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Author Topic: Another big step to adoption bitcoin from VISA!  (Read 295 times)
satonako
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December 02, 2020, 09:45:34 AM
Merited by chretienm (1)
 #1

Fintech company BlockFi became a partner with VISA to provide customers with Bitcoin reward besides cash or airline miles. In my opinoin this innovation will be wide spread among most payment systems.
https://cointelegraph.com/news/visa-and-blockfi-to-launch-bitcoin-rewards-credit-card-as-adoption-grows
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December 02, 2020, 10:18:09 AM
 #2

Wow! Visa are definitely the biggest payment processor in Europe afaik (not sure about the World but Europe is pretty huge in population anyway)...

Bitcoin at the moment in my opinion should see people only investing small(ish) amounts anyway so getting it as a free reward on a credit card purchase seems apt for that - as long as it doesn't cause people to buy the top.

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December 02, 2020, 11:56:01 AM
 #3

What I want to know is what exactly pushed such big company to accept this technology. We know in this industry how beneficial cryptos are as a mode of payment but things are different in the eyes of the masses wherein the impression is not that good towards cryptocurrencies. IMO what PayPal did, contributed to what Visa is about to make. As I've mentioned before, a domino effect could be triggered once a huge company makes a move and that seems to happen.
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December 02, 2020, 12:17:41 PM
 #4

Yeah, it looks like we may see a domino effect from payment processing companies and possibly banks too if they see it's workable with VISA


What I want to know is what exactly pushed such big company to accept this technology. We know in this industry how beneficial cryptos are as a mode of payment but things are different in the eyes of the masses wherein the impression is not that good towards cryptocurrencies. IMO what PayPal did, contributed to what Visa is about to make. As I've mentioned before, a domino effect could be triggered once a huge company makes a move and that seems to happen.
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December 02, 2020, 12:23:52 PM
 #5

What I want to know is what exactly pushed such big company to accept this technology.

Simply, to make more money by riding the popularity of bitcoin.

We know in this industry how beneficial cryptos are as a mode of payment but things are different in the eyes of the masses wherein the impression is not that good towards cryptocurrencies. IMO what PayPal did, contributed to what Visa is about to make. As I've mentioned before, a domino effect could be triggered once a huge company makes a move and that seems to happen.

It could have trigger a domino effect, but this companies are really in the business of making money from consumers so with the current rise of bitcoin, every individual and companies doesn't want to miss the hype train and squeeze more profits.

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December 02, 2020, 12:43:07 PM
 #6

Fintech company BlockFi became a partner with VISA to provide customers with Bitcoin reward besides cash or airline miles. In my opinoin this innovation will be wide spread among most payment systems.
https://cointelegraph.com/news/visa-and-blockfi-to-launch-bitcoin-rewards-credit-card-as-adoption-grows
Finally. Although in fact, it is high time to combine visa and bitcoin in one system with reduced tax rates. I think visa should be more attentive to cryptocurrency in General, because the crypto currency may at some point displace visa from the market. Although it seems to me that they probably have a financial Department that works with cryptocurrencies.

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December 02, 2020, 02:34:11 PM
 #7

as long as it doesn't cause people to buy the top.

nobody can buy bitcoin through any of them.
you open an account with this company and get their credit card where you pay $200 annual fee on it among other fees and deposit fiat and purchase stuff with the card. then as a reward point or cash back system they reward you bitcoin.
for example if you purchase something worth $1000 with this centralized card you will receive 0.0007 bitcoin!

this is not news in my opinion, it is just one company that is trying to sell their services by including the name "bitcoin" in their ads.

There is a FOMO brewing...
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December 02, 2020, 04:48:56 PM
 #8

as long as it doesn't cause people to buy the top.

nobody can buy bitcoin through any of them.
you open an account with this company and get their credit card where you pay $200 annual fee on it among other fees and deposit fiat and purchase stuff with the card. then as a reward point or cash back system they reward you bitcoin.
for example if you purchase something worth $1000 with this centralized card you will receive 0.0007 bitcoin!

this is not news in my opinion, it is just one company that is trying to sell their services by including the name "bitcoin" in their ads.

I see enough expensive credit cards out there to expect they must have some market using them....

I meant more if someone got €10/0.0007 btc and saw it go to €300 for example they might naively thing it's "rise only" and swear off crypto for good.

Although I do think most of Europe has heard of bitcoin by now (especially in the west) and if they haven't bought any yet then they're not going to care anytime soon...

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December 02, 2020, 05:08:10 PM
 #9

The news is comfortable and good to hear but here is a problem probably.Visa is a worldwide payment method or card for payment system and this is totally linked with banks. If this is going to happen then I have doubt that it will be somehow a track by the government  about crypto uses.

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December 03, 2020, 07:54:58 AM
 #10

The news is comfortable and good to hear but here is a problem probably.Visa is a worldwide payment method or card for payment system and this is totally linked with banks. If this is going to happen then I have doubt that it will be somehow a track by the government  about crypto uses.
It is good that they are offering cryptocurrency as a rewards. In my opinion though, airline miles is still the best reward in this position. The amount you spent on traveling is dramatically decreased by having airline miles rewards, plus you can spend more on the where you want to travel. And you also given another problem about authorities tracking the transaction, I do not think that you should be worried about it, even if you do not have that, everything about is already available for the government to look at starting from the day you were born.
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December 03, 2020, 09:20:01 AM
 #11

Great news! I think Mastercard and other competitors will follow this step.


Fintech company BlockFi became a partner with VISA to provide customers with Bitcoin reward besides cash or airline miles. In my opinoin this innovation will be wide spread among most payment systems.
https://cointelegraph.com/news/visa-and-blockfi-to-launch-bitcoin-rewards-credit-card-as-adoption-grows
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December 03, 2020, 09:43:42 AM
 #12

Wow, looks like VISA really wants to be ahead in bitcoin adoption with USDC stablecoin support.
https://www.coindesk.com/visa-connecting-global-payments-network-to-circles-usdc-on-ethereum-blockchain
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December 03, 2020, 10:00:11 AM
 #13

"The card, which carries a $200 annual fee, will be issued by Evolve Bank & Trust."

I don't think that a card with such a high annual fee will be in demand. Maybe only in the USA or in some other countries of the first world people will perceive positively this credit card. Therefore, you should not expect a strong impact on the price of bitcoin.

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December 03, 2020, 10:19:22 AM
 #14

so this is what they are saying that the next step after paypal are going to come in visa but as i read the title again it turns out that its not the first project visa involved with but there could be previous than this , im not aware with that  .
 not all loves travelling and it will be a waste if the rewards given to them are related to airlines but it will be more useful if they are rewarded with btc credits because that can be use in many ways or it can also act as an investment  .
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December 03, 2020, 11:00:13 AM
 #15

PayPal then Visa. It connects everything and there will be other payment processors that could follow their steps. They have no choice but to adopt bitcoin. Whether no coiners/haters don't like it or not, their favorite payment processors will have the same news in the future.
They can't be against it as it's massively being adopted and they can't be late on this trend. The scheme that they are up to is going to be one of the kind.


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December 03, 2020, 11:09:15 AM
 #16

This is just first steps, as the adoption contues and competition rises they will reduce annual fees and provide more options. We are still in the very beginning..


"The card, which carries a $200 annual fee, will be issued by Evolve Bank & Trust."

I don't think that a card with such a high annual fee will be in demand. Maybe only in the USA or in some other countries of the first world people will perceive positively this credit card. Therefore, you should not expect a strong impact on the price of bitcoin.
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December 03, 2020, 11:33:50 AM
 #17


this is not news in my opinion, it is just one company that is trying to sell their services by including the name "bitcoin" in their ads.

I agree with you. Today all companies will try to "accept" bitcoins primarily to keep up with the times. Think back to Visa's recent negative attitude towards Bitcoin.
https://www.telegraph.co.uk/technology/2018/01/05/visa-locks-bitcoin-payment-cards-crackdown-card-issuer/

But fortunately, as the saying goes, "at least this way to start" gradually all companies are forced to introduce bitcoin into their systems. This is primarily necessary to maintain the current status of leading companies, and not Bitcoin itself, which, more and more, is gaining momentum in popularity, crushing those who so sincerely wanted to ban it earlier.

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December 03, 2020, 11:49:58 AM
 #18

I guess the rewards tier would be pretty high, knowing how VISA operates their rewards system on miles and all that stuff. The big break here would be on the part of BlockFi getting most of the publicity currently, being paired with a payment processing giant and all that type of stuff. Integration wise, there doesn’t seem to be much to marvel at this partnership, although it’s good that VISA recognized a company that focuses solely on crypto-related things.

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December 03, 2020, 11:58:24 AM
 #19

Another big company trying to sell ads with the use of Bitcoin as the center of circumference. They are rushing to get Bitcoin before it gets to $100k or they might have stocked it up when they were busy criticising this amazing technology. The adoption is breaking through and causing them restless nights. This is just amazing if they are to reward users through Decentralization when they spend in centralised body. But the card is expensive.

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December 03, 2020, 12:01:10 PM
 #20

Company after company are integrating Bitcoin and crypto in their current system already.

This is creating a domino effect and this is a good news for the crypto users as more and more people are getting aware that a thing like cryptocurrency is existing. Good for BlockFi as they are the ones who partnered with VISA so their supporters and token holders will surely get some huge profit in this news Cheesy.

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