And Now Visa Wants To Enter Crypto

[1Referee]

The management of Visa knows that they will soon become obsolete if blockchain technology is not integrated into their system. This is just an eye opener to other Fintech bodies.

I'm not so sure of that actually. All Visa needs to do is to have their entire ecosystem become a smarter and easier to scale database. They don't need a blockchain for that, nor do they feel threatened by crypto. People here want to believe they feel like that, but they don't. All Visa is doing is exploring a new market that might help them grow beyond their current range.

Another powerful anti crypto weapon Visa has available are lower fees and better service. Right now they don't need to go that far due to their dominance as financial institution, but when you force them to go that far, they will. What has crypto to offer when Visa offers instant settlements and very low fees? Crypto is an answer to how shitty financial institutions are, what answer is crypto when they do exactly what you want?

[RodeoX]

I just hope they are not entering the "alt-coin" phase of understanding crypto. That is when some executive says "Eureka! We should create our own coin, better than bitcoin, meet VisaBucks!"

 

[stompix]

Another powerful anti crypto weapon Visa has available are lower fees and better service. Right now they don't need to go that far due to their dominance as financial institution, but when you force them to go that far, they will. What has crypto to offer when Visa offers instant settlements and very low fees? Crypto is an answer to how shitty financial institutions are, what answer is crypto when they do exactly what you want?

Sometimes people forgot what visa and banks are, throw them in the same bucket and think bitcoin has the answer for everything. This is delusional and just with the FY attitude towards visa or banks, we won't get far.

Visa is a card payment gateway, and currently doesn't give a damn about cryptos because what they do is intermediate payments, juts like bitpay is doing with coins.
Most if not all shops accepting coins are just having a third party taking care of the exchange, just how they don't care when you use a polish, german, Croatian or Slovak visa when you pay for pizza in Italy France (scratch that stereotype )

Till know cryptos have done close to 0 steps in trying to act as a threat to visa, moreover there are a lot of companies that have visa cards that you can load with cryptos...takj about the irony here.

Customers will always need this 3rd party unfortunately, they need customer protection, they need to know they can make a chargeback. And this is what's stopping a lot of people from buying directly with BTC, and we have some examples here on the forum, with so many mining gear companies going bust and those that paid in BTC could just pray that something will happen.

BTC is a threat to international payment systems like MG or WU, in those cases for remittance yeah, cryptos are better, but for deals between two business entities that need a ton of paperwork for any cent spent...not yet

I just hope they are not entering the "alt-coin" phase of understanding crypto. That is when some executive says "Eureka! We should create our own coin, better than bitcoin, meet VisaBucks!"

 

All that you can hope to go wrong with your prediction is them shouting "Bingo" and calling it "visacoin" or "visamoney".
I'm 99.(9)% sure they will issue a stable coin if they create one.
 

[LUCKMCFLY]

This is very positive, if VISA starts with these movements, they will not only benefit in some way, because they will take advantage of the bitcoin movement and try to reduce interest rates, they will have many more clients that are cryptocurrency users and their limits will be many. larger, which can play with the different ways of payment, ie the indebtedness of people will be much larger and they may have more gain.

And from the technological and social point of view, it would be the beginning of a new era of shopping and global acceptance, because if it works that way, each card will have a QR code printed so that people can deposit their currency there.

[Pab]

I just hope they are not entering the "alt-coin" phase of understanding crypto. That is when some executive says "Eureka! We should create our own coin, better than bitcoin, meet VisaBucks!"

 

VisaBtc yet another bitcoin fork lol

if you will read article many depends how US regulators will recognize btc
If it will  be recognize like a fiat money than Visa will deal with btc like a currency
Now US regulators see btc more like commodity
But lets see for sure blockchain can give Visa more security save on transactions etc
 It  will be good even if Visa will like to support cards what will accept crypto

[lionheart78]

I assume they are going to perform transactions on their own blockchain and if they launch a cryptocurrency it will only be available for VISA users.So i am not sure what impact will this have on the cryptocurrency market since this could possibly be a private coin, just like JPcoin is.

One thing for sure, Visa acknowledging the importance of blockchain technology is enough to give cryptocurrency industry a boost.  It does not matter wether it is their own blockchain or not, what matters is that big company is adopting cryptocurrency and it only means more adoption and popularity for the industry.

[adzino]

If i recall correctly, it was like last year or the year before where both master and visa card started to close down on every business that were related to crypto currencies. I remember users on the forum complaining about their prepaid visa/mastercard being closed and then they were looking for alternatives. Looks like they have realized that the usage of crypto currencies is actually inevitable. Good step being taken by them.

[Hamphser]

If i recall correctly, it was like last year or the year before where both master and visa card started to close down on every business that were related to crypto currencies. I remember users on the forum complaining about their prepaid visa/mastercard being closed and then they were looking for alternatives. Looks like they have realized that the usage of crypto currencies is actually inevitable. Good step being taken by them.

Realization do always come on the end.They like or not crypto would really have that kind of thing which it can really be adopted.Instead on making opposition its better
to tie with it and possibly making up even more clients if they decide to accept it once more.

[Burogh]

I assume they are going to perform transactions on their own blockchain and if they launch a cryptocurrency it will only be available for VISA users.So i am not sure what impact will this have on the cryptocurrency market since this could possibly be a private coin, just like JPcoin is.

One thing for sure, Visa acknowledging the importance of blockchain technology is enough to give cryptocurrency industry a boost.  It does not matter wether it is their own blockchain or not, what matters is that big company is adopting cryptocurrency and it only means more adoption and popularity for the industry.

I am agree. Visa used by most people in the world and used in banking network. If Visa entering blockchain or cryptocurrency, crypto market will getting more attractive and interested by most big financial investor

[TelolettOm]

I don't think the news about visas or anything else is new anymore because many have seen a lot of projects that have already been done and many have failed to develop their products, there are so many concepts now but in the end the community judges that they are not interested in the product

[andika2018]

If i recall correctly, it was like last year or the year before where both master and visa card started to close down on every business that were related to crypto currencies. I remember users on the forum complaining about their prepaid visa/mastercard being closed and then they were looking for alternatives. Looks like they have realized that the usage of crypto currencies is actually inevitable. Good step being taken by them.

Perhaps they just want give FUD on market like JP Morgan did. Crypto potential in the future very big and i dont think big company like Visa or MasterCard want to miss this opportunity. Every big company will involve in crypto space and i am believe the market will more interesting

[boyptc]

Good news, VISA is no brainer a huge company.

So this is the result of what they've said before that crypto's aren't threat and the planned made was last year of moving to crypto assets.

They already made all opponents offside while themselves entering the crypto area. It is meaningless to have VISA cards if there is a better alternative for making payments in both real and online life.

Wait for them to give that twist on how they'll satisfy their users with a twist of crypto.

[Naida_BR]

Good news but I don't think it can improve the market condition. As mentioned above, VISA is possibly looking to create their own "cryptocurrency". Though I'm not sure, but it's also possible that they will accept other crypto for the purpose of their business (collecting fees from transactions).

Anyway, looks like blockchain is going to stay.

They cannot be described as good news because all these companies are going to promote the centralization of the cryptocurrencies.
I think that many of us (members of the cryptocurrency community) are against of this model but there are many people who will support this endeavor in order to make some money. This is the reason that the decentralized ecocystem that we dream is not evolving.

[CoinEraser]

I assume they are going to perform transactions on their own blockchain and if they launch a cryptocurrency it will only be available for VISA users.So i am not sure what impact will this have on the cryptocurrency market since this could possibly be a private coin, just like JPcoin is.

I can well imagine that Visa might want to reach new customers with it and they might offer a blockchain for everyone, even for people who aren't customers yet. That would make more sense to me than if they made a blockchain for there existing customers. I'm still torn back and forth, whether this is a good or bad news for the crypto world. But anyway, I'm curious about what and when VISA will be launched on the crypto market. 

I doubt Visa will ever launch their cryptocurrency (even if they may plan to create one) in the open market. What I foresee, Visa is probably going to launch a private blockchain and an exclusive cryptocurrency to be used within their network only. Even I don't think Visa customers will be able to use it directly. It will be more of a settlement cryptocurrency which would be used by Visa and participating banks for settling transactions without moving actual money from one account to another. 

Okay, that's possible, of course and would also make sense. This would certainly make Visas internal system more secure and possibly also cheaper than it is at present. Either way, I am curious whether and what they will bring to the market. 

[deisik]

Another powerful anti crypto weapon Visa has available are lower fees and better service. Right now they don't need to go that far due to their dominance as financial institution, but when you force them to go that far, they will. What has crypto to offer when Visa offers instant settlements and very low fees? Crypto is an answer to how shitty financial institutions are, what answer is crypto when they do exactly what you want?

You basically already answered your own question

I mean the question about what crypto can offer when Visa offers instant settlements and very low fees. In fact, card payments are pretty close to instant already, and as far as buying goods or ordering services is concerned, they are already mostly free of charge as well. Strictly speaking, you can even receive moneyback which essentially turns fees into an imaginary number

For this reason, there is not much what can be improved in this department and here lies the major difference between Visa and their likes on the one side and cryptocurrencies on the other. In simple terms, people use crypto because they don't want to have anything to do with fiat as such (and its drawbacks which are innumerable). So neither Visa nor MasterCard can do anything about it as this is beyond their range of influence

[gabmen]

Good news but I don't think it can improve the market condition. As mentioned above, VISA is possibly looking to create their own "cryptocurrency". Though I'm not sure, but it's also possible that they will accept other crypto for the purpose of their business (collecting fees from transactions).

Anyway, looks like blockchain is going to stay.

They cannot be described as good news because all these companies are going to promote the centralization of the cryptocurrencies.
I think that many of us (members of the cryptocurrency community) are against of this model but there are many people who will support this endeavor in order to make some money. This is the reason that the decentralized ecocystem that we dream is not evolving.

Well there isn't a thing we can do anyway if they want to. I just look at it as a step towards mainstream adoption and acceptance. At an early stage, it's good to have big names expressing confidence in crypto regardless of their motives.

[Pab]

News what i am posting below are even better than news about Visa
Fortune 500 Tech Firm Avnet Now Accepts Crypto Payments via BitPay
Announcing the news on Tuesday, the Fortune 500 firm said its customers can now pay in bitcoin (BTC) and bitcoin cash (BCH) for products and services, with BitPay then verifying and processing those payments.

Cryptocurrency payments can reduce the “time, cost and complexities of bringing products to market,” Avnet said, adding that it has already closed “several multi-million-dollar” cryptocurrency transactions within the first month of accepting cryptocurrency payments.

The news makes Avnet the third largest technology company in the U.S. (behind only Microsoft and Dell) to accept bitcoin payments, a spokesperson for Avnet told CoinDesk.


Avnet is also working with Bitcoin.com to develop a new hardware wallet to enable cryptocurrency storage and provide the “highest level of security” for transactions, according to the announcement

https://www.coindesk.com/fortune-500-tech-firm-avnet-now-accepts-crypto-payments-via-bitpay

Merchant adoption without even Bakkt realease is that what we really need knowt a
Bitcoin and other crypto has to be finally recognized and used like a internet money not just a alternative investment

[awawo]

Good news but I don't think it can improve the market condition. As mentioned above, VISA is possibly looking to create their own "cryptocurrency". Though I'm not sure, but it's also possible that they will accept other crypto for the purpose of their business (collecting fees from transactions).

Anyway, looks like blockchain is going to stay.

They cannot be described as good news because all these companies are going to promote the centralization of the cryptocurrencies.
I think that many of us (members of the cryptocurrency community) are against of this model but there are many people who will support this endeavor in order to make some money. This is the reason that the decentralized ecocystem that we dream is not evolving.

Well there isn't a thing we can do anyway if they want to. I just look at it as a step towards mainstream adoption and acceptance. At an early stage, it's good to have big names expressing confidence in crypto regardless of their motives.

Yes is really a step forward and this will really strengthen the cryptocurrency market because more users of visa can now have free access to the cryptocurrency market at any time, I hope more financial institutions will very soon adopt crypto for the success of the company e.g master card.

[raven7886]

I don't think the news about visas or anything else is new anymore because many have seen a lot of projects that have already been done and many have failed to develop their products, there are so many concepts now but in the end the community judges that they are not interested in the product

This cannot be the case of visa because these type of project products is what is virtually every home knows, those projects you are talking about are new projects built from scratch but looking at VISA, they are building on already existing popular project.

Just like Facebook planning to come up with their own coin, which we all virtually expect the project to really succeed considering the fact that they already have a very large community that are ready to support the project once it is being implemented, and this will be the case of Visa too, their trusting community will make the project a success and we better be ready to join them.

[shoreno]

I don't think the news about visas or anything else is new anymore because many have seen a lot of projects that have already been done and many have failed to develop their products, there are so many concepts now but in the end the community judges that they are not interested in the product

This cannot be the case of visa because these type of project products is what is virtually every home knows, those projects you are talking about are new projects built from scratch but looking at VISA, they are building on already existing popular project.

Just like Facebook planning to come up with their own coin, which we all virtually expect the project to really succeed considering the fact that they already have a very large community that are ready to support the project once it is being implemented, and this will be the case of Visa too, their trusting community will make the project a success and we better be ready to join them.

the guy above is trying to say that the news about visa is not new and i agree with it because before there are simillar news about visa saying that it will partner with bitcoin although i dont know if that news was legit or only a mere rumor  but  you are also right mate that visa is a reputable and well known brand for credit and debit cards  if ever that visa will teamed up with crypto im sure that this can help the adoption to increase more evenly  . same as with the idea of facebok creating a crypto coin  .