Visa won't process Bitcoin & cryptocurrency transactions

[udidrone]

I fully agree that Bitcoin is a commodity and not a means of payment. It is very bad as a digital currency, so you should not consider it as money at all.

Bitcoin actually same with fiat, in digital way. And can be used as payment if people agree about it. Even with problem that can cause bitcoin very bad as digital currency, it can solved by people so that problem not happen.

[1715281028]

1715281028

[Al-e_x]

because visa see that crypto growth is still slow, I believe, if the growth of bitcoin and other crypto is better, and faster, enthusiasm in each country becomes high, demand increases high, and even some countries that legalize crypto are more dominating, then the visa will give positive response to bitcoin and other cryptos. The visa will change or add some features to a new application for crypto.

[aliceHortrex]

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 is obvious that the person fills to himself the price. Today, he claims all over the country that he will not have any dealings with cryptocurrency and that visa transactions will never process, thereby instilling competitors a false view of the situation with the crypt. And as soon as the stability of the Fiat currency is shaken, the visa will be the first to start withdrawing the crypt into real money at ATMs. It's a matter of time and I think very close.

[jseverson]

As an update to this, Visa's CEO is open to processing crypto transactions as a middleman if it becomes significant enough:

https://www.ccn.com/visa-ceo-crypto-is-not-a-big-threat-but-if-needed-we-will-support-it/

It's all about the money.

[KorakPawon]

Isn't it a good news? Visa has just shown its inability of how payment can't be done. They only processing fiat and non-cryptocurrency based, along with its problems. They just can't see how payment should work in the future, even they claim themselves as the largest credit company, it wont work if they still stuck with its high fees, slow transaction, or even volatile prices and other problems they carry with. Let them sink with their understanding, until they realize one day they have been left far away by bitcoin system.

[krissyshelp]

Earlier this year, a number of prepaid crypto debit card providers had their services suspended by Visa.

Bitwala, Crytopay, TenX and Wirex were affected. TNW published a statement from Visa Europe confirming it had terminated its partnership with WaveCrest Holdings, a global payment solutions company, after it had failed to comply with Visa’s operating rules. WaveCrest is the issuing partner for the affected parties.

The legitimacy of cryptocurrencies is a hotly debated topic among economists and trading strategists. A number of economists have raised concerns over the substance of bitcoin and other cryptocurrencies.

Late last year, UBS chief economist Paul Donovan claimed crypto was the “bubble to end all bubbles”.

“Cryptocurrencies only have value if accepted as currencies. However, they cannot be used for the most important transaction in an economy, and cryptocurrency supply can only rise and never fall (making them a poor store of value). To date, using cryptocurrencies requires (effectively) a simultaneous asset sale and purchase of goods or services,” Donovan said in a note to investors in December 2017.

Despite economists’ hesitations, the largest US options exchange, CBOE, launched bitcoin futures trading last year, offering investors an opportunity to bet on whether a cryptocurrency’s value will rise or fall over time.
The information I read.!

[1993jochico]

I think they still have hard feelings to the cryptocurrency but Im sure later on they will soon realized that they will also need to accept crypto trasaction because if not they will be left by the new technologies.

Imagine a business that dont accept crypto when most of the people use it.

[OSYA]

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 is worse for Visa if they will not support a bitcoin, less business for them. Most probably they don't see a crypto potential or just don't want to support it as they are scared of competition. It is a big loss for them.

[Wong Kalong]

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 is worse for Visa if they will not support a bitcoin, less business for them. Most probably they don't see a crypto potential or just don't want to support it as they are scared of competition. It is a big loss for them.

The company seems to be under the auspices of the government, so it is difficult to accept crypto payments, but it has become its policy and this is nothing to blame. Indeed they do not understand the crypto that they see is only one eye, but that is what happens, and we must appreciate it.

[adrianto1995]

Visa won't process transactions that are crypto-based because they only see crypto from the negative side, just wait until the demand for crypto increased and many people around the world using crypto and we will see visa will accept the crypto too because they see a huge potential...

[electronicash]

As an update to this, Visa's CEO is open to processing crypto transactions as a middleman if it becomes significant enough:

https://www.ccn.com/visa-ceo-crypto-is-not-a-big-threat-but-if-needed-we-will-support-it/

It's all about the money.

there you go. money will always talk. if they see they can benefit from it, CEOs can change their minds about it. same thing with governments, they should really take this opportunity as early as of now so they can collect more when bullrun comes. if its possible that they create their own crypto, no one is stopping but at least the government is up to develop in favor for this coming trend.

[Kaznachej123]

Visa is one of the biggest rivals of bitcoin, because equally as an alternative to digital payment instruments, I think it is impossible to happen about a visa to cooperate with bitcoin at any time.

    Perhaps someone mentions of the low trading volumes, the fact that Visa doesn’t see bitcoin as a threat, the decreasing values of google search trends. I’m pro bitcoin, but feel that a balanced approach might spark more productive discourse.

[VanityWallets2015]

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

Bitcoin is the largest growing crypto currency ever as from having millions of haters to millions of investors millions has made a tremendous progress in the last past decade, though the journey was never that easy but has faced many obstacles and now is on the top of crypto ranking but still till now it is only available as a type of investment only as payment making through bitcoin is still not allowed but with the past growth of bitcoin and specifically in the last year that was 2000% there are still hopes to bitcoin to get legalised all over the world and then it will replace the available Fiat currencies.