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Author Topic: VISA: Bitcoin is no Longer a Choice Anymore  (Read 692 times)
Cass LeChat
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December 30, 2015, 06:03:58 AM
 #1

Since the beginning of 2015, a growing number of financial establishments and banking groups have adopted the Bitcoin blockchain technology to create decentralized financial applications and platforms.

Multi-billion dollar banks have been conducting collaborative research and co-developing blockchain-based experimental applications to explore the potential and technical advantages of the distributed ledger technology in the finance sector.

Visa Europe, a membership association and cooperative of over 3,700 European banks and alternative payment services providers which operate Visa branded products further emphasized that 2015 has turned the blockchain technology into a vital technology which the industry cannot live without.

“It is no longer a choice anymore. Recent news speculating about the identity of its creator and the formalisation of virtual money as a commodity, just makes it more real than ever before,” said the organization.

The blockchain technology and its decentralized and transparent nature has significant advantage over existing financial and remittance applications. It is secured by an unprecedented level of computing power generated by millions of miners in the network settling and clearing transactions.

Such feature of the blockchain technology enables anyone in the network to send payments instantaneously, with extremely low fees. Due to the Bitcoin blockchain network’s low transaction fees, an increasing number of remittance startups have begun to offer bitcoin-based international payment services.

According to Visa Europe, traditional fintech and remittance startups including TransferWise have achieved billion dollar valuations and attracted prominent venture capital firms and angel investors into the industry. However, the organization predicts that the blockchain technology will disrupt the existing remittance industry with a more efficient and secure solution.

“The challenges for blockchain and bitcoin in the year ahead will be two-fold. Proponents will have to further address the lack of trust, a challenge they’ve faced since their creation. Then, the challenge of turning these technologies to tackle more real-world scenarios, such as sending money overseas,” Visa Europe explained.

Today, remittance outlets settle around US$600 million a month on average. TransferWise for example, settle around US$700 million every month while saving over US$32 million in the process.

“Exceeding the £500m a month milestone is important as it shows a fundamental shift in people’s awareness of how banks, brokers and others take advantage of customers by hiding the real cost of international transactions,” explained TransferWise co-founder Taavet Hinrikus.

“We transfer tens of millions of customer money everyday and we have approximately two per cent UK market share of the international money transfer business. This figure is only going to grow as customers become fed up with the traditional banking sector and look for fairer alternatives like TransferWise,” he continued.

While TransferWise has successfully developed a cheaper alternative to current banking solutions, its costs are still much higher than decentralized and peer to peer payment networks.

Over the next few years, VISA Europe and world’s leading banking groups expect bitcoin to outperform existing remittance outlets and payment giants including Western Union and TransferWise.

In 2016, the daily transaction volume of bitcoin is expected to surpass Paypal and American credit card networks including Discover.

According to the data chart provided by Coinometrics, the transaction volume of Discover (PULSE network) and Paypal currently stands at around US$400 million.

The_Daily_Value_Of_Bitcoin-519f51046884fe65a882ccbd46ad33b4

However, with bitcoin’s rising trend and the growing interest from banks and financial establishments, bitcoin and financial experts predict bitcoin to surpass the volumes of prominent financial establishments soon.

http://www.newsbtc.com/2015/12/29/visa-bitcoin-is-no-longer-a-choice-anymore/
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sillug
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December 30, 2015, 06:05:03 AM
 #2

This is great news, we all hate paypal. Bitcoin is a great replacement for it too.
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December 30, 2015, 06:07:31 AM
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Yesss bitcoin will soon be the universal digital currency and I will bask in my btc as the price rises.
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December 30, 2015, 06:07:52 AM
 #4

This is great news, we all hate paypal. Bitcoin is a great replacement for it too.

Zero hells given about Paypal. Whats the big deal of introducing a currency that is decentralized, I trust Bitcoin more than I trust the U.S dollar or any other currency or stock in the equity market. I know for a fact what I am investing in and I am not worried about the volatility, price changes, or FUD.
I purchase bitcoins regularly because I know bitcoin will be worth a substantial amount in the future.
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December 30, 2015, 06:09:33 AM
 #5

This is great news, we all hate paypal. Bitcoin is a great replacement for it too.

Zero hells given about Paypal. Whats the big deal of introducing a currency that is decentralized, I trust Bitcoin more than I trust the U.S dollar or any other currency or stock in the equity market. I know for a fact what I am investing in and I am not worried about the volatility, price changes, or FUD.

Exactly... Bitcoin is decentralized, no central government can issue it.
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December 30, 2015, 06:17:12 AM
 #6

Yea, well, they have to fix some big problems first I think.

https://cryptocointalk.com/topic/43843-problem-kncminer-big-problems/

Whats up with that!
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December 30, 2015, 06:32:58 AM
 #7

This is great news, we all hate paypal. Bitcoin is a great replacement for it too.

Who's we? PayPal is great! Bitcoin isn't a replacement for PayPal...bitcoin-focused exchanges may be but Bitcoin is the currency. PayPal works with all sorts of currencies, and will probably use Bitcoin at some point in the future. It's great that Visa talks so highly of Bitcoin, they're probably planning to make a bigger stake in it, afterall there are hundreds of thousands of bitcoin transactions every day, that offers a big revenue opportunity for Visa (or any transaction based business) in the future!

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December 30, 2015, 06:53:53 AM
 #8

This is great news, we all hate paypal. Bitcoin is a great replacement for it too.

Zero hells given about Paypal. Whats the big deal of introducing a currency that is decentralized, I trust Bitcoin more than I trust the U.S dollar or any other currency or stock in the equity market. I know for a fact what I am investing in and I am not worried about the volatility, price changes, or FUD.

Exactly... Bitcoin is decentralized, no central government can issue it.

It's not exactly true. While central governments cannot issue it, government can ban it, tax it and so on.
For example where I'm I need to pay 10% taxes.
When it's banned you are offender. You will say - anonymity. Anonymity - yes, but when you reveal your info, you are offender in the eyes in the law like everybody else. And it could be used someday against you if you running for something bigger.
 


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December 30, 2015, 06:55:07 AM
 #9

A major issue which hampers BTC adoption is anonymity. With Paypal u ve got some form of protection with BTC, none. That s why it attracts scammers.

I see it more as a tradable commodity then as a payment option in the future.

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December 30, 2015, 07:42:51 AM
 #10

These companies have been in the game for too long, to drop the ball now.. and they have the financial backing to change the future. The market is big enough for all these

technologies, but the more competition entering the field, the smaller portion we will have for Bitcoin. We will see a lot of competition in 2016... just be prepared for that.

Bitcoin will succeed, but it will have to share the market with a lot of copy cats.  Roll Eyes

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December 30, 2015, 07:44:52 AM
 #11

VISA is not stupid, they have taken their time to research bitcoin and realize they have to embrace it sooner rather than later.

They still have a good opportunity to become a major player in transactions of bitcoin, taking nice fees in the future that will strengthen their business.

These kinds of statements prove that we are really on the edge of an interesting time for bitcoin!

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December 30, 2015, 09:09:02 AM
 #12

i doubt about that statement, of bitcoin surpassing the transaction volume of visa, which is top 1 and very big right now, surely you can not do it with 1 mega limit, and not even with 4 mega limit that is somehow approaching

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December 30, 2015, 10:01:30 AM
 #13

A major issue which hampers BTC adoption is anonymity. With Paypal u ve got some form of protection with BTC, none. That s why it attracts scammers.

I see it more as a tradable commodity then as a payment option in the future.


Lol , its easy to scam paypal and its fucking hard to scam bitcoins, trust me  Cool
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December 30, 2015, 10:17:39 AM
 #14

A major issue which hampers BTC adoption is anonymity. With Paypal u ve got some form of protection with BTC, none. That s why it attracts scammers.

I see it more as a tradable commodity then as a payment option in the future.

What protection of PayPal are you talking about? That you as buyer can initiate a charge back? That's great for the buyer, but devasating for the seller. If a scammer receive the product he had bought, plus he charge back the purchase amount, it leaves the seller with a huge loss. Do you call that protection? This is what makes PayPal attract a lot scammers.

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December 30, 2015, 10:43:48 AM
 #15

These companies have been in the game for too long, to drop the ball now.. and they have the financial backing to change the future. The market is big enough for all these

technologies, but the more competition entering the field, the smaller portion we will have for Bitcoin. We will see a lot of competition in 2016... just be prepared for that.

Bitcoin will succeed, but it will have to share the market with a lot of copy cats.  Roll Eyes

I don't fear the competition.Competition is good.It forces you to be awake all the time and that you keep on developing and improving.
Furthermore Bitcoin is decentralized, works peer to peer and I believe the fees will be cheaper than other blockchain solutions, coming from the traditional remittances like Western Union or MoneyGram for instance. Yes I believe that WU and MG will develop some blockchain infrastructure and will try to compete with Bitcoin.But I doubt that this will be that much successful.
And imagine we get a nice peace of the remittances market, that would be awesome.Even if it would be something around 5-10%.
Once these people use it and others see the advantages of costs and speed there will be more potential of growth in the following years.
Bitcoin is working now! The others still have to develop, build and deliver.
So its up to us use this first mover advantage.

aubert
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December 30, 2015, 11:07:19 AM
 #16

A major issue which hampers BTC adoption is anonymity. With Paypal u ve got some form of protection with BTC, none. That s why it attracts scammers.

I see it more as a tradable commodity then as a payment option in the future.
paypal isn't that good, you say paypal give more protection and security ,yeah, im agree with it,but you can feel this feature only if you're buyer,there's too damn much people who trying to steal your paypal account through phising site and its really annoying,after gaining some hacked paypal they continue to do fraud order,when the seller got scammed and real paypal owner request a refund,nothing you can do

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December 30, 2015, 11:15:03 AM
 #17

I am very much impressed the way the bitcoin is gaining popularity. Trust me you that in the new year to come, the bitcoin transactions will grow more than expected. I have always known that it will come a point where bitcoin as a form of digital currency will be the order of the day. It is one of the most effective way to transact online. The way everything is going on, i am very sure that bitcoin soon will never be a choice but a must have thing.
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December 31, 2015, 07:13:53 PM
 #18

Bitcoin coming over Visa? Just think when you go to the supermarket to buy some groceries and are on queue... all these people paying in visa one after the other.

Just think about how long it took for people to get accostumed to visa (many people was afraid of the new technology and preferred to pay in cash).

It is possible for Bitcoin to overcome visa? yes, but not that soon. It should took more than one or two years IMO

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