Visa won't process Bitcoin & cryptocurrency transactions

[First77]

The largest cryptocurrency, bitcoin, is a commodity and not a payment system, according to Visa’s chief executive. Visa will also not give bitcoin or other cryptocurrencies a platform for wire transfers and exchanges. “I don't view it as payment system player,” CEO Alfred Kelly told CNBC.

“We at Visa won't process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions,” he added. Visa is the world's largest credit card company.

Bitcoin was originally created as an alternative de-centralized currency. However, with its 2,000 percent growth last year, it has become a source for speculators to make a quick buck. As bitcoin turnover grows, it faces problems like high fees, astoundingly slow transactions and volatile prices.

https://www.rt.com/business

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[Walrus1]

So wouldn't a visa transaction to a usd wallet on an exchange be a fiat transaction

[HabBear]

Excellent news!

Visa is a competitor to Bitcoin. We want them to get out of the way! Bitcoin and crypto currency was created so we don't need to use Visa...and get charged their outrageous fees for using their payment system.

Ripple is set to replace Visa for business to business transactions.

The reality is that low cost and faster transaction times will win. Visa can't compete, so they criticize.

[Dudeperfect]

I don't think that a decision would anywhere be affecting the Bitcoin or even the cryptocurrency market. The process of revolution has started long ago and now cannot be stopped irrespective of the multiple attempts from the existing giants. These companies can definitely stop people from transacting in Bitcoin through their platform but they cannot stop people from using Bitcoin all cryptocurrencies at all. They have full right to defend their soil but I don't see any value in these attempts.

[Futurm]

Visa is like a fool, they will be replaced by XRP.
The BTC and altcoin transactions do not require Visa.
Visa does not understand the big trends in the blockchain, and I think they will eventually be eliminated.

[First77]

Visa is like a fool, they will be replaced by XRP. The BTC and altcoin transactions do not require Visa. Visa does not understand the big trends in the blockchain, and I think they will eventually be eliminated.

Visa and Mastercard are the only 2 universal business entities that can create its own money system should there is a "single currency" worldwide.

Bitcoin and blockchain ignored the use of debit and credit cards for digital payments. Now Bitcoin is last in the line for digital money.

[Xester]

The largest cryptocurrency, bitcoin, is a commodity and not a payment system, according to Visa’s chief executive. Visa will also not give bitcoin or other cryptocurrencies a platform for wire transfers and exchanges. “I don't view it as payment system player,” CEO Alfred Kelly told CNBC.

“We at Visa won't process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions,” he added. Visa is the world's largest credit card company.

Bitcoin was originally created as an alternative de-centralized currency. However, with its 2,000 percent growth last year, it has become a source for speculators to make a quick buck. As bitcoin turnover grows, it faces problems like high fees, astoundingly slow transactions and volatile prices.

https://www.rt.com/business

What the Visa Company said was true. Actually bitcoin right now is not yet functioning truly as a currency. And it is also true that the majority of bitcoin holders are treating bitcoin as a commodity rather than as a currency. But sooner or later bitcoin will be treated as a currency, and right now we are slowly walking on that path. It maybe will take years but we will reach that goal.

[darkangel11]

So wouldn't a visa transaction to a usd wallet on an exchange be a fiat transaction

Yes it would, especially if the exchange is based in the US. Visa is located in California, so they should obey their state laws and in this state there's a bill already being constructed that will legalize cryptocurrencies and allow for government records to be kept on the blockchain. I wonder what will Visa say when this bill passes.
Maybe they're against people buying BTC on credit, which might be an additional risk to them, but with such attitude they should also block all the legally operating casinos and not allow people to buy chips.

[greeklogos]

It can be their current position to crypto, but in the situation when the whole banking system will have to change due to involving crypto in everybody's everyday life VISA or MC or others will simply have not a way and they will have to be plastic with all this modern terms and requirements.

[BrewMaster]

haha, this was a very funny news. thanks for sharing it. i don't know how i missed it since it is quite old too.
it is mostly funny because in my head it is like a small food truck (Visa in this case) talking about McDonalds (imagine bitcoin) and say they won't buy hamburgers at McDonals ever.
who gives a shit if Visa is going to process cryptocurrency transactions or not. they don't need Visa at all.

[virendarnagpal]

The creator of bitcoin created it as decentralized ; geographically accessible breaking national boundaries; without any control over it.  The purpose was p2p platform for transactions.
But the speculators converted this currency into one instrument (commodity) and with the entry of speculators; the price of bitcoin surprisingly rise to unbelieveable heights. 
So honestly speaking; the chairman of Visa when says that bitcoin is commodity not currency; he is not 100% incorect.  Because it is being used as a source of investment so it is not currency but it is commodity.
But time may change in future and the bitcoin may again be used for the purpose for which it was created i.e. transacting for monetary payments only instead of speculators making it dance at the directives of speculators.

[drm]

stopped reading at 

according to Visa’s chief executive.

 

[nick_nick]

The largest cryptocurrency, bitcoin, is a commodity and not a payment system, according to Visa’s chief executive. Visa will also not give bitcoin or other cryptocurrencies a platform for wire transfers and exchanges. “I don't view it as payment system player,” CEO Alfred Kelly told CNBC.

“We at Visa won't process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions,” he added. Visa is the world's largest credit card company.

Bitcoin was originally created as an alternative de-centralized currency. However, with its 2,000 percent growth last year, it has become a source for speculators to make a quick buck. As bitcoin turnover grows, it faces problems like high fees, astoundingly slow transactions and volatile prices.

https://www.rt.com/business

I believe the C.E.O of Visa company according to the laws of the United state of America. Its a fact that they may not allow their company to process Bitcoin and other cryptocurrency transactions but that cannot stop cryptocurrencies from trending. There are other means implemented already and those yet to be implemented which would give people the platform to trade in cryptocurrencies

[Victorias]

Crypto currency is in the world increasingly strong positions and it causes concern of many companies including the Visa. But the process of the financial revolution has already been launched and it can not be stopped.

[keycellko]

Volatility has always been the issue of most businessmen why they wont consider bitcoin in their businesses. Coz if you buy $20 worth of btc now, tomorrow it may be worth just $9. Volatility is nkt good for the business. The issue of bitcoin not being a currency is because it wasnt accepted in most countries. In a country like japan where most businesses accepts bitcoin, it is regarded as a currency and not an asset.

[localcrypto]

Bitcoin is direct competition for Visa if Visa is stopping bitcoin means they are afraid of bitcoin and Visa tieed up with banks to ban bitcoins to some extent Bitcoin is people currency they will buy at any cost

[BillCoin]

Old news, I believe that both VISA and Mastercard said that they are going to block bitcoin related payments around 4-5 months ago when the US regulators started making steps against cryptocurrencies

So wouldn't a visa transaction to a usd wallet on an exchange be a fiat transaction

No, actually they are meant to block any transaction that their automatic systems detected that it is related to cryptocurrency trading, most likely buying in coinbase/Circle with credit card won't work, also blockchain companies that offered debit card based on bitcoin will be closed as their cards are going to be blocked by Visa and Mastercard.

[chaoscoinz]

The largest cryptocurrency, bitcoin, is a commodity and not a payment system, according to Visa’s chief executive. Visa will also not give bitcoin or other cryptocurrencies a platform for wire transfers and exchanges. “I don't view it as payment system player,” CEO Alfred Kelly told CNBC.

“We at Visa won't process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions,” he added. Visa is the world's largest credit card company.

Bitcoin was originally created as an alternative de-centralized currency. However, with its 2,000 percent growth last year, it has become a source for speculators to make a quick buck. As bitcoin turnover grows, it faces problems like high fees, astoundingly slow transactions and volatile prices.

https://www.rt.com/business

It's seen as too risky because the fluidity of the liquidity of prices within the market. The price could jump high, or fall low, all within the course of a day. That is a huge financial risk for a bank to take part in. Also, the regulations on crypto aren't entirely certain in every aspect.

[Victorycoin]

The largest cryptocurrency, bitcoin, is a commodity and not a payment system, according to Visa’s chief executive. Visa will also not give bitcoin or other cryptocurrencies a platform for wire transfers and exchanges. “I don't view it as payment system player,” CEO Alfred Kelly told CNBC.

“We at Visa won't process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions,” he added. Visa is the world's largest credit card company.

Bitcoin was originally created as an alternative de-centralized currency. However, with its 2,000 percent growth last year, it has become a source for speculators to make a quick buck. As bitcoin turnover grows, it faces problems like high fees, astoundingly slow transactions and volatile prices.

https://www.rt.com/business

What the Visa Company said was true. Actually bitcoin right now is not yet functioning truly as a currency. And it is also true that the majority of bitcoin holders are treating bitcoin as a commodity rather than as a currency. But sooner or later bitcoin will be treated as a currency, and right now we are slowly walking on that path. It maybe will take years but we will reach that goal.

Their statement is obviously economical with the truth because at the end of the day, their main reason for not wanting to support Bitcoin is because they know it's unlike other competitors and doing so would actually mean an endorsement. Just like I won't expect to find a Benz in a BMW show room!

[lunasol]

Just goes to show how hard companies will go to ban crypto in their space. Sounds like they're missing out to me.