Visa Inc and Mastercard Inc, the two biggest U.S. card networks, are preparing to raise certain fees levied on U.S. merchants for processing transactions
They operate as a global duopoly. They account for much of global trade. And they decide, without consulting anyone or without any justification, to increase their fee.
This is what will always make centralized organizations that have this power. We need alternative means of payment to reduce that power and Bitcoin has to show itself as an alternative.
They operate as a global duopoly. They account for much of global trade. And they decide, without consulting anyone or without any justification, to increase their fee.
This is what will always make centralized organizations that have this power. We need alternative means of payment to reduce that power and Bitcoin has to show itself as an alternative.
I completely agree on your thoughts.
The Visa and MasterCards company are really annoying its users completely. They are not stopping in to do so in any expects.
They keep on Increasing the fees as much they are capable of and we normal users are facing a lot of issues for that.
So we definitely need any alternate way of Payment at the moment.
It's time for Bitcoin now to show its Power.
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it is up to merchant banks if they want to pass on the fee hike to sellers, or absorb it themselves. Similarly, it is sellers’ discretion to pass on the hike to consumers or not
I hope the banks will take the fees, because they are already getting rich and making people pay regular fees to be cardholders. It's sad though that the banks can pass the fees over to merchants and they can pass them to their customers... That's another example of why centralization is bad. We see the hierarchy, and the ones on the lowest level of it are the most vulnerable. 
Cash withdrawal is also very expensive, because Banks are trying to push people not to use cash anymore, so the fees for credit card transactions and cash withdrawal fees will be more or less the same. 
