Mastercard Bitcoin Global Adoption?

[dkbit98]

On February 10 Mastercard released news report on their website claiming that they are working on adding cryptocurrencies onto its network.
We don't know exactly how this will look like but it is big change for them that will require a lot of work and adding support for selected coins as they clearly state they will not support all cryptocurrencies.
What we know from Mastercard requirements is that there will be strict compliance protocols and KYC with protection from money laundering and only regulated coins will be supported.

Positive thing: Many merchants and businesses will be able to use and accept Bitcoin payments very easy resulting in mass global adoption and billions of potential users.

Negative thing: They will surely use some centralized system with possible ban for any suspicious transactions, and they will probably hold private keys for any coins on their network.

In the end I am proposing a new logo for Mastercard   

[1715486711]

1715486711

[Hydrogen]

On February 10 Mastercard released news report on their website claiming that they are working on adding cryptocurrencies onto its network.

Anyone remember years past. Bitcoin scaling debates. Mass hysteria. Over excited randoms claiming bitcoin needed 2+ megabyte block sizes to have a prayer of competing with mastercard. Many saying bitcoin could manage 5 transactions per second. While credit cards like mastercard can execute thousands of transactions per second. It was strange how many coordinated @ simultaneously to make identical arguments. Almost as if bot farms were broadcasting the same message over multiple accounts across the internet.

My how the tables have turned! In the past, Roger Ver and others said bitcoin's key to mass adoption was to emulate credit card networks so bitcoin could be utilized to buy a cup of coffee.

Now we have mastercard striving to be more like BTC and cryptocurrencies. Paradigm shift. Historic moment.

[hatshepsut93]

Did they explicitly say that they will accept Bitcoin? Cause from what they said, it seems like they will focus on stablecoins that are compliant with KYC/AML regulations. Bitcoin is still pseudonymous like it always was, and now there are technologies like CoinJoin, so you can get privacy in your wallet without using mixers. So, when Mastercard says "crypto", they mean "centralized stablecoins and CBDC".

[Obito]

Did they explicitly say that they will accept Bitcoin? Cause from what they said, it seems like they will focus on stablecoins that are compliant with KYC/AML regulations. Bitcoin is still pseudonymous like it always was, and now there are technologies like CoinJoin, so you can get privacy in your wallet without using mixers. So, when Mastercard says "crypto", they mean "centralized stablecoins and CBDC".

That will be a problem for them, most people that doesn't know about cryptocurrency will always mention bitcoin first before anything else and them not including bitcoin will be a problem because as I have said, most people outside will know the association to bitcoin. I don't think that people who knows a thing or two about cryptocurrency will take that offer unless they make bitcoin part of their adoption, shoving something dirty into someone's mouth is not a good idea for business. Plus, CBDC's are equal to nothing, they are a failed experiment.

[charlesmichel1]

The conclusion. Mastercard's decisions to support crypto is good for the adoption and will make the price go up. But we shouldn't use their service to buy and store Bitcoin. 

[Vatimins]

     This is quite the good news for every crypto enthusiast in this industry. This will only lead to more spikes in the price of bitcoin along with all the other crypto currencies. Positive news just keep on coming. The only problem I see with this is that they have not said anything specific nor named any coin that they would accept. This would be a problem if they would only accept what they think are good enough or only coins that would comply with their requirements. This will only be bad news for this industry.

[macson]

they once said they would not accept Bitcoin but in fact, now that is changing....that's business, always following the direction of market attractive trends.  The positive impact generated is of course very large but with "not own private key" I will not use their services for my Bitcoin transactions.

if there continues to be an increase in companies investing in Bitcoin or include cryptocurrency in their business, it can be ascertained that this year will end with the Bitcoin price soaring to $100k.

[20kevin20]

"Bans" for so-called suspicious transactions make no sense.. nor does KYC. To own a Mastercard, you're giving your personal information to banks anyway. They already have everything they need the moment you're handed out a debit/credit card. And they're bank accounts - they already know where your money is going since you're just gonna move it from your bank account to someone else's.

What does "Regulated coins" mean though? Bitcoin can't be regulated, so are they just planning to add some centralized crypto instead..?

The conclusion. Mastercard's decisions to support crypto is good for the adoption and will make the price go up. But we shouldn't use their service to buy and store Bitcoin. 

So the final conclusion: besides the temporary FOMO, it's useless.

[tyz]

Mastercard did not announce Bitcoin acceptance in that press release. They wrote about stable coins they want to integrate. But they did not mention which stable coins. Of course, this will also mean a push for Bitcoin and other cryptocurrencies, but that Mastercard will accept Bitcoin payments is not correct at this point in time.

[salty]

Interestingly, only about the large incomes to which we are accustomed can most likely be forgotten, and most likely they will consider the possibility of integrating exactly stablecoins into their payment system. (although I may be wrong). As they say - time will tell. Otherwise I do not see any other application. Why bother with any other cryptocurrency if its volatility is too high? Gas prices in the ethereum network are simply going through the roof. What kind of mass application can we talk about?

[oHnK]

Mastercard has been eyeing Crypto since last year.  Issues like this will provide reinforcement for Cryptocurrency.  The more you glance, the more engagement you receive.  The possibility that Mastercard will be like Paypal is 70% just how technical their execution is.  What products will be offered to the public will provide even wider literacy for ordinary people about Ctyptocurrency.  It would be wonderful if later parents who might not know Crypto will start to know it.  Millennials who are familiar with but have not dared to invest will be more convinced to invest.  This hype will be very positive going forward.  I can't wait for the momment.

[eaLiTy]

Anyone remember years past. Bitcoin scaling debates. Mass hysteria. Over excited randoms claiming bitcoin needed 2+ megabyte block sizes to have a prayer of competing with mastercard. Many saying bitcoin could manage 5 transactions per second. While credit cards like mastercard can execute thousands of transactions per second. It was strange how many coordinated @ simultaneously to make identical arguments. Almost as if bot farms were broadcasting the same message over multiple accounts across the internet.

Who does not like BTCitcoin to scale which can manage hundreds and thousands of transactions per second but we are yet to find a solution but we have lightning network where you can send multiple transactions of that scale. The debate is not about master card accepting BTCitcoin so that we could survive, the discussion at that time was how to scale BTCitcoin  .

Now we have mastercard striving to be more like BTC and cryptocurrencies. Paradigm shift. Historic moment.

Mastercard is not striving to be like BTC, they are yet to provide the details on how they are going to start accepting cryptocurrencies, sure it is a historic moment when a major transaction network accommodate BTCitcoin .

[posi]

Mastercard did not announce Bitcoin acceptance in that press release. They wrote about stable coins they want to integrate. But they did not mention which stable coins. Of course, this will also mean a push for Bitcoin and other cryptocurrencies, but that Mastercard will accept Bitcoin payments is not correct at this point in time.

Go and read the press release well mate because they never mention stablecoins, they only said they are planning on bringing cryptocurrencies to their network and after that, they talked about working with the government in the creation of Central Bank Digital Currency but it guarantees that they will add Bitcoin cause no man can be alive with the head (Bitcoin)
 

[el kaka22]

Positives include that the world is accepting bitcoin a lot more these days, and that is a good thing, we need people who like bitcoins to get more and more and with places like mastercard, paypal, tesla, grayscale and many others who do the same or will do the same, we are going to see bitcoin get a lot more credible and respected, that is very important.

Back in the day we were seen as drug dealer money and we were seen as "game money", I remember vividly one friend said he owned world of warcraft gold that worths more than bitcoin, so he assumed it was something like that, I agree that you could sell your world of warcraft gold for fiat as well if you want but crypto was nothing similar in its entirety but he didn't get it. Long story short, we are talking about a situation where Bitcoin gets more reputation as a great investment and I am fine with it.

[HabBear]

More details at this article - Mastercard will support cryptocurrencies

The article states that Mastercard wants to use the USDC stable coin to facilitate payments. Any benefit for "bitcoin" is through the positive media this produces, the acceptance of cryptocurrencies as a thing (not a fad).

What Mastercard is trying to accomplish speed and cost efficiency of transactions not using bitcoin...and let's not give them any brilliant credit for finally realizing that the world's payment/transaction system is incredible antiquated. I mean all of us have known that cryptocurrency and blockchain is the much needed innovation for the financial system for close to ten years now. It's great that big banks are finally accepting this reality and willing to take action.

I'm excited that this is happening, but let's not assume it'll directly increase the price of any particular cryptocurrency.

[fiulpro]

On February 10 Mastercard released news report on their website claiming that they are working on adding cryptocurrencies onto its network.
We don't know exactly how this will look like but it is big change for them that will require a lot of work and adding support for selected coins as they clearly state they will not support all cryptocurrencies.
What we know from Mastercard requirements is that there will be strict compliance protocols and KYC with protection from money laundering and only regulated coins will be supported.

Positive thing: Many merchants and businesses will be able to use and accept Bitcoin payments very easy resulting in mass global adoption and billions of potential users.

Negative thing: They will surely use some centralized system with possible ban for any suspicious transactions, and they will probably hold private keys for any coins on their network.

In the end I am proposing a new logo for Mastercard   

Honestly the idea was proposed and at the same time as we know there was a normal crypto card which was in the news all around the globe launched in Europe but at the same time they were tracking the people. Which was a downside since they did ask for all the documents , KYC was required which does mean that they can link you to anything that you did use KYC in. Which might be a governmental scheme idk but I do think if we are going to have something like this at first they have to make sure to crater the needs of the public regarding the privacy which is not taken care at all ! They have to improve their terms and conditions , which will take a lot more than that. Let's see what options we have in the future but I would like that these companies have :
1. Better Terms and conditions
2. Better Privacy 🔏
3. Less cost and tax  ( they do take a percent which I do not like since I might as well use an offline wallet and exchange there)
4. Better exchange rates !!

A lot of things are there , but let's see what they have to offer.

[Hydrogen]

Who does not like BTCitcoin to scale which can manage hundreds and thousands of transactions per second but we are yet to find a solution but we have lightning network where you can send multiple transactions of that scale. The debate is not about master card accepting BTCitcoin so that we could survive, the discussion at that time was how to scale BTCitcoin  .

What made the debate suspicious was many existing blocks at that time being 20% or less full to capacity.

Many blocks were 1 MB. Containing only 200 KB or less of data.

Followed by a disinformation campaign where block size was blamed for shortcomings of blocks not being utilized to their full extent.

Followed by another disinformation campaign where what appeared to be bot farms spammed mass hysteria relating to a "block size crisis" across social media platforms and forums.

[enhu]

Every time there is a bull market, news like this is coming out but then when the market trend changes, this initiative also dies. I wouldn't really expect much to it anymore besides they didn't actually say Bitcoin to be exact but the word crypto. Binance I think has this plan too which they have been announcing, I still haven't seen anyone who owns a card. Of all that I think should be capable of pushing projects like this to realized is Binance but failed. We'll see how Mastercard will abe to do it.

[aesma]

Unless I'm missing something one defining feature of cryptocurrencies is that we don't need intermediaries to send and receive them, so what is Mastercard going to provide exactly ?

Do they mean they will support transactions with fiat at one end and crypto at the other hand, aka become an exchange ?

[Sithara007]

I would wait till I get some confirmation on this. But after the news regarding the investment made by Tesla was first published, rumors have appeared linking major corporations such as Amazon, Apple and MasterCard to cryptocurrency. In case of Master, it was more or less expected. Since PayPal have accepted cryptocurrency in their platform, the competitors such as Master and Visa also needs to do the same in order to retain their user base. Right now I can't find any negative from this move. It is going to be very beneficial for the cryptocurrency sector.