that bitcoin does not need to be the new 'world currency' in order to survive and be successful. I do however think that the present limitations has to be addressed even if only 1% of the world population ends up using it. Not sure how many bitcoin users there are at present but I'm pretty sure its not anywhere close to 1% of the world population.

Expectations are that the world population will be around 11 billion by 2020 (or 2025, cannot remember now) and 1% of that is 110 million. Bitcoin will have to scale if it wants to handle transactions from those 110 million people.

In regards to Visa Card transactions. You can find the figures for Visa UK on their page at the following link http://www.visaeurope.com/newsroom/news/1-billion-visa-contactless-purchases-made-in-last-year

Quoted from the page the link points to: Visa Europe is also the largest transaction processor in Europe, responsible for processing more than 16 billion transactions annually – at a rate of 1,622 transactions per second at peak times.

Could not find any stats on Master Card.

[gentlemand]

Visa, Mastercard and Paypal make more sense for buyers. End of. Bitcoin is absolute joy and perfection for merchants. Unfortunately there are rather more buyers than sellers. If they can come up with something that compels customers to have a dabble they might well see the light for other areas of their lives but I've no idea what it would be.

[LiteCoinGuy]

Paypal is the worst shit that i can imagine. i hate it. hope they go bankrupt one day.

what other questions do you have  ?

[Meuh6879]

i think in future bitcoin will be famous and more often used than other payment method

Bitcoin :
- buy smartphone
- download bitcoin wallet
- buy and sell bitcoin







Credit Card OR Paypal :
- open bank account
- pay for credit card
- limited supply per day, week and month
- open paypal account
- wait 3 days (4 numbers in bank account debit)
- limited supply per day, week and month
- can be freezed at any time for any bullshit





People are not so dumb ... but it's take time.

[tennozer]

Paypal is the worst shit that i can imagine. i hate it. hope they go bankrupt one day.

what other questions do you have  ?

I think same like that. I can not buy anything with my paypal balance if this things are selling out of my country. What abullshit?

[Omikifuse]

they have higher fees and are harder to get and sometimes they ban people and countries.

no more reasons needed to dislike them

[QUEDOS]

Bitcoin :
- buy smartphone
- download bitcoin wallet
- buy and sell bitcoin





Credit Card OR Paypal :
- open bank account
- pay for credit card
- limited supply per day, week and month
- open paypal account
- wait 3 days (4 numbers in bank account debit)
- limited supply per day, week and month
- can be freezed at any time for any bullshit

Totally agree

Bitcoin proposes a superior system that just cannot be matched by the likes of visa etc

The most important factor is bitcoins trustless nature

You simply do not have to rely on the competence (or lack of) any one individual which is something a typical centralized corporation is incapable of competing against

[Amph]

paypal is not even that big, in TX volume, it was barely above bitcoin last time i've checked, we can surpass it next year if everything will go as expected

on the other hand visa and mastercard are the real opponent, and if you can beat those, bitcoin would be finally in mainstream stage

[Preclus]

When you buy something with a credit card, you are buying something with other people's money. It is not money taken out of your account.

That is why it is called a "credit" card. You buy things with a loan.

This is 100% different from bitcoin purchases and you can't compare the two.

With a credit card, you can choose to pay the amount off each month and if you do, you pay no interest charges. However, you can also choose to make a partial payment and roll the amount to the next month, allowing you to pay for something over time. The interest rates are high because a lot of people just walk away without ever paying anything.

Credit card purchases also have other perks like cash back. My main credit card gives me 1.5% cash back on all my purchases.

Yes, the vendor has to charge more because they pay credit card fees but look around at prices and you will see things quoted at one price, credit card or no credit card. So, I have a choice. I can pay with cash and not get 1.5% back or I can pay with credit card and get 1.5% back.

Because a merchant has to pay fees when they accept credit cards, you would think they would prefer buyers use another payment method. Merchants will always complain about fees. I've had the terminals myself and paid all the fees. But the truth is merchants love credit cards for a number of reasons.

First, the buyers all have them. Second, buyers can purchase things with money they don't even have so they can spend more. Third, the purchase happens immediately for a buyer, they don't have to think about the payment process.

Credit cards are subject to fraud. However, a user of a credit card can dispute payments and charge backs can be done.

So many differences. But the main one is one is credit and the other isn't. It is a whole different ballgame when you are spending someone else's money. And when it comes to travel, my credit card is easy to use outside the country and has no foreign transaction fee associated with it.

[Bifta]

Bitcoin shouldn't be compared to credit card companies because those are payment processors. They process payments which is what allows them to have super fast transactions and chargebacks and whatnot. Bitcoin should be compared to cash instead. It is in reality a digital form of cash, not a replacement to payment processors like Visa, MasterCard, and Paypal.