Mastercard Bitcoin Global Adoption? - page 2.

mezzaluna

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Quote from: dkbit98 on February 11, 2021, 04:46:38 PM

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 Wink

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.

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Quote from: aioc on February 20, 2021, 11:38:34 AM

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.

Oceat

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Quote from: FinneysTrueVision on February 19, 2021, 11:28:50 PM

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.

aioc

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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.

oHnK

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Quote from: Swordsoffreedom on February 19, 2021, 10:51:17 PM

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.

FinneysTrueVision

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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.

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Quote from: ?? on ??

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.

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Quote from: bitgolden on February 19, 2021, 01:02:51 PM

Quote from: Swordsoffreedom on February 19, 2021, 06:14:07 AM

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.

Quote from: bitgolden on February 19, 2021, 01:02:51 PM

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!

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Quote from: Swordsoffreedom on February 19, 2021, 06:14:07 AM

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.

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Quote from: laredo7mm on February 18, 2021, 11:35:33 PM

Quote from: just_Alice on February 18, 2021, 07:40:27 PM

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.

laredo7mm

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Quote from: just_Alice on February 18, 2021, 07:40:27 PM

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.

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Quote from: oHnK on February 13, 2021, 09:13:45 AM

Quote from: Noctis Connor on February 13, 2021, 06:54:54 AM

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.

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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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Mastercard has started to develop so that it can accept transactions using bitcoin, it's just that it is currently still in trouble and it seems that it has not yet been launched, when bitcoin can be purchased using mastercard it will increase demand and use meaning the price is potentially very expensive. I think transaction fees when buying bitcoin using Mastercard are still an important issue that has not been resolved.

For MC, it will simply not be profitable to keep a part of the transactions on itself, simply because it will be TOO expensive. And it is expensive for the end user - pay a commission in btc for the transaction, then pay a hidden commission in the MC directly, and then the recipient of the payment will pay these two commissions + acquiring, and this already looks like an absurdity, rather than something adequate.

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Quote from: aesma on February 13, 2021, 07:17:05 PM

Quote from: bits4books on February 13, 2021, 06:34:47 AM

But why BTC? For use "For every day" it is absolutely not suitable. You don't wear a custom-made holiday tailcoat every day, do you? That's exactly what no. BTC is not suitable for daily card payments simply because it is not designed for such a large number of transactions. It is too slow, inconvenient, and very expensive for regular payments. Better Litecoin or even BCH (sorry) for such purposes than BTC honestly.

An even simpler comparison is gold or silver. These metals used to be used as currencies, either in small chunks or even powder, or more commonly in coins. Still, there weren't very practical, as their value was high, so you wouldn't buy your food with gold or silver. With bitcoins you can go down to satoshis so at a glance it seems more useable, but considering the transactions costs and the time it takes, it isn't, really.

That's it. Humanity always strives for the convenience and speed of performing routine tasks. And BTC can not be called fast and convenient. It's like if you wanted a burger, but instead of buying it, you went to raise a cow and bread with vegetables.

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Quote from: dkbit98 on February 11, 2021, 04:46:38 PM

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.

As you stated, this kind of action by payment services will provide additional demand for Bitcoin. This demand will bring add more value to Bitcoin. We should not forget that when PayPal introduced its cryptocurrency services, people began to think of Bitcoin as a valid payment method. As the companies continue to do similar actions it will serve global adoption of Bitcoin. The negative side is that users will not have their keys. It is major problem. Also, some other companies will use the name of Bitcoin to become famous and use it for their own interests.

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In December 2020, Visa published a white paper proposing a new approach to offline payments between two devices, touting it as a simulator for central bank digital payments.

Mastercard is actively working in this direction by creating a virtual testing platform to help central banks evaluate and study national digital payment systems.

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The Credit card companies are trying everything in their power to retain their market share. They decided to stop all payments to Pornhub and all it's affiliated sites and that will take a huge chunk of their business. Covid-19 also dug deep into their profits, because people spend less and a lot of people lost their jobs.

This is a "survival" decision and not something they wanted to do, so I will predict that it will stop supporting Bitcoin payments..once the whole Covid-19 thing has blown over. Roll Eyes

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how about countries that have already banned cryptocurrency as a medium of exchange?
IMO, maybe they will develop a stand-alone centralized app for cryptocurrency where their card and service can be connected.
More like a crypto exchange to-go, I think.
However, I don't think they will act as a provider of crypto payment gateway service for this.
In my country, a local crypto exchange can take 1% for the fiat withdrawal fee. If they offer a better rate, it could be good for crypto users.

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Quote from: beerlover on February 13, 2021, 02:24:25 PM

Half is a very optimistic approach, nobody really does anything to please the half of their customer base because if there is anything that is even remotely close to 10% they would already do it, nothing would wait as high as half of the customers because it will be already done by that point.

I believe even 1% of all mastercard deals to be done via crypto, and not really have a certain on-chain change but more about off-chain change, so mastercard who holds all the crypto, and just change the ownership of that crypto on paper but not on chain right away, could turn crypto into something that could be used all around the world, for very cheap and you will not be charged a lot of money until you decide to withdraw your crypto, and this would remove all the "bitcoin and ethereum has high transaction fee and very slow" problem as well which is a great news.

Maybe for the first year, reaching 10% of the total members will be good as a start, so they can work hard to introduce crypto to all of their members. In the next two years, they can increase the number of members who will use crypto, besides the other payment. MasterCard and Visa are optimistic that what they did can give them benefits, not just for their members.

Besides that, I think MasterCard and Visa already learn the details of the crypto to know what strategy or approach they can do to make their member satisfy. It is a good step for them, and we will see what happens to them later, but it gives a new hope that more companies will accept crypto.

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