Visa and Mastercard decided to increase their Fees.And there is nothing y can do - page 3.

eaLiTy

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Quote from: vit05 on February 15, 2019, 09:53:15 PM

They operate as a global duopoly. They operate a large chunk of global trade. They are ubiquitous on internet. And they decide, without consulting anyone or without any justification, to increase their fee.

This is what centralized organizations will always make if they have the power to do. We need alternative means of payment to reduce that power and Bitcoin has to show itself as an alternative.

It is hard to break their dominance and they have the power and money to control and influence any government or organizations, but i am not sure what fees they are planning to increase, either way it will be a burden for the end user, merchant banks could absorb some fees but lets see how this goes, bitcoin as a payment will change everything without a doubt, but we need more development in that aspect as i cannot name one company in this space that provide bitcoin based debit card, eventually it will happen and break every monopoly.

KennyR

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As the need for electronic transfer emerged people began to use debit cards and credit cards that were provided by the financial service providers. Right now the same is used as an opportunity to make an added profiting by increasing the transaction fee. By this time bitcoin and the need for Cryptocurrencies need to be taught to the consumers which might gain attention from public who rely completely on visa and mastercards for every transaction.

vit05

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Quote from: pooya87 on February 15, 2019, 11:07:00 PM

on the other hand using bitcoin doesn't have that fee. so if they get paid in bitcoin they can offer their goods at a "discount" and that can create incentive for people to make payment in bitcoin hence increasing adoption.

This is undoubtedly a very interesting way of looking at this situation. For the adoption of Bitcoin, it would be much better if it were seen as a cheaper alternative.

A credit card, for a merchant, does not just have only the cost of that Fee. Usually, it takes a long time for him to receive the money. It can be 10 days up to 30 days. So, it would make more sense for some merchant to start making a discount available to Bitcoin users.

pooya87

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i want to raise a question regarding this, do you think it is a good thing for bitcoin?

them increasing fees they take from merchant to process their transactions means merchants have to increase their prices to cover the difference if they don't want to lose money or eat into their profit.

on the other hand using bitcoin doesn't have that fee. so if they get paid in bitcoin they can offer their goods at a "discount" and that can create incentive for people to make payment in bitcoin hence increasing adoption.

CryptoBry

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This is quite expected since these companies are not owned by the people they are serving so they can decide on anything anytime on whatever direction they are going with. Yes, this is one disadvantage of a centralized system but this also means that as a centralized entity it can decide on anything fast and more efficient compared to a decentralized organization. One thing I learn in life is that on anything there will be advantages and disadvantages. Of course, there can be a better way but until such time that the best options or alternatives are not yet utilized by the mainstream population then we can do nothing but just voice our complaints and displeasure especially if we are imposed with more fees on transactions. The challenge for Bitcoin or the whole cryptocurrency market is to make things better and more adoptive to the people's needs and desires so that more and more people can be riding this bandwagon.

LimLims

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Quote from: vit05 on February 15, 2019, 09:53:15 PM

Visa, Mastercard mull increasing fees for processing transactions: WSJ

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.

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.

poochpocket

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Visa and MasterCard are some of the most prominent and famous card network around the world and there is no doubt they operate on global basis and can increase the tx fees as per there requirements or needs.

As you can see the wall street journal (WSJ) said.

Quote

Up to 2.5 percent of prices for goods and services go to cover card fees

From this we can judge there tremendous amount of profits from sales and usage of there services. And yes it can be said as a global duopoly for sure.

This centralized economic power on global level can be decentralized by just avoiding such types of services which operate under high personal benefits for small transaction work and using a clear and free from authority, type of economic service which is Bitcoin. There are very high possible number of benefits Bitcoin could bring to this centralized transaction services.

vit05

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Visa, Mastercard mull increasing fees for processing transactions: WSJ

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 operate a large chunk of global trade. They are ubiquitous on internet. And they decide, without consulting anyone or without any justification, to increase their fee.

This is what centralized organizations will always make if they have the power to do. We need alternative means of payment to reduce that power and Bitcoin has to show itself as an alternative.

Topic: Visa and Mastercard decided to increase their Fees.And there is nothing y can do - page 3. (Read 563 times)