Will Blockchain beat VISA someday?

[sanacaks]

In a few years, I think that Blockchain technology will be the largest payment system. The faster the transactions, the lack of limitations, the more active use of the system. The fact that blockchain is open to development is another important plus. The bulky structure of old systems is an obstacle to their development. Blockchain is constantly evolving.

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[guoyu78]

Nope!  But it is inspiring them to push the innovation and maybe in the near future VISA/Mastercard will implement blockchain

You cannot estimate what revolution that technology and science will be having in near future. Blockchain technology may go to any level in near future so that it can surpass visa/mastercards' capacity someday. Just a decade before, I never got chances to think about the payment system which will be having all me needed freedom because I was struggling with paypal and alterpay (now payza) kind of dictators, but technology brought me something new to ensure my peace of mind. Anything may happen in technology developments hence we should expect more things and days to be waiting for us.

The potential is there for Blockchain to scale to many users.

This is the answer for this entire topic. Blockchain will have that capacity on its own or by incorporating some third-party services like lightning network. Moreover one famous quote reads like this "bitcoin transactions are instant but confirmations may take some time".

Like, when there will be an enhancement to be implemented into bitcoin network (for example), we may start trusting bitcoin payments with zero confirmation also. Similar to that, we may have some new enhancement so that we will be having big blocks to accommodate more number of transactions along with backward compatibility, who knows ?

[jt byte]

PundiX and their Point of sales could replace Visa and Mastercard's solutions. But all stores in the world should buy these things.

[Abiky]

Blockchain technology is younger technology than VISA technology's and will keep in development to be much better. Currently Visa can proccess athousand transaction persecond but Bitcoin only 3 transaction persecond. Bitcoin will beat or not with VISA depend on the the development of the technology. That possible if BTC possible to process amillion transaction persecond with low fee transaction.

That's certainly true, mate. While Blockchain technology is still new to the world, it's growing at a fast pace. Eventually, it'll improve to a point where it'll rival traditional payment processors not limited to VISA such as: Mastercard, PayPal, MoneyGram, and even Western Union. The diverse number of scalability solutions available today, makes it possible for Blockchain technology to beat VISA someday. It just needs to gather massive mainstream adoption and regulatory compliance, to outmatch its competitors.

Right now, one technology which looks to be Blockchain's successor is DAG (Directed Acrylic Graph). There are only a few cryptocurrencies in existence which make use of such technology for infinite scalability. Such cryptocurrencies are: NANO, IOTA, Constellation, Coti, and Hashgraph. They have near-instant transaction confirmation times and are virtually free (no fees). This means, that they could overcome VISA in terms of worldwide usage, if people start to adopt them at a large scale.

As for Bitcoin, it will be possible to process millions of transactions per second with low fees using the Lightning Network. SegWit has been activated already, but it still lacks mainstream adoption at a large scale. The process has been slow, but once there are many businesses and companies using SegWit, the Lightning Network could go full steam ahead. Even now, the Lightning Network is in testing phase not ready for the world. Once it does, then Bitcoin could have a better chance of rivaling well-known payment processors in the mainstream world.

Nonetheless, time will tell us what lies ahead for the future of Blockchain technology. Just my thoughts