VISA "token" to be Bitcoin killer? (warning, warning, click bait)

[bizzyb]

OK so we understand "blockchain" has it's benefits, and is the current buzzword in fintech.

Concentrating on Bitcoin, and most other "currency" type cryptos though, would this be an end to them......

What if VISA, or any of the other big CC companies decided to create their own "digital token".

Your "wallet" is your credit card number (which has got to be unique right?), and using that on the CC website, or the CC app, you can send these "tokens" instantly, anywhere around the world, for free, and use it effectively as "cash" by knowing the other persons CC number.

There would be some kind of pegging to give it value, the obvious one would be the Zimbabwe dollar, erm, I mean the US dollar (sorry I was trying to equate a currency with crypto price volatility, how silly of me).

Maybe initially it would simply be a micropayment system, but they have a ready built customer base of millions, i.e instant mass adoption, does not require blockchain, or POW/POS/proof of anything.

Should we just shut up shop now because BTC & the alts have done all the ground work and testing for the corps and they can just go ahead and benefit.

Thoughts?

[Cuidler]

Your "wallet" is your credit card number (which has got to be unique right?), and using that on the CC website, or the CC app, you can send these "tokens" instantly, anywhere around the world, for free, and use it effectively as "cash" by knowing the other persons CC number.
...
Maybe initially it would simply be a micropayment system, but they have a ready built customer base of millions, i.e instant mass adoption, does not require blockchain, or POW/POS/proof of anything.

Already done except the free part. As we know, Visa/paypal services take about 2%+ of the transaction, making it somehow useable for small payments only. Why would they decrease their fees when people happily pay these fees 

I think blockchain word is highly misunderstood here

[Amph]

you're not understading the real advantages of bitcoin, one of the first and the most important is the decentralization nature, and the fact that the money are 100% mine and not controlled by another entity

any ofther fiat system will never have a fully decentralized system like bitcoin, it iwll always work in centralized way

[SFR10]

They could try to tweak and be like BTCitcoin as much as they want but it's not going to have the same outcome (never). I haven't seen any type of CC so far that doesn't charge few % for each payment processing done by them so I highly doubt they would do for free. Those cases that you mentioned only cover a few parts of BTCitcoin and other if ever happen to replicate it, still are behind a lot of other aspects which makes them different at the end of the day so BTCitcoin is safe and they won't benefit that much by replicating it either.

[pereira4]

Paypal is already that token, Bitcoin is not competing to be a payment system, Bitcoin is competing as a currency, that's why it's not direct competition.

Also once we have Lightning Network operative we will be able to compete at those levels of transaction, until then that is as stupid as Bitcoin Classic.

[bizzyb]

I think the overall sentiment in the responses here misses 3 crucial points.

1) No one cares about Bitcoin (excluding a very small tranche of society)
2) No one cares about "decentralisation" (excluding a very small tranche of society)
3) The masses do what they're told (excluding a very small tranche of society)

So, if VISA et al brought out a digital token as I've described, it will be adopted.

I sent $5 BTC the other day, the fee was nearly 1%.
If I had sent $0.50 the fee would have been nearly 10%.
If I had sent $0.05 the fee would have been nearly 100%.

Sending BTC is not cheap for the 99% of society.

There is a huge opportunity which could be met, overnight, by a large corp with an established market base with minimal friction to market.

Just something to think about.

[tobacco123]

Just want to add that the feature of "reversible" transaction will most likely be included, which really oppose the idea of bitcoin.

In short, bitcoin is not backed/controlled by a company/government;
whereas all other digital coins that are issued by companies or government will most likely by backed/controlled/manipulated by them.

[bizzyb]

Just want to add that the feature of "reversible" transaction will most likely be included, which really oppose the idea of bitcoin.

In short, bitcoin is not backed/controlled by a company/government;
whereas all other digital coins that are issued by companies or government will most likely by backed/controlled/manipulated by them.

It doesn't matter, as most of the world doesn't care, and will just do as it's told.

[bizzyb]

Not bitcoin killer because it's still centralized and has bigger fee (for most transaction).
In this case, blockchain technology just replace or upgrade their system, that's all.

After all, VISA and bitcoin has different kind of user base.

You're missing the point.

For Bitcoin to "succeed" it needs mass adoption right?
Rather than this current fringe user base.
Hardly anyone uses Bitcoin.
Ask 1000 randomised people, maybe 1% will have heard of it, but I would wager, none of them "use" it, or have any, or ever had any.

The big Credit Card companies could, overnight, launch their own "token", with lower fees than Bitcoin, with instant confirmations, with adherance to policies/legislation etc
and create mass adoption, leaving Bitcoin as it is, a fringe use digital currency.

[erikalui]

That's the same thing that I said few months back that it's possible that the Government would introduce their own crypto currency to stop the use of bitcoins. Currently, bitcoins are very popular among masses but they aren't getting recognized as the currency is being misused but if there is a legal crypto currency, I would prefer the legalized one always. Bitcoins wouldn't be dead due to this as they still would have users who prefer them over fiat.

[btcltccoins]

No matter what measures are taken by VISA or Banks, Bitcoin have make thier place and i guess they are here to stay. They may integrate with other services giving the end user great benefit.
Its just a matter of time.

[Kprawn]

1) No one cares about Bitcoin (excluding a very small tranche of society)
2) No one cares about "decentralisation" (excluding a very small tranche of society)
3) The masses do what they're told (excluding a very small tranche of society)

1. Maybe they should start to care, because they missing out on a great technology.
2. They do not care, because they never had a alternative solution... now they have.
3. Sheep will be sheep, they just need someone to lead or chase them... Bitcoin is the sheep dog.

The Credit card companies can copy us any time they want, they will never have the decentralized security of the Bitcoin network. The only reason why

they will adopt this technology, would be to get a bigger share of the fees... If they still charge say 3% but it cost then 0.8% and now it costs them

0.001% .... they will make more profits. 

[bargainbin]

1) No one cares about Bitcoin (excluding a very small tranche of society)
2) No one cares about "decentralisation" (excluding a very small tranche of society)
3) The masses do what they're told (excluding a very small tranche of society)

1. Maybe they should start to care, because they missing out on a great technology.
2. They do not care, because they never had a alternative solution... now they have.
3. Sheep will be sheep, they just need someone to lead or chase them... Bitcoin is the sheep dog.
...

1. They're starting to care, with high-profile cases like http://www.latimes.com/local/lanow/la-me-ln-hollywood-hospital-bitcoin-20160217-story.html
2. The ones who want to charge too much for shitty drugs on DNMs & sell child porn care -- the rest not so much.
3. Bitcoin's getting B& in Russia, others sure to follow. That ain't no sheepdog you're following, moar liek Pied Piper.

[PakistanHockeyfan]

Bitcoin on its own can kill itself depending on what we have that can expedite the progress or reverse that possibility to the other direction. We have to work as much as possible to still stay in competition.

[Supercrypt]

Just want to add that the feature of "reversible" transaction will most likely be included, which really oppose the idea of bitcoin.

In short, bitcoin is not backed/controlled by a company/government;
whereas all other digital coins that are issued by companies or government will most likely by backed/controlled/manipulated by them.

That's also true as CC transactions can be easily reversed and hence the tokens too can be reversed unlike bitcoins that are permanent and can never be reversed. If the same happens with bank transactions/debit cards, the transaction would be more secure. Bitcoins can only be dead when the price drops to 0 else Government driven coins will not have the advantages unlike bitcoins.

[barbara44]

It won't happen so soon and the people who are using bitcoins are not the same who use credit cards and who would prefer using tokens. Till bitcoin has users who keep transacting in this crypto currency, it will never die nor become unused. Also, volatility is one strength of bitcoins and it will always remain the first currency to become so popular.

[European Central Bank]

A visa token ain't doing much to address some of the deeper problems and you still have to please visa before you're allowed to play. African farmers, Greeks caught out by their banks being shut down, devaluations. Visa changes none of that.