Mass adoption for btc payments? Now when the fee is huge?
Why will MasterCard let its users pay huge to transact in crypto when they are already processing more than 5000 transactions per second on their own while we need to wait days even after paying >$2 in fee to reserve a place in the nearest block?
Topic: Mastercard Bitcoin Global Adoption? - page 3. (Read 667 times)
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.
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Doing this work will create a lot more possibilities for shoppers and merchants, allowing them to transact in an entirely new form of payment.
We did it! Be proud that we are a community that has power.
Our interest in cryptocurrencies allowed this change, the statistics of Visa and MasterCard said that we bought bitcoin and crypto and made them react. Why do we need a credit card when we have a dapps and a business that accepts payments in crypto? We are disrupting all the money.
It's all getting confusing.
Some websites say it's stable coins, while others say it's Bitcoin. However, according to Mastercard newsfeed, they stated it's stablecoin and even "not all of today’s cryptocurrencies will be supported on their network.
It's surprising, some headlines and articles from some websites are just misinforming people. This same news has caused the price of Bitcoin to pump. Imagine the reaction when some people find out it's actually stablecoins and not Bitcoin.
Moreover, I am not a fan of this, their statement is too uptight for users. Too much restriction.
Some websites say it's stable coins, while others say it's Bitcoin. However, according to Mastercard newsfeed, they stated it's stablecoin and even "not all of today’s cryptocurrencies will be supported on their network.
It's surprising, some headlines and articles from some websites are just misinforming people. This same news has caused the price of Bitcoin to pump. Imagine the reaction when some people find out it's actually stablecoins and not Bitcoin.
Moreover, I am not a fan of this, their statement is too uptight for users. Too much restriction.
It seems Mastercard does not want to be late to integrating their system to blockchain. As their competitor did, Mastercard wants to be a bridge for their customer to buy crypto or use crypto as the other payment systems. Yes, it can attract many merchants and businesses to be curious about that and try to use it for their business.
MasterCard itself has many members who use for their payment systems, and if half of their members can use crypto or bitcoin or altcoins or stable coins, that will give fresh air to crypto and the mass adoption will happen and reach more people.
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.MasterCard itself has many members who use for their payment systems, and if half of their members can use crypto or bitcoin or altcoins or stable coins, that will give fresh air to crypto and the mass adoption will happen and reach more people.
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.
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.
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.
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.
It seems Mastercard does not want to be late to integrating their system to blockchain. As their competitor did, Mastercard wants to be a bridge for their customer to buy crypto or use crypto as the other payment systems. Yes, it can attract many merchants and businesses to be curious about that and try to use it for their business.
MasterCard itself has many members who use for their payment systems, and if half of their members can use crypto or bitcoin or altcoins or stable coins, that will give fresh air to crypto and the mass adoption will happen and reach more people.
MasterCard itself has many members who use for their payment systems, and if half of their members can use crypto or bitcoin or altcoins or stable coins, that will give fresh air to crypto and the mass adoption will happen and reach more people.
I think Mastercard would just adopt those stable coins. They didn't release the list of coins that they would accept to begin with. Meaning to say, it's still uncertain if bitcoin would be one of it. Since for sure, they would require some sort of KYC and other form of verification just to make sure there's no money laundering happening over their platform.
In addition, strict compliance would be mandatory for users most likely. The transactions that their system would detect to be suspicious would not be confirmed and processed, just like any other platforms do whenever they detect something wrong or against their terms an conditions.
In addition, strict compliance would be mandatory for users most likely. The transactions that their system would detect to be suspicious would not be confirmed and processed, just like any other platforms do whenever they detect something wrong or against their terms an conditions.
Country like India where mastercard and Visa are leading payment processors so it would be unimaginable change the way RBI perceive crypto currency’s.
It’s fine if they regulate it, they will have partial control over transaction since as long as you don’t purchase anything with such a card you won’t reveal your identity.
With rumors spreading about complete ban in India it is the right moment to hear these positive news, first Tesla investing $1.5 billion in bitcoin and Tesla is launching their business in India as well this year and now Mastercard adopting bitcoin and other cryptocurrencies will force any government to think twice before making any blunders.It’s fine if they regulate it, they will have partial control over transaction since as long as you don’t purchase anything with such a card you won’t reveal your identity.
I assume KYC would be mandatory in that case but that’s fine since we get to enjoy bitcoin payments to Fiat instantly.
It is already mandatory to fill in your KYC if you are holding a bank account.
It’s good they are increasing their portfolio by going out of the way. This will have mega change in the way world looks at bitcoin or crypto currency. If mastercard seriously bring this change into their payment system then all the government authorities from different countries will have to accept the crypto currency existence and uplift the bans if any.
Country like India where mastercard and Visa are leading payment processors so it would be unimaginable change the way RBI perceive crypto currency’s.
It’s fine if they regulate it, they will have partial control over transaction since as long as you don’t purchase anything with such a card you won’t reveal your identity.
I assume KYC would be mandatory in that case but that’s fine since we get to enjoy bitcoin payments to Fiat instantly.
Country like India where mastercard and Visa are leading payment processors so it would be unimaginable change the way RBI perceive crypto currency’s.
It’s fine if they regulate it, they will have partial control over transaction since as long as you don’t purchase anything with such a card you won’t reveal your identity.
I assume KYC would be mandatory in that case but that’s fine since we get to enjoy bitcoin payments to Fiat instantly.
They've the hype now and maybe other companies alike will come and play the cards too. This will be a good time to invest and play along, I have sold some of the coins in my portfolio, I don't want to be in the middle of the big companies fight. Tesla is also posting, gaining a lot of attention to the market makes me think harder, we don't really matter in their eyes, look at how many money they're putting in, this is crazy.
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.
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 ?
Do they mean they will support transactions with fiat at one end and crypto at the other hand, aka become an exchange ?
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.
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.
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
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.
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.
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.
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.
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.
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