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zakoliverz
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January 31, 2014, 04:16:01 AM |
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where the HEADLINE ?
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bitbouillion
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January 31, 2014, 04:29:06 AM |
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CEO of Visa Charlie Scharf took a moment to answer a question regarding bitcoin. Scharf said that the currency was interesting, but contains too many complexities. Maybe too complex to understand for an MBA. He then went on to say that crypto-currency was not as safe as traditional payment networks. BTW, I got a new set of cards recently, because my and some other 70 million traditional payment cards were hacked.  |
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Ripdon007 (OP)
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January 31, 2014, 06:21:09 AM |
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where the HEADLINE ?
forgot to post it! lol  |
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Ripdon007 (OP)
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January 31, 2014, 06:35:01 AM |
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CEO of Visa Charlie Scharf took a moment to answer a question regarding bitcoin. Scharf said that the currency was interesting, but contains too many complexities. Maybe too complex to understand for an MBA. He then went on to say that crypto-currency was not as safe as traditional payment networks. BTW, I got a new set of cards recently, because my and some other 70 million traditional payment cards were hacked. Thing that VISA's CEO will not admit to is that Bitcoin in fact is far more secure than the credit card systems... he doesn't wanna scare his company investors... |
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vokain
Legendary
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Activity: 1834
Merit: 1019
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January 31, 2014, 06:45:10 AM |
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it honestly isn't necessarily competition. i see it complementary more than anything. my credit card use has increased dramatically as a result of Bitcoin
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Ripdon007 (OP)
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January 31, 2014, 07:16:28 AM |
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it honestly isn't necessarily competition. i see it complementary more than anything. my credit card use has increased dramatically as a result of Bitcoin
oh wow how did that happen? My credit card use went down since bitcoin... |
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vokain
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Activity: 1834
Merit: 1019
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January 31, 2014, 07:19:36 AM
Last edit: January 31, 2014, 07:33:08 AM by vokain |
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it honestly isn't necessarily competition. i see it complementary more than anything. my credit card use has increased dramatically as a result of Bitcoin
oh wow how did that happen? My credit card use went down since bitcoin... bitcoins enhance the utility of credit. as it may take a few days to exchange bitcoin to fiat, credit cards serve as a decent more or less instantaneous gobetween for bitcoins and purchasing fiat-denominated goods and services |
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trcwhale
Member
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Activity: 84
Merit: 11
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January 31, 2014, 10:02:26 AM
Last edit: January 31, 2014, 10:16:09 AM by trcwhale |
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As a payment system consultant I see traditional payment systems have advantage in speed which makes a lot of sense in real world retailing. However if we take online transaction example crypto offers a lot more advantages. All the security aspects that people are talking about with time will be eliminated and crypto will be the primary choice of making payments online. The dinosaurs (VISA, MC, AMEX) will have to adapt or they will be extinct or at least reduced in size. Take MasterCard and VISA who have their own private payment networks. To join one of the network or to issuer cards etc. You have to be either super rich or backed by rich sponsors. Even then you must go through the hoops to pass various certifications so your node can join. Now compare this to bitcoin and you will soon understand the huge advantage it offers. In the near future I see hybrid systems that will merge crypto and traditional payment networks together(this is just a matter of regulation) as technology is already here. |
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hilariousandco
Global Moderator
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Join the world-leading crypto sportsbook NOW!
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January 31, 2014, 10:21:30 AM |
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It might not be much competition yet, but I wouldn't be so sure over the next few years.
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runam0k
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Activity: 1092
Merit: 1001
Touchdown
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January 31, 2014, 11:23:26 AM |
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It's a good thing he thinks Bitcoin isn't competition. By the time he realises it is, Bitcoin will be too big to stop. |
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qwk
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Activity: 3542
Merit: 3413
Shitcoin Minimalist
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January 31, 2014, 12:24:14 PM |
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it honestly isn't necessarily competition. i see it complementary more than anything. my credit card use has increased dramatically as a result of Bitcoin
oh wow how did that happen? My credit card use went down since bitcoin... Mine went up… What does that say about Bitcoin?  |
Yeah, well, I'm gonna go build my own blockchain. With blackjack and hookers! In fact forget the blockchain.
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runam0k
Legendary
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Activity: 1092
Merit: 1001
Touchdown
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January 31, 2014, 12:56:56 PM |
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it honestly isn't necessarily competition. i see it complementary more than anything. my credit card use has increased dramatically as a result of Bitcoin
oh wow how did that happen? My credit card use went down since bitcoin... Mine went up… What does that say about Bitcoin? You can buy bitcoins with credit cards now? |
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Ripdon007 (OP)
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January 31, 2014, 04:14:41 PM |
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As a payment system consultant I see traditional payment systems have advantage in speed which makes a lot of sense in real world retailing. However if we take online transaction example crypto offers a lot more advantages. All the security aspects that people are talking about with time will be eliminated and crypto will be the primary choice of making payments online. The dinosaurs (VISA, MC, AMEX) will have to adapt or they will be extinct or at least reduced in size. Take MasterCard and VISA who have their own private payment networks. To join one of the network or to issuer cards etc. You have to be either super rich or backed by rich sponsors. Even then you must go through the hoops to pass various certifications so your node can join. Now compare this to bitcoin and you will soon understand the huge advantage it offers. In the near future I see hybrid systems that will merge crypto and traditional payment networks together(this is just a matter of regulation) as technology is already here. I think you hit the nail on the head. I am also expecting a hybrid sort of system where the big payment processing companies like Visa and so on will try and work along side bitcoin without actually implementing it into their own systems. But I believe bitcoin will be the under dog to achieve the glory in this battle! : D |
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