Visa approves Coinbase as Principal Member - big step for mass adoption?

[bgaf]

We have to get services to accept bitcoin directly. I mean, if we're willing to give our identity away (KYC) and pay high fees (comparing debit cards to crypto), then why use bitcoin in the first place? Personally, I don't see this helping bitcoin in any way.

Maybe for now, we dont have MANY establishment that accept bitcoin directly. Visa does ask KYC, this huge partnership proves that bitcoin will forward to becoming centralized.

I see the value of this as advertisement for bitcoin cause we all knew how huge VISA company around the globe.

This does nothing good to crypto and violates the initial principles of Bitcoin. The only good we can extract from this - crypto related company is recognized by one of the supreme corporations, people will definately hear the word "cryptocurrency" more often

Fundamental news has been all over us. How come there is nothing good to crypto this partnership will do? Yeah violates the bitcoin principle as decentralized but moving into mass adoption could be easier since one of the useful payment system is on their side already.

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[davis196]

The leading cryptocurrency exchange in the United States, Coinbase, has been approved as the very first “pure-play” crypto-related company to become a Visa principal member. Supposedly, this would allow the exchange to further improve its customer experience.

I know Coinbase is a centralized crypto wallet provider and bla bla but here are some facts to consider:
1. Coinbase is the first ever crypto company to manage such approval.
2. Visa manages a market cap worth $466 billion
3. Visa is the largest payment settlement provider in the world based on volume

Do you think it is a great step towards mass adoption? Will it be a positive or a negative?

News ref: https://cryptopotato.com/visa-approves-us-cryptocurrency-exchange-coinbase-as-principal-member/

Coinbase is a company that gets bigger and therefore gets more attention from other big corporations.
Do I think a corporation like VISA cares about cryptocurrencies and mass Bitcoin adoption?Definitely NO.
Do I think that VISA wants more transaction fee revenue coming from crypto users?Definitely yes.
It's just corporations that want to partner in order to make more money.I doubt that VISA will ever help the crypto community by adopting crypto payments.VISA is a puppet of the "fiat banking" financial system.

[pakhitheboss]

The leading cryptocurrency exchange in the United States, Coinbase, has been approved as the very first “pure-play” crypto-related company to become a Visa principal member. Supposedly, this would allow the exchange to further improve its customer experience.

I know Coinbase is a centralized crypto wallet provider and bla bla but here are some facts to consider:
1. Coinbase is the first ever crypto company to manage such approval.
2. Visa manages a market cap worth $466 billion
3. Visa is the largest payment settlement provider in the world based on volume

Do you think it is a great step towards mass adoption? Will it be a positive or a negative?

News ref: https://cryptopotato.com/visa-approves-us-cryptocurrency-exchange-coinbase-as-principal-member/

From where do you guys come up with such theory. How can you relate this news to mass adoption. Mass adoption means implementing the technology in every human beings daily life. How will this work in implementation of Bitcoin technology.

[hugeblack]

Although I am not in favor of many central platforms, but unfortunately, the central system and confidence in the banks are still in control and therefore we notice that many people are deceived in many unknown platforms.

If this partnership will bear more predictions, then it is OK. Many need some time to move from absolute centralization. Do not forget that we took 30 years to forget the gold standard.

[thesmallgod]

I have seen many decent projects such as AMON that have been trying to get the approval for years. So, getting to know that visa has given coinbase approval is a good indication that some crypto-based platforms with valid identity and very well registered might also be able to get the approval if they do not relent on their goal. Coinbase has been around for so long and it has emerge as one of the online wallet with great credibility. Almost 1/10 people new to crypto must have used coinbase in one way or the other.

[kryptqnick]

The leading cryptocurrency exchange in the United States, Coinbase, has been approved as the very first “pure-play” crypto-related company to become a Visa principal member. Supposedly, this would allow the exchange to further improve its customer experience.

I know Coinbase is a centralized crypto wallet provider and bla bla but here are some facts to consider:
1. Coinbase is the first ever crypto company to manage such approval.
2. Visa manages a market cap worth $466 billion
3. Visa is the largest payment settlement provider in the world based on volume

Do you think it is a great step towards mass adoption? Will it be a positive or a negative?

News ref: https://cryptopotato.com/visa-approves-us-cryptocurrency-exchange-coinbase-as-principal-member/

It's surely not something for everyone, but it does work with Bitcoin (not some centralized token or whatever), so I think it's still a good step toward adoption. I think it's a big step because it means that one way or another Bitcoin can be recognized and supported. I think we should also consider the country. If this happened in Switzerland, I would not be thrilled, but the US policies on BTC are rather tough, so it's good to see some positive moves. Sure, it's centralization, KYC and stuff, but IMO it's still way better than nothing or even than Libra.

[Sanugarid]

The leading cryptocurrency exchange in the United States, Coinbase, has been approved as the very first “pure-play” crypto-related company to become a Visa principal member. Supposedly, this would allow the exchange to further improve its customer experience.

I know Coinbase is a centralized crypto wallet provider and bla bla but here are some facts to consider:
1. Coinbase is the first ever crypto company to manage such approval.
2. Visa manages a market cap worth $466 billion
3. Visa is the largest payment settlement provider in the world based on volume

Do you think it is a great step towards mass adoption? Will it be a positive or a negative?

News ref: https://cryptopotato.com/visa-approves-us-cryptocurrency-exchange-coinbase-as-principal-member/

Coinbase is a company that gets bigger and therefore gets more attention from other big corporations.
Do I think a corporation like VISA cares about cryptocurrencies and mass Bitcoin adoption?Definitely NO.
Do I think that VISA wants more transaction fee revenue coming from crypto users?Definitely yes.
It's just corporations that want to partner in order to make more money.I doubt that VISA will ever help the crypto community by adopting crypto payments.VISA is a puppet of the "fiat banking" financial system.

This is gonna be a good news because it might do big adoption in cryptocurrency since this visa debit card can be used when making transaction especially buying. It is good also for the community.

I have seen many decent projects such as AMON that have been trying to get the approval for years. So, getting to know that visa has given coinbase approval is a good indication that some crypto-based platforms with valid identity and very well registered might also be able to get the approval if they do not relent on their goal. Coinbase has been around for so long and it has emerge as one of the online wallet with great credibility. Almost 1/10 people new to crypto must have used coinbase in one way or the other.

Coinbase is really a famous exchange and wallet. So there's no doubt that they can make a innovation like this. Let us support every project like this that will promote cryptocurrency to make the community bigger and gain a lot of users and investors.

[fiulpro]

Unfortunately when we are going to talk about the fee for the people with bitcoins trust me it is going to be very high , higher than the normal.
We are already paying a lot for transferring , I do not think we need to pay more , I am really not sure of the fact that it is going to be that effective.
To all the people already using it ....what are your thoughts. ?
Do you guys calculate the excess amount you are paying ?

This is a big step but  then again the fee should be made reasonable.

[DaveF]

We have to get services to accept bitcoin directly. I mean, if we're willing to give our identity away (KYC) and pay high fees (comparing debit cards to crypto), then why use bitcoin in the first place? Personally, I don't see this helping bitcoin in any way.

I agree--there's no anonymity and I don't think there's any advantage to this service that Visa is offering.  It's basically just a way for Visa (and probably Coinbase as well) to extract fees from their customers.  Same old story that's been going on since the beginning of credit cards, right?

Nice to see bitcoin gaining wider adoption--or possibly doing so--but I'm not sure this is going to catch on.

And I also agree that it would be so much better if merchants took bitcoin directly, but there's an obvious volatility risk involved, and I can understand why they wouldn't want to do that.  Even payment processors only convert bitcoin to fiat, which is what the merchant receives.  If I'm not mistaken, there are a few businesses that take crypto directly.  Overstock, Veldt Gold, and Protonmail are three of those, though I'm not sure if any of them still receive crypto directly.

Because at times KYC does not matter and having a hold over a merchant is good.
Using a CC a times with an online vendor you do not 100% trust is not a bad thing.

If you are ordering something they know where you live anyway.

Most of the time yeah, paying with BTC is better.
Sometimes other ways are better.

Also a CC is useful for other things. (Hotel reservations / car rental / etc.)

-Dave

[FatFork]

We have to get services to accept bitcoin directly. I mean, if we're willing to give our identity away (KYC) and pay high fees (comparing debit cards to crypto), then why use bitcoin in the first place? Personally, I don't see this helping bitcoin in any way.

I agree--there's no anonymity and I don't think there's any advantage to this service that Visa is offering.  It's basically just a way for Visa (and probably Coinbase as well) to extract fees from their customers.  Same old story that's been going on since the beginning of credit cards, right?

Nice to see bitcoin gaining wider adoption--or possibly doing so--but I'm not sure this is going to catch on.

And I also agree that it would be so much better if merchants took bitcoin directly, but there's an obvious volatility risk involved, and I can understand why they wouldn't want to do that.  Even payment processors only convert bitcoin to fiat, which is what the merchant receives.  If I'm not mistaken, there are a few businesses that take crypto directly.  Overstock, Veldt Gold, and Protonmail are three of those, though I'm not sure if any of them still receive crypto directly.

Because at times KYC does not matter and having a hold over a merchant is good.
Using a CC a times with an online vendor you do not 100% trust is not a bad thing.

If you are ordering something they know where you live anyway.

Most of the time yeah, paying with BTC is better.
Sometimes other ways are better.

Also a CC is useful for other things. (Hotel reservations / car rental / etc.)

-Dave

That's true. As for businesses, bitcoin is still too risky and there are still plenty of online merchants who are not ready to accept Bitcoin. Having a Visa prepaid card linked to instant crypto to fiat conversion gives you almost unlimited possibilities for online shopping. So, I think Coinbase is on the right track, but there is a lot more that needs to be done to get to the point where Bitcoin is easy to use in everyday life.

[gentlemand]

Also a CC is useful for other things. (Hotel reservations / car rental / etc.)

That's a credit card you need for that stuff. I'd be utterly amazed if Coinbase ever issue one of those. It'll only ever be debit cards.

That's true. As for businesses, bitcoin is still too risky and there are still plenty of online merchants who are not ready to accept Bitcoin. Having a Visa prepaid card linked to instant crypto to fiat conversion gives you almost unlimited possibilities for online shopping. So, I think Coinbase is on the right track, but there is a lot more that needs to be done to get to the point where Bitcoin is easy to use in everyday life.

This is a pretty neat excuse for Coinbase to ignore lightning networks, that's if they ever actually get anywhere. They can say there's no reason to bother with it when they have a card that can plug in to the existing system.

[FatFork]

This is a pretty neat excuse for Coinbase to ignore lightning networks, that's if they ever actually get anywhere. They can say there's no reason to bother with it when they have a card that can plug in to the existing system.

That may be true, but I think there is still plenty of room for LN as a better alternative. Coinbase fees will likely be incomparable with lightning network.

[coolcoinz]

That could be very useful for all those shopaholics who hold coins on Coinbase and want to spend some without withdrawal fees. I wonder what the fees for using the card will be. If they could just make it like the banks do, that if you make x number of payments every month there's no fee, that could be worth it. Otherwise I'd rather spend my fiat and keep holding BTC if they charge me 1% or something each time I pay with BTC and to do it I'll have to keep my coins on a centralized exchange all the time.

[gentlemand]

That could be very useful for all those shopaholics who hold coins on Coinbase and want to spend some without withdrawal fees. I wonder what the fees for using the card will be.

Coinbase issues Visa debit cards right now. The fee on expenditure is 2.5% which is the highest among the piddling choice out there. If Bitcoin withdrawal fees reach and stick around that level there'll be plenty of moaning far and wide.

[iluvbitcoins]

We have to get services to accept bitcoin directly. I mean, if we're willing to give our identity away (KYC) and pay high fees (comparing debit cards to crypto), then why use bitcoin in the first place? Personally, I don't see this helping bitcoin in any way.

I agree--there's no anonymity and I don't think there's any advantage to this service that Visa is offering.  It's basically just a way for Visa (and probably Coinbase as well) to extract fees from their customers.  Same old story that's been going on since the beginning of credit cards, right?

Nice to see bitcoin gaining wider adoption--or possibly doing so--but I'm not sure this is going to catch on.

And I also agree that it would be so much better if merchants took bitcoin directly, but there's an obvious volatility risk involved, and I can understand why they wouldn't want to do that.  Even payment processors only convert bitcoin to fiat, which is what the merchant receives.  If I'm not mistaken, there are a few businesses that take crypto directly.  Overstock, Veldt Gold, and Protonmail are three of those, though I'm not sure if any of them still receive crypto directly.

We shouldn't look at it at face value. Because in that way even BitPay is a bad thing since the BTC gets sold right away.

The more possibilities exist to use your bitcoin in everyday life the bigger the odds are merchants are going to start accepting bitcoin directly.
Usability - Adoption

[gentlemand]

We shouldn't look at it at face value. Because in that way even BitPay is a bad thing since the BTC get sold right away.

The more possibilities exist to use your bitcoin in everyday life the bigger the odds are merchants are going to start accepting bitcoin directly.
Usability - Adoption

Bitpay gives merchants the opportunity to choose what ratio of coinage they keep. They said some of them keep a significant proportion.

People who provide services or have massive margins will be more capable of accepting it directly. Those that have fiat supply chains will find it a much harder and more lengthy process.

[iluvbitcoins]

We shouldn't look at it at face value. Because in that way even BitPay is a bad thing since the BTC get sold right away.

The more possibilities exist to use your bitcoin in everyday life the bigger the odds are merchants are going to start accepting bitcoin directly.
Usability - Adoption

Bitpay gives merchants the opportunity to choose what ratio of coinage they keep. They said some of them keep a significant proportion.

People who provide services or have massive margins will be more capable of accepting it directly. Those that have fiat supply chains will find it a much harder and more lengthy process.

That's true, but as I said the biggest upside is usability.
The average person down the street will care whether he can spend the BTC at a local grocery store or not.
Mainstream people aren't as tech-savy as the average bitcoiner and general usability is necessary for mainstream adoption.
Once average folks can use bitcoin and get into bitcoin, it's a matter of time when merchants are going to cut out the middleman and his fee.

[DaveF]

Also a CC is useful for other things. (Hotel reservations / car rental / etc.)

That's a credit card you need for that stuff. I'd be utterly amazed if Coinbase ever issue one of those. It'll only ever be debit cards.

Can't speak to the car rental for everyplace (I use a card that covers insurance) [dollar takes them see below] but for hotels the BitPay card works fine.
It also works fine for airline tickets.

I did DefCon a few years ago with nothing but BTC except for the rental car.
Hotel -> hotels.com giftcard purchased with BTC through egifter
Hotel -> Card to cover charges bitpay
Flight -> Delta Gift Card through I don't remember where
Cash in LV -> 1 face to face trade and 1 ATM

The next year I actually had put a fuckton of cash on the BitPay card for a deal that went bad so I paid for the hotel with it since it was sitting there anyway.

So as a debit card it works.

Dollar rent a car takes debit:
https://www.dollar.com/DaveRamsey/main.aspx?utm_campaign=d_2019_Ramsey_&utm_krxconf=s52t74y3e&c3apidt=p42222141046&gclid=EAIaIQobChMIwN3kgsXo5wIVkICfCh0N3QXTEAAYASAAEgJQTPD_BwE&gclsrc=aw.ds


-Dave

[gentlemand]

Can't speak to the car rental for everyplace (I use a card that covers insurance) [dollar takes them see below] but for hotels the BitPay card works fine.
It also works fine for airline tickets.

Hmm. Not bad. I've destroyed enough American hire cars to know their system works rather differently from the European version. Many companies here base their business model off taking your credit card and stacking massive charges on it for damage that never existed weeks after you've given it back.

I'm pretty sure I wouldn't be able to hire without a credit card in Europe. They take a monster deposit from it too and only release it when they've figured out what they're going to steal.

[Money_Wizard]

We can’t say exactly what will come of it. But I can assume that Visa does not miss the opportunity to try the cryptosphere (one of the first!). I think if Visa can do it, the process of accepting cryptocurrency in society will be greatly accelerated. I think this is very good news!