Will Blockchain beat VISA someday?

[Abiky]

Given how difficult it has been for Blockchain technology to scale since Bitcoin's inception back in 2009, it makes me wonder whenever Blockchain could beat VISA someday?

The potential is there for Blockchain to scale to many users. However, some crypto projects have sacrificed decentralization in exchange for high transaction throughput and low fees. Which is why, it cannot be possible to achieve decentralization while obtaining high scalability.

Nonetheless, do you think that it's possible for Blockchain tech to surpass traditional payment processors like VISA?

[blockman]

I've read a news about Visa adopting or launching blockchain-based system.

Here's the link (https://cointelegraph.com/news/visa-set-to-launch-blockchain-based-digital-identity-system-with-ibm-in-q1-2019)

I think it will not beat Visa, two will merge as Visa sees its potential.

[kidbounty]

very difficult, because without the help of the government the blockchain will find it difficult to find new users. the first thing to do is that the blockchain must be approved by governments around the world. this new technology will be accepted by the public.

[felicita]

it has the petenzial to beat them But this can take many years becourse only next genrations will use Blockchain more then Visa to make payments.


kind regards

[a4illusionist]

Visa will adopt blockchain and it will become another part of the blockchain. And that would be a good thing. I think they already are working on it. Once these kind of systems starts integrating blockchain, then it would be really smooth going ever after.

[Lakai01]

Centralized coins like XRP are capable of outperforming VISA etc when it comes to transaction throughput. But you are replacing on centralized system with another.
There are hundreds of coins out there which may outperform VISA, too. Both centralized (TERNIO, ...) and decentralized (BTC with lightning, eg.)
But its not only transaction througput what should be considered when we look for successors for VISA and co. Such companies eg. excell at fraud detections, insurrances etc.

[kentrolla]

Yes blockchain has the capability to beat Visa's but not at this moment it will take a long period. However the talks might be in progress about this also people and the government need to support if this is wanted to happen.

[anatolij.shishkin]

Given how difficult it has been for Blockchain technology to scale since Bitcoin's inception back in 2009, it makes me wonder whenever Blockchain could beat VISA someday?

The potential is there for Blockchain to scale to many users. However, some crypto projects have sacrificed decentralization in exchange for high transaction throughput and low fees. Which is why, it cannot be possible to achieve decentralization while obtaining high scalability.

Nonetheless, do you think that it's possible for Blockchain tech to surpass traditional payment processors like VISA?

I think I can not yet. The reason for this is a state that does not accept cryptocurrency. If they do not accept cryptocurrency, then they strive to do everything to prevent it from reaching the masses. And without massive use, it all does not make sense.

[MikeyVeez]

Probably it could happen, but first of all we have to find really fast blockchain solution because currently we can´t competite with Visa TPS.

[guy369]

Since blockchain doesn't work of debt but works off assets I think it's a completely different class

I hope blockchain will first replace things like paypal and western union

[go4crypto]

I think it is just a matter of time before blockchain replaces most other payment methods including Visa. There is plenty of research going in lightning and other high performance and cheap transaction technologies.

[baigreen]

Given how difficult it has been for Blockchain technology to scale since Bitcoin's inception back in 2009, it makes me wonder whenever Blockchain could beat VISA someday?

The potential is there for Blockchain to scale to many users. However, some crypto projects have sacrificed decentralization in exchange for high transaction throughput and low fees. Which is why, it cannot be possible to achieve decentralization while obtaining high scalability.

Nonetheless, do you think that it's possible for Blockchain tech to surpass traditional payment processors like VISA?

These are world giants. Which will fight for what would not let cryptocurrency on the market. Mastercard and Visa will do everything possible so that the cryptocurrency does not become a new generation of payment systems. Also the state. Why do they need decentralized payment systems that can not be controlled. Therefore, if the cryptocurrency can go to the payment system.

[Milamol]

Tangle network can provide huge capacity.
Classic PoW and PoS are unlikely to provide higher speeds, but with a sufficiently large number of miners, the throughput may be sufficient.
Yes, technology is immature. But I hope that this will be fixed in the coming years.
Perhaps VISA will remain in centralized systems, cryptocurrencies will still exist in parallel for a long time.

[Willitivity]

Even though Blockchain habr been here for some time, but I can't see it toppling VISA any time soon. Being the fact that Blockchain is not regulated and so many governing bodies are not even in support of it. Other than that, Blockchain technologies are still an emerging market that should be given some more time to prove itself.

[4rt3m]

I think that VISA is smart enough to start implementing blockchain in their system. Fintech industry managers react very quickly for all trends.

[Nitori_m]

The both have there respective advantages, I believe they will evolve/merge together eventually

[lyancy005]

Given how difficult it has been for Blockchain technology to scale since Bitcoin's inception back in 2009, it makes me wonder whenever Blockchain could beat VISA someday?

The potential is there for Blockchain to scale to many users. However, some crypto projects have sacrificed decentralization in exchange for high transaction throughput and low fees. Which is why, it cannot be possible to achieve decentralization while obtaining high scalability.

Nonetheless, do you think that it's possible for Blockchain tech to surpass traditional payment processors like VISA?

The way I see it I think it would defeat VISA and a lot of people will be delight to use Blockchain because of the fastness and direct payment system.

[AndRE177]

Given how difficult it has been for Blockchain technology to scale since Bitcoin's inception back in 2009, it makes me wonder whenever Blockchain could beat VISA someday?

The potential is there for Blockchain to scale to many users. However, some crypto projects have sacrificed decentralization in exchange for high transaction throughput and low fees. Which is why, it cannot be possible to achieve decentralization while obtaining high scalability.

Nonetheless, do you think that it's possible for Blockchain tech to surpass traditional payment processors like VISA?

Technology Blockchain definitely has such prospects in the future. However, at the moment there are no projects that have come close to the speed of the VISA network.
As far as I know, Ripple is the fastest coin from the entire market, but even it is hundreds of times inferior to the VISA rate.

[Luvr1000]

I saw an article on the Internet saying that a visa is interested in blockchain technology. This means that in the near future we can see a visa for this technology and I think it will be very cool. time will tell

[tippytoes]

Yes blockchain has the capability to beat Visa's but not at this moment it will take a long period. However the talks might be in progress about this also people and the government need to support if this is wanted to happen.

It might be true one day. Or if Visa is adopting the blockchain system then good for the crypto community.