Topic: Mastercard Bitcoin Global Adoption? (Read 667 times)
Interesting to follow the development of this project, the easiest thing to implement is to make stable coins like USDT successful and faster for marketing, if making pure coins is decentralized it takes a long time to be successful even though their customers have reached hundreds of millions. stable coins will certainly be considered the same as fiat by users who are not familiar with cryptocurrencies.
People tend to forget that the payment processor middle men are the ones that profit from traditional currencies because they act as the intermediate between a merchant and seller -- physical cash isn't supposed to be convenient, they fill the role. I'm cautious when a giant payment processor enters the crypto space because they are shills for fiat currencies and profit from the high fees.
To be clear, though, they can serve a role in a crypto based society, essentially someone can have a credit card based on crypto and can make daily purchases, repaying the issuer in crypto every month. But we're far from that system.
To be clear, though, they can serve a role in a crypto based society, essentially someone can have a credit card based on crypto and can make daily purchases, repaying the issuer in crypto every month. But we're far from that system.
Mastercard called bitcoin unsuitable for payments due to its volatility and its transaction takes too much time said executive vice chair Mastercard Ann Cairns in an interview with MarketWatch https://www.marketwatch.com/story/mastercard-executive-bitcoin-is-too-volatile-to-be-part-of-its-network-11614245946
Umm, this was supposed to be one of the problem bitcoin would face. That’s the thing bitcoin will never be able to solve I think and it’s going to be one of the biggest hurdles for it to get global adoption status. If MasterCard is not able to think any other ways to adopt the bitcoin then no developer would be able to solve the problem.
First I really thought that MasterCard or Visa will have some solutions. For example, by using the credit system where users will keep spending money on crypto form and at the background these companies will keep capturing the rate at which the transaction made. Later they will accumulate the bills and user will have to pay the amount. Some sort of system could have been miracle. But anyways it seems everything is failing now. Sad to see this news.
for sure of they want it, bitcoin use for global, not only in big city also spread to the edge. however, lack of spreader make older and small village dont know about crypto, and it can be obstacle for bitcoin to surf around the world, i mean overall. from this moment we know that the big party admit and use it as global supporter for user.
For sure this becomes a centralized again.
If that happens, then Bitcoin loses its uniqueness. And I'm not sure all BTC investors will continue to invest if BTC becomes centralized. For me, why do I want to invest in BTC because it is not centralized and it regulates the prices, buyers and sellers. No third party governs this or should it be. The more there is control, the BTC will be no different from fiat, which is eroded by inflation.
It is an appreciation but it does not have 100% support because it may be centralized, but only there, if you have control by some users or people it is because they adhere to their rules, obviously it is their decision, but what What really matters is that as more people enter the market, much more demand will be generated, therefore the price will increase because the supply decreases, since it is logical that who will want to sell when the currency is rising, perhaps sell in the first correction or Including in the second and that because you want to do a favor, but it really is not like that, since the currency always gives that behavior when it is going to rise a lot in price.
I just saw the news regarding Mastercard's progress in expanding their services in crypto transactions. I think this is one of the many reasons that support the stability of crypto prices in the market. By making it easier for customers to make transactions in their digital wallets, it will be easier for people who don't understand how to enter the cryoto market to learn with this mastercard service.
This is the source https://www.google.com/amp/s/finance.yahoo.com/amphtml/news/mastercard-expands-cryptocurrency-services-wallets-151401539.html
This is the source https://www.google.com/amp/s/finance.yahoo.com/amphtml/news/mastercard-expands-cryptocurrency-services-wallets-151401539.html
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.
I don’t think what you stated as a negative thing is really the negative thing about this; we all already knows that MasterCard is centralized, so you should know that it’s the same method that they are coming with. And as blocking suspicious transactions, well if the transaction is really suspicious then they are doing that to block you from either doing something bad or being done something bad, and that’s it. But where did you get the news about MasterCard accepting bitcoin, because the one I have seen never said it’s Bitcoin, but centralized coins instead.In the end I am proposing a new logo for Mastercard 
I like your perception; Not sure a corporate will add bitcoin kind of decentralized thing into their logo. Anything will be possible in corporate world for the sake of marketing so I am too optimistic about mastercard to add bitcoin in their logo. For sure this becomes a centralized again.
If that happens, then Bitcoin loses its uniqueness. And I'm not sure all BTC investors will continue to invest if BTC becomes centralized. For me, why do I want to invest in BTC because it is not centralized and it regulates the prices, buyers and sellers. No third party governs this or should it be. The more there is control, the BTC will be no different from fiat, which is eroded by inflation.
I think today having a bitcoin atm is widely spreading and some of them are now supported by the people and I think this is a good thing because some of the people today would like to withdraw their funds but the problem is the transaction fees I think this may cost 2-5 USD (just my thought) also just wondering how they make a transaction scanning a QR code or just manually typing the bitcoin address?. For sure this becomes a centralized again.
Mastercard called bitcoin unsuitable for payments due to its volatility and its transaction takes too much time said executive vice chair Mastercard Ann Cairns in an interview with MarketWatch https://www.marketwatch.com/story/mastercard-executive-bitcoin-is-too-volatile-to-be-part-of-its-network-11614245946
Exactly what I wrote a few pages before. Mastercard won't be able to use Bitcoin as a payment/value transfer method, even if they wanted to. You only have to look at the current transaction fees to understand why this cannot work. Mastercard will rely on a semi-decentralized cryptocurrency that is scalable. Which that is remains to be seen.
We don't know exactly how this will look like
i heard that visa did partnered with bitcoin before although i havent check what it looks but they might work the same because both visa and mastercard are credit and debit card providers . few months or years after this partnership with mastercard i think the next that will follow is american express and others if there are and/or if they havent yet and by the way nice logo tho op . its okay if they will not support all crypto but what important for us ia that they support the main coin and that is bitcoinDon't be naive. We still are not ready to use BTC in everyday life. It's very volatile. You need to read information carefully. MasterCard, Visa and other card providers are talking about adding "stablecoins onto its networks, and is working with central banks on their plans for digital currencies". There’s no word about BTC or Ethereum or some other beloved cryptocoins.
we will see what will develop this last quarter of this year. because thats their timeline when to implement about the inclusion of crypto. more then likely, it will be stablecoin here. not that hard to implement as compared to btc. or maybe bitcoin also, but if consumers will need to pay expensive fees, i dont think this will hit off in the market. i believe they will start with stablecoin..
Mastercard called bitcoin unsuitable for payments due to its volatility and its transaction takes too much time said executive vice chair Mastercard Ann Cairns in an interview with MarketWatch https://www.marketwatch.com/story/mastercard-executive-bitcoin-is-too-volatile-to-be-part-of-its-network-11614245946
We don't know exactly how this will look like
i heard that visa did partnered with bitcoin before although i havent check what it looks but they might work the same because both visa and mastercard are credit and debit card providers . few months or years after this partnership with mastercard i think the next that will follow is american express and others if there are and/or if they havent yet and by the way nice logo tho op . its okay if they will not support all crypto but what important for us ia that they support the main coin and that is bitcoin 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.
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.
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.
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.
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. 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.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.
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
. 
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.
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.
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.
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
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.
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.
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.
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.
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.
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.
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.
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.
legendary
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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.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 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.
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!
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".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.
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.
legendary
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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.
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.
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.
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.
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.
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.
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.
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.
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.
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. 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 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.
Mastercard is actively working in this direction by creating a virtual testing platform to help central banks evaluate and study national digital payment systems.
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.
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.
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.
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.
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.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.
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.
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?
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?
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.
Quote
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.
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)
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 .
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.
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?
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.
"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..?
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. 
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.
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.
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.
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.
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.
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".
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.
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
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