Mastercard Bitcoin Global Adoption?

[just_Alice]

No way, what a twist! While Mastercard shows a good example and it will most certainly benefit the crypto world, it seems like they're doing it out of fear, rather than support. Over the past few weeks, a lot has changed and many men of weight have shown support for Bitcoin, which is why MC suddenly feels threatened. But no matter, I've been longing for this kind of news for years.

However, it's interesting how will the exchange rate be fixed in such a case, considering that it's constantly changing and might even change while the transaction is being processed.

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[Noctis Connor]

In past few year they talking about this kind of adopting bitcoin since some of business are accepting bitcoin with generate codes where you can send your payments, and i think this could be a competition between bank and bitcoin currency and it will be a massive adoption into it others are planing to build an atm where also you can easily withdraw money around the world and some others says it is not suitable because it was decentralize., if this happen maybe bitcoin will be centralize and the hype wil be gone for good.

If the Bitcoin adopted by mastercard is changed to centralized then I agree that the hype will disappear.  Basically Bitcoin is needed because it is decentralized and is against inflation.  If mastercard changes it then in the future the pure value of Bitcoin will no longer exist.  Bitcoin is no different like any other fiat.  I will leave it if that happens. Because, if like that. I prefer invest in any other choice to Bitcoin. According to me, Mastercard will not change it to be centralize. Just 20% probablity, and it will need more regulation for set any rules for Bitcoin.

Of course it will be and the government will be in that action for sure once Mastercard adopt bitcoin therefor it will changes the market both fiat and bitcoin will be affected by this since it will become centralized and can be easily manipulated by people and you don't have full control on your money that 20% is the fact that they can easily milk people it will suffer more when you have higher bitcoin the higher the fee it get's maybe in the future another coin can be in mastercard adoption there are tons of coins that also a good potential.

[laredo7mm]

No way, what a twist! While Mastercard shows a good example and it will most certainly benefit the crypto world, it seems like they're doing it out of fear, rather than support. Over the past few weeks, a lot has changed and many men of weight have shown support for Bitcoin, which is why MC suddenly feels threatened. But no matter, I've been longing for this kind of news for years.

However, it's interesting how will the exchange rate be fixed in such a case, considering that it's constantly changing and might even change while the transaction is being processed.

If visa and Paypal can do this why don't they? Also when a hot figure like Elon musk buys and promotes crypto then people will use it without any hesitations. But they will not be able to provide that kind of freedom that crypto was created for. As mentioned in OP now they will freeze or halt any transaction if they think it's suspicious. Similar cash had been seen in PayPal and it seems the same thing will happen with MasterCard too.

[Swordsoffreedom]

No way, what a twist! While Mastercard shows a good example and it will most certainly benefit the crypto world, it seems like they're doing it out of fear, rather than support. Over the past few weeks, a lot has changed and many men of weight have shown support for Bitcoin, which is why MC suddenly feels threatened. But no matter, I've been longing for this kind of news for years.

However, it's interesting how will the exchange rate be fixed in such a case, considering that it's constantly changing and might even change while the transaction is being processed.

Its visa and Paypal can do this why don't they. Also when a hot figure like Elon musk buys and promotes crypto then people will use it without any hesitations. But they will not be able to provide that kind of freedom that crypto was created for. As mentioned in OP now they will freeze or halt any transaction if they think it's suspicious. Similar cash had been seen in PayPal and it seems the same thing will happen with MasterCard too.

If any organization promises to provide a service to its users but does not provide the service properly, then what is the purpose of providing such services if the users are subject to various restrictions!
You know, PayPal has announced to add bitcoin to their system but they are far from the private key of that bitcoin, even there was no option to withdraw.
So giving such a service in the name of Bitcoin will create misconceptions about Bitcoin to civil people cause they are not frequently using bitcoin and have less knowledge about it. sometimes they will lose the incentive to use Bitcoin.

[bitgolden]

If any organization promises to provide a service to its users but does not provide the service properly, then what is the purpose of providing such services if the users are subject to various restrictions!
You know, PayPal has announced to add bitcoin to their system but they are far from the private key of that bitcoin, even there was no option to withdraw.
So giving such a service in the name of Bitcoin will create misconceptions about Bitcoin to civil people cause they are not frequently using bitcoin and have less knowledge about it. sometimes they will lose the incentive to use Bitcoin.

I think the idea behind what Paypal was doing that "if you want to invest into bitcoin and wait and cash out eventually with more fiat, you can do that while still offering bitcoin payment to your customers".

In a sense that if you are a paypal user, and the shop you want to buy something sells something with bitcoin, you could use your paypal account and pay that person in bitcoin, that would be easy and would allow shop owner to cater to a lot more people as well, not everyone can use dollars.

So, you could just buy bitcoin and hold it and sell when the price go up, that is really nothing to scoff at and it is still quite good. Do I think they should allow people to withdraw bitcoins as well? They totally should but that starts to involve a lot more legal stuff and they didn't want to get into the legal parts of it so they chickened out and did this version instead.

[Swordsoffreedom]

If any organization promises to provide a service to its users but does not provide the service properly, then what is the purpose of providing such services if the users are subject to various restrictions!
You know, PayPal has announced to add bitcoin to their system but they are far from the private key of that bitcoin, even there was no option to withdraw.
So giving such a service in the name of Bitcoin will create misconceptions about Bitcoin to civil people cause they are not frequently using bitcoin and have less knowledge about it. sometimes they will lose the incentive to use Bitcoin.

So, you could just buy bitcoin and hold it and sell when the price go up, that is really nothing to scoff at and it is still quite good. Do I think they should allow people to withdraw bitcoins as well? They totally should but that starts to involve a lot more legal stuff and they didn't want to get into the legal parts of it so they chickened out and did this version instead.

So you will not get your private key or even withdraw Bitcoin, only use PayPal to catch the Bitcoin pump! and you are happy by getting this!!
You don't understand their plot?
They are promoting the practice of centralizing Bitcoin in the name of providing this so-called Pump facility.
They are not supporting bitcoin they are just trying to ruin the main criteria of Bitcoin "not your keys not your coin" and showing people how to centralize it.

I think the idea behind what Paypal was doing that "if you want to invest into bitcoin and wait and cash out eventually with more fiat, you can do that while still offering bitcoin payment to your customers".
In a sense that if you are a paypal user, and the shop you want to buy something sells something with bitcoin, you could use your paypal account and pay that person in bitcoin, that would be easy and would allow shop owner to cater to a lot more people as well, not everyone can use dollars.

Oh yeah! Already they can receive that service by using Paypal dollar then why should they go there to convert their coin by counting extra fees!

[Sithara007]

This news is quit strange. I can hardly believe that mastercard (as well as Paypall and visa) are going to add BTC or some other popular cryptocurrencies onto their network. Think they intend to add Central bank digital currencies (CBDC) and some centralized stablecoins. Then they will make obligatory verification and regulate everything. These sound more realistic.

What are you talking about? PayPal has already added cryptocurrency to its platform and they haven't shown any interest in the CBDC shitcoins. Even PayPal knows that fiat currencies will become worthless in the near future. Verification is mandatory and you can't open a PayPal account without detailed KYC. There is noting to do about that. CBDC is an idea that is dead even before its arrival. Look at the state of CBDCs which are in the market right now. I haven't heard about any of them being used for trading or for any other purpose.

[FinneysTrueVision]

I think being centralized and highly regulated will be a turn off to most people. Maybe it will help increase adoption of cryptocurrency but it will also be limited with these strict rules they want to implement. It is not even certain if even bitcoin meets their standards or they will be using some kind of government friendly stablecoin.

[oHnK]

So you will not get your private key or even withdraw Bitcoin, only use PayPal to catch the Bitcoin pump! and you are happy by getting this!!
You don't understand their plot?
They are promoting the practice of centralizing Bitcoin in the name of providing this so-called Pump facility.
They are not supporting bitcoin they are just trying to ruin the main criteria of Bitcoin "not your keys not your coin" and showing people how to centralize it.

That's their trick in accepting Bitcoin, looking as if they agree even though they only make pump services.  But the fact behind it, Paypal is a factor in the increase in bitcoin prices even though only a percentage.  At the beginning of 2020 they were really one of the reasons for the Bitcoin hype.  And if it's like this, they are not that sincere in investing.  And only makes Bitcoin lose its value.

[aioc]

It will work like PayPal where all transactions are not part of the blockchain, and their numbers are just part of their own data, these financial institutions find it hard to go decentralized, they do not want to lose control, they want to make a huge profit by integrating Cryptocurrency but the main components of their transactions are centralized in nature. 

[Oceat]

I think being centralized and highly regulated will be a turn off to most people. Maybe it will help increase adoption of cryptocurrency but it will also be limited with these strict rules they want to implement. It is not even certain if even bitcoin meets their standards or they will be using some kind of government friendly stablecoin.

Yeah, I agree it will help to increase adoption but centralizing it would ruin the "not your keys not your coins" so it will going to be the same as what the banks are doing. I doubt people would buy from it if they knew that they are not in full control of their assets just like how they hold fiat.
Only those who practice using cards and banks would want to support it but I doubt if they ever know what it feels like when you hold your own money that you could send it in an instant without too much restrictions.

[tyz]

It will work like PayPal where all transactions are not part of the blockchain, and their numbers are just part of their own data, ...

Do you have any information/prove about this? I'm watching the development of the blockchain integration of the major payment providers and so far I haven't been able to find any details from Mastercard on how they want to integrate the stablecoins. Maybe you have other sources. Would be interesting to know.

[mezzaluna]

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   

This move is probably gained from Visa but nevertheless it is still a great move which really promotes the use of Cryptocurrencies. The con's of this move is really scary because their network can be a target for getting the private keys and this has never happened in the Crypto Industry and might be the first if it even happen. Recognizing Bitcoin is a great thing but the security of this adoption might not be that great if they are gonna use a centralize system for it.

[carlfebz2]

mastercard requirements and steps are correct for this, we are just waiting to be able to use mastercard for that. So I think Mastercard is completely in cryptocurrency and could be a payment option besides paypal. this is very interesting

Any news of adoption specially in the integration of crypto towards those traditional payment or banking system is really a great thing to read on.

This do signifies that recognition is really rising up even up to these years.How much more on upcoming years to come? Some do make out on issue

about for example on how paypal did really make or integrate bitcoin? it isnt really that on that direct side of things but  well, its better than have nothing at all.

[Sithara007]

mastercard requirements and steps are correct for this, we are just waiting to be able to use mastercard for that. So I think Mastercard is completely in cryptocurrency and could be a payment option besides paypal. this is very interesting

Two decades ago, credit cards were regarded as some of the most important technological innovations. So it is only natural that credit card providers such as Master are now trying to adopt new innovations such as cryptocurrency in their platforms. Cryptocurrency is the future of payment system, and those who adopt it at the earliest opportunity will reap the rewards in the future.

[Xinarae*]

You can purchase bitcoin with a credit card crypto's payment systems will be much more attractive if we buy bitcoin using a debit card or credit card mastercard. Bitcoin does not have these problems even if the transaction costs a certain amount through mastercard, visa card or any other means bitcoin can be purchased from the website. In some countries including the united states and canada, it is possible to make purchases through bitcoin in online transactions using bitcoin is as simple as sending a message on a regular e-mail or mobile phone. The need for mastercard is increasing crypto is becoming popular through paypal and mastercard.

[SquallLeonhart]

I agree it will help to increase adoption but centralizing it would ruin the "not your keys not your coins" so it will going to be the same as what the banks are doing. I doubt people would buy from it if they knew that they are not in full control of their assets just like how they hold fiat.
Only those who practice using cards and banks would want to support it but I doubt if they ever know what it feels like when you hold your own money that you could send it in an instant without too much restrictions.

Well, that is still not taken away from you, it is just an option and there are some people who will pick that option.

I personally never believed in the "your keys your coins" type of deal because I never had that much money to begin with, I do not believe that I would be keeping my coins safer than Binance would for example, I rather trust Binance to keep my coins safe over myself, hence "my key my coin" doesn't really work for me at all, I do not trust myself more than mastercard or visa or binance or anything that big.

Hence I would pick mastercard and I would love to have a debit card that is filled with crypto currencies and I go to any place in the entire world and spend that debit card, and let's say I spend 60k dollars then I do not need any fiat in my account, I just have 5 bitcoin in there and 1 of them is taken away and mastercard pays that shop fiat while take away crypto from me. That way the entire whole world would be crypto accepting thanks to this. If you are afraid and don't want to use it, just don't use it? zzz .

[posi]

mastercard requirements and steps are correct for this, we are just waiting to be able to use mastercard for that. So I think Mastercard is completely in cryptocurrency and could be a payment option besides paypal. this is very interesting

Two decades ago, credit cards were regarded as some of the most important technological innovations. So it is only natural that credit card providers such as Master are now trying to adopt new innovations such as cryptocurrency in their platforms.

It was only natural for people or an organization to join or integrate cryptocurrency into their business when they have enough human mind and understand of the true purpose of cryptocurrency. Mind you, Mastercard CEO once said Bitcoin "I think crypto-currency is junk" and he also said "Bitcoin Makes People Scared” last year.

Cryptocurrency is the future of payment system, and those who adopt it at the earliest opportunity will reap the rewards in the future.

No doubt about crypto to be the future of payment and financial systems but only people who manage and secure the earliest accumulation will reap the reward in the future.

[ChrisPop]

To have a look at the effects of Mastercard integration we must differentiate the two major aspects of Bitcoin.

1) Bitcoin as a proof-of-value, inflation-proof, wealth preservation asset.
 - Mastercard adopting & therefore certifying that BTC is a reliable method of payment (although in the report they say they only want to give people the choice) will only add to the solidity of its proposition for both institutions and retail investors.
 
2) Bitcoin as a monetary system - payment method.
 - Enabling merchants to accept crypto payments will probably create a strong trend between businesses. I'm especially looking forward to Starbucks accepting BTC payments using Mastercard integration.
 - This will affect the demand of BTC and therefore contribute to an increase in market price.
 - I'm still wondering how they will deal with the transaction fees. Will they use Lightning Network? - that remains to be seen. They stated there is still a ton of work to be done.

[jostorres]

Two decades ago, credit cards were regarded as some of the most important technological innovations. So it is only natural that credit card providers such as Master are now trying to adopt new innovations such as cryptocurrency in their platforms. Cryptocurrency is the future of payment system, and those who adopt it at the earliest opportunity will reap the rewards in the future.

They will always improve their systems, but they need a competition that is why I wanted crypto to be not included in mastercard or visa since that would make them even better, and yes you may think that customers will be taking advantage of this situation and it will be great for all of us but without pain there is no glory so I hoped that there would be a third new company that would take crypto, make things a lot cheaper and nearly free, and banks would start working with them and the domination of mastercard and visa over the card world would be gone.

Unfortunately that is not the case, they are going into crypto as well and they are going to keep dominating the world of transactions and take all the money. That type of situation where only a few companies control the whole market is never safe, it creates a big trouble for competition and I rather have much more competition divided equally to create better situation for customers.