I don't see why we have to choose between two worlds here. I can totally see both crypto and cash coexisting in the future.
It is just the about the potential of the crypto and the fiat business. We try to do the comparative analysis and we see that crypto in this case leads the race because the world is slowly and gradually moving towards the globalization and the technological phase. 
Topic: Visa card network crashes (Read 339 times)
Fees? I pay 0 fees for both my debit card and my cc, 0 fees on ATM withdrawals and 0 on the mobile app (this is from the bank so guess it's not VISA).
Rest assured the fees are embedded somewhere. Either the merchant is paying them (and it's likely embedded into the price) or some other bank fee is making up for it.
Quote
Firm apologises to millions left unable to pay for goods and services across UK and rest of Europe
Visa’s payment system is operating at “full capacity” after a hardware failure affected customers in the UK and the rest of Europe on Friday.
A statement posted on the Visa Europe website in the early hours of Saturday said: “Visa Europe’s payment system is now operating at full capacity, and Visa account holders can now use Visa for any of their purchases and at ATMs, as they normally would.”
The issue was not associated with any unauthorised access or cyber-attack, the statement said.
Millions of people were left unable to pay for goods and services across Europe after the unprecedented crash, which began at around 2.30pm.
Visa apologised late on Friday, saying it had fallen “well short” of its goal to ensure cards worked reliably at all times.
Major retailers had earlier confirmed that card purchases were failing. Queues built up at petrol stations and shopping was left at supermarket tills as customers were unable to pay.
Lisa Eagleton-Muir, 44, who had come to London to audition for the Great British Sewing Bee, could not buy any food at King’s Cross station for her return rail journey to Newcastle.
“I’ve only got two cards and they’re both Visa. I tried to buy my tea in M&S and a cafe but they were both rejected. I don’t know what I’m going to do. It’s a long journey home with no food.” She later found she could withdraw money from a cash machine.
A spokesman for the supermarket chain Asda said some payments had gone through but others had not.
“When you try to pay something, it sends a message to Visa and then Visa have to send a message back to the chip and pin machine to say this is OK and then the banks are in between at some point. The message that is coming back to the chip and pin, that is where the fault is,” the spokesman said.
It is understood the Bank of England immediately contacted Visa to find out when its system would be back up and running. One banking industry source said: “There is never a good time for the payments system to go down but a Friday afternoon, when there is a flood of people leaving work, must be among the worst.”
In Spain, the Guardia Civil sent a tweet aimed at reassuring those affected by the system failure. Beneath a picture of Johnny Depp as a shocked Captain Jack Sparrow, the force said: “Stay calm. If you can’t pay it’s not because you’ve been robbed or hacked. Visa is suffering a service crash in Europe that’s stopping payments going through in its cards.”
Bank customers in the UK were still able to obtain cash from ATMs, which led to large queues forming at cash machines.
The Visa spokesman said on Friday: “The issue was the result of a hardware failure. We have no reason to believe this was associated with any unauthorised access or malicious event.”
https://www.theguardian.com/money/2018/jun/01/visa-card-network-crashes-and-sparks-payment-chaos
Visa’s payment system is operating at “full capacity” after a hardware failure affected customers in the UK and the rest of Europe on Friday.
A statement posted on the Visa Europe website in the early hours of Saturday said: “Visa Europe’s payment system is now operating at full capacity, and Visa account holders can now use Visa for any of their purchases and at ATMs, as they normally would.”
The issue was not associated with any unauthorised access or cyber-attack, the statement said.
Millions of people were left unable to pay for goods and services across Europe after the unprecedented crash, which began at around 2.30pm.
Visa apologised late on Friday, saying it had fallen “well short” of its goal to ensure cards worked reliably at all times.
Major retailers had earlier confirmed that card purchases were failing. Queues built up at petrol stations and shopping was left at supermarket tills as customers were unable to pay.
Lisa Eagleton-Muir, 44, who had come to London to audition for the Great British Sewing Bee, could not buy any food at King’s Cross station for her return rail journey to Newcastle.
“I’ve only got two cards and they’re both Visa. I tried to buy my tea in M&S and a cafe but they were both rejected. I don’t know what I’m going to do. It’s a long journey home with no food.” She later found she could withdraw money from a cash machine.
A spokesman for the supermarket chain Asda said some payments had gone through but others had not.
“When you try to pay something, it sends a message to Visa and then Visa have to send a message back to the chip and pin machine to say this is OK and then the banks are in between at some point. The message that is coming back to the chip and pin, that is where the fault is,” the spokesman said.
It is understood the Bank of England immediately contacted Visa to find out when its system would be back up and running. One banking industry source said: “There is never a good time for the payments system to go down but a Friday afternoon, when there is a flood of people leaving work, must be among the worst.”
In Spain, the Guardia Civil sent a tweet aimed at reassuring those affected by the system failure. Beneath a picture of Johnny Depp as a shocked Captain Jack Sparrow, the force said: “Stay calm. If you can’t pay it’s not because you’ve been robbed or hacked. Visa is suffering a service crash in Europe that’s stopping payments going through in its cards.”
Bank customers in the UK were still able to obtain cash from ATMs, which led to large queues forming at cash machines.
The Visa spokesman said on Friday: “The issue was the result of a hardware failure. We have no reason to believe this was associated with any unauthorised access or malicious event.”
https://www.theguardian.com/money/2018/jun/01/visa-card-network-crashes-and-sparks-payment-chaos
This could serve as one example of why a cashless society may not be the best option to pursue. Paper money never "crashes" or suffers "hardware failure". The reliability, greater efficiency and lower barrier to entry, in terms of merchant gateways not being necessary to conduct regular business can all be advantages which are difficult to discount that are intrinsic to paper money.
It could also illustrate one area where bitcoin and crypto currencies have a distinct advantage versus other electronic forms of payment such as credit cards, which is to say: greater reliability and decreased downtime.
Consumers may not be able to purchase a cup of coffee with bitcoin but at least they can rest assured their payment network won't crash or be at great risk for credit card numbers being "hacked" in the way other payment networks are on a daily basis.
There will always be some problems in anything. I know that Visa would find a way to fix their systems and eventually everything will be okay.
This failures are normal. Even with the fiat system, the banks do have there own issues coming from network failures and congestion. Cryptos also have the hacking problems from personal wallet to exchanges.
Maybe since wr dont know the real reason.Of course the spokesman will say good words as he speak. I read somewhete that credit card debt payment is declining, hope crypto is not the culprit
But if these financial institution fails,crypto had great role to pla.At the back end of credit / debit cards are the fiat currency and it is never been the true digital mode of payment. Bitcoin will eventually replace all these cards and banks and will introduce truly digital financial system.
This failures are normal. Even with the fiat system, the banks do have there own issues coming from network failures and congestion. Cryptos also have the hacking problems from personal wallet to exchanges.
Maybe since wr dont know the real reason.Of course the spokesman will say good words as he speak. I read somewhete that credit card debt payment is declining, hope crypto is not the culprit
But if these financial institution fails,crypto had great role to pla.At the back end of credit / debit cards are the fiat currency and it is never been the true digital mode of payment. Bitcoin will eventually replace all these cards and banks and will introduce truly digital financial system.
The lesson here is people should always have physical cash in their pockets. I also dont know why the cryptocurrency people, especially Bitcoiners, are so fast to jump in on this minor incident and say I told you so.
It is not a surprise that a crash can happen on the VISA network. There are not perfect systems in the world of crypto so bad things like a crash can always happen. Even with paper or fiat currency, there are many challenges such as counterfeits which is prevalent in many parts of the world. 
Yeah, but how often do those incidents happens? Like every 20 years on average? This is the first one I’ve heard so far.
For me, that’s not the problem, it’s rather that if your number is a sequence of ones and zeroes stored in a bank, that bank or the government have the power to take it from you, whereas if you have bitcoin, (and you hold your private keys) you have the power. This is a clear advantage of bitcoin vs cash, because holding large amounts of cash at home to retain the power is impractical.
For me, that’s not the problem, it’s rather that if your number is a sequence of ones and zeroes stored in a bank, that bank or the government have the power to take it from you, whereas if you have bitcoin, (and you hold your private keys) you have the power. This is a clear advantage of bitcoin vs cash, because holding large amounts of cash at home to retain the power is impractical.
Yeah, with Bitcoin you are the one in control of your money but the bad thing is that you are not the one controlling the Bitcoin price.
Visa and Mastercards like other third parties,
those are the company that will explore and expand cryptocurrency.
they will produce the power to escalate everything.
promise they are one of the source to expand!
those are the company that will explore and expand cryptocurrency.
they will produce the power to escalate everything.
promise they are one of the source to expand!
That's it, we have an option now. Good thing that comes from this is that Visa & Co never had any real competition, which allowed them to legally extort people as key players, and that has changed now. All financial institutions will eventually have to compete with crypto in order to offer the people the best and cheapest possible service.
And with what has Visa to compete right now?
Contactless payments take 5 seconds, it's pure miracle if I can get a block confirmation in that timeframe.
Fees? I pay 0 fees for both my debit card and my cc, 0 fees on ATM withdrawals and 0 on the mobile app (this is from the bank so guess it's not VISA).
So, what has BTC to offer so that I would choose BTC over Visa?
We're talking about cards vs bitcoin, don't give the international money transfer stuff...
Compared to daily usage for food and other merchandise, those are a drop in the ocean, I don't think I've made more than 5 of them my entire life that were not, ironically, SEPA withdrawals from exchanges..
Bitcoin needs speed, lightning speed to even have a chance of taking on plastic cards.
Quote
and that has changed now.
Nope, it hasn't. It will, but it's going to take a lot of time...too much for some of us.I agree with your thoughts that people need to have a much better payment system which can be implement using crypto tech but there is one big problem crypto tech are not widely used for a while I mean that we cannot buy food in a store paying with BTC, for example, and it is a pity but I am sure that the situation will be changed soon in the better way.
It will likely take years before we can see Bitcoin and basically any other crypto to become more of a currency. We need to get rid of the destructive overall greed focused mindset, and also get rid of Bitcoin's massive long term potential. The higher the price is, the less speculation there will be when it comes to even higher increases. At some point there will be a limit, and that limit will help make Bitcoin the currency that everyone wants it to be.
I don't see why we have to choose between two worlds here. I can totally see both crypto and cash coexisting in the future.
That's it, we have an option now. Good thing that comes from this is that Visa & Co never had any real competition, which allowed them to legally extort people as key players, and that has changed now. All financial institutions will eventually have to compete with crypto in order to offer the people the best and cheapest possible service. I think this is just some examples of failure but mostly digital currency works more secure and fast also. A person cannot manage all his money in cash he needs some digital support to store it so in the same way we can say the digital currency is very important for proper management and safety of our wealth.
More secure for what? Transactions going through and the network going down?
A decentralized system cannot roll back transactions like they can with their centralized system, something that is needed for offering refunds and combating theft.
I don't see why we have to choose between two worlds here. I can totally see both crypto and cash coexisting in the future.
I think this is just some examples of failure but mostly digital currency works more secure and fast also. A person cannot manage all his money in cash he needs some digital support to store it so in the same way we can say the digital currency is very important for proper management and safety of our wealth.
Every company might encounter with a hardware failure and it does not mean that Visa is a bad company which we should not trust anymore. I consider that Visa is one of the leaders of plastic card payments and there is no objective reasons to assert that Visa is obsolete absolutely because anyway its tech are widely used.
I agree with your thoughts that people need to have a much better payment system which can be implement using crypto tech but there is one big problem crypto tech are not widely used for a while I mean that we cannot buy food in a store paying with BTC, for example, and it is a pity but I am sure that the situation will be changed soon in the better way.
I agree with your thoughts that people need to have a much better payment system which can be implement using crypto tech but there is one big problem crypto tech are not widely used for a while I mean that we cannot buy food in a store paying with BTC, for example, and it is a pity but I am sure that the situation will be changed soon in the better way.
This could serve as one example of why a cashless society may not be the best option to pursue. Paper money never "crashes" or suffers "hardware failure". The reliability, greater efficiency and lower barrier to entry, in terms of merchant gateways not being necessary to conduct regular business can all be advantages which are difficult to discount that are intrinsic to paper money.
It could also illustrate one area where bitcoin and crypto currencies have a distinct advantage versus other electronic forms of payment such as credit cards, which is to say: greater reliability and decreased downtime.
Consumers may not be able to purchase a cup of coffee with bitcoin but at least they can rest assured their payment network won't crash or be at great risk for credit card numbers being "hacked" in the way other payment networks are on a daily basis.
It could also illustrate one area where bitcoin and crypto currencies have a distinct advantage versus other electronic forms of payment such as credit cards, which is to say: greater reliability and decreased downtime.
Consumers may not be able to purchase a cup of coffee with bitcoin but at least they can rest assured their payment network won't crash or be at great risk for credit card numbers being "hacked" in the way other payment networks are on a daily basis.
This is one time I would have read about this and I dont think its enough to conclude that the cashless society is bad all together and we should go back to the era of carrying paper money all over the place. Today, I made a transaction to pay for an international application fee and i could do that with my card at sitting by my computer. I wonder what would have happen if I have to go to the bank, then queue and after that fill series of form with answering of questions that have been answered already. The amount of human time needed to do that can be channeled into something more productive.
No system is perfect but cashless is way more better and not that paper economy is being eradicated but discouraged to a large extent and be available for out of the blue situations like this. Moreso, I think its outright not spreading your risk for someone to have two cards and they are both for the same issuer which is what happen to one of the complainants in the article. Visa might be down, but MasterCard is working which means the cashless policy has not failed totally.
Quote
Firm apologises to millions left unable to pay for goods and services across UK and rest of Europe
Visa’s payment system is operating at “full capacity” after a hardware failure affected customers in the UK and the rest of Europe on Friday.
A statement posted on the Visa Europe website in the early hours of Saturday said: “Visa Europe’s payment system is now operating at full capacity, and Visa account holders can now use Visa for any of their purchases and at ATMs, as they normally would.”
The issue was not associated with any unauthorised access or cyber-attack, the statement said.
Millions of people were left unable to pay for goods and services across Europe after the unprecedented crash, which began at around 2.30pm.
Visa apologised late on Friday, saying it had fallen “well short” of its goal to ensure cards worked reliably at all times.
Major retailers had earlier confirmed that card purchases were failing. Queues built up at petrol stations and shopping was left at supermarket tills as customers were unable to pay.
Lisa Eagleton-Muir, 44, who had come to London to audition for the Great British Sewing Bee, could not buy any food at King’s Cross station for her return rail journey to Newcastle.
“I’ve only got two cards and they’re both Visa. I tried to buy my tea in M&S and a cafe but they were both rejected. I don’t know what I’m going to do. It’s a long journey home with no food.” She later found she could withdraw money from a cash machine.
A spokesman for the supermarket chain Asda said some payments had gone through but others had not.
“When you try to pay something, it sends a message to Visa and then Visa have to send a message back to the chip and pin machine to say this is OK and then the banks are in between at some point. The message that is coming back to the chip and pin, that is where the fault is,” the spokesman said.
It is understood the Bank of England immediately contacted Visa to find out when its system would be back up and running. One banking industry source said: “There is never a good time for the payments system to go down but a Friday afternoon, when there is a flood of people leaving work, must be among the worst.”
In Spain, the Guardia Civil sent a tweet aimed at reassuring those affected by the system failure. Beneath a picture of Johnny Depp as a shocked Captain Jack Sparrow, the force said: “Stay calm. If you can’t pay it’s not because you’ve been robbed or hacked. Visa is suffering a service crash in Europe that’s stopping payments going through in its cards.”
Bank customers in the UK were still able to obtain cash from ATMs, which led to large queues forming at cash machines.
The Visa spokesman said on Friday: “The issue was the result of a hardware failure. We have no reason to believe this was associated with any unauthorised access or malicious event.”
https://www.theguardian.com/money/2018/jun/01/visa-card-network-crashes-and-sparks-payment-chaos
Visa’s payment system is operating at “full capacity” after a hardware failure affected customers in the UK and the rest of Europe on Friday.
A statement posted on the Visa Europe website in the early hours of Saturday said: “Visa Europe’s payment system is now operating at full capacity, and Visa account holders can now use Visa for any of their purchases and at ATMs, as they normally would.”
The issue was not associated with any unauthorised access or cyber-attack, the statement said.
Millions of people were left unable to pay for goods and services across Europe after the unprecedented crash, which began at around 2.30pm.
Visa apologised late on Friday, saying it had fallen “well short” of its goal to ensure cards worked reliably at all times.
Major retailers had earlier confirmed that card purchases were failing. Queues built up at petrol stations and shopping was left at supermarket tills as customers were unable to pay.
Lisa Eagleton-Muir, 44, who had come to London to audition for the Great British Sewing Bee, could not buy any food at King’s Cross station for her return rail journey to Newcastle.
“I’ve only got two cards and they’re both Visa. I tried to buy my tea in M&S and a cafe but they were both rejected. I don’t know what I’m going to do. It’s a long journey home with no food.” She later found she could withdraw money from a cash machine.
A spokesman for the supermarket chain Asda said some payments had gone through but others had not.
“When you try to pay something, it sends a message to Visa and then Visa have to send a message back to the chip and pin machine to say this is OK and then the banks are in between at some point. The message that is coming back to the chip and pin, that is where the fault is,” the spokesman said.
It is understood the Bank of England immediately contacted Visa to find out when its system would be back up and running. One banking industry source said: “There is never a good time for the payments system to go down but a Friday afternoon, when there is a flood of people leaving work, must be among the worst.”
In Spain, the Guardia Civil sent a tweet aimed at reassuring those affected by the system failure. Beneath a picture of Johnny Depp as a shocked Captain Jack Sparrow, the force said: “Stay calm. If you can’t pay it’s not because you’ve been robbed or hacked. Visa is suffering a service crash in Europe that’s stopping payments going through in its cards.”
Bank customers in the UK were still able to obtain cash from ATMs, which led to large queues forming at cash machines.
The Visa spokesman said on Friday: “The issue was the result of a hardware failure. We have no reason to believe this was associated with any unauthorised access or malicious event.”
https://www.theguardian.com/money/2018/jun/01/visa-card-network-crashes-and-sparks-payment-chaos
This could serve as one example of why a cashless society may not be the best option to pursue. Paper money never "crashes" or suffers "hardware failure". The reliability, greater efficiency and lower barrier to entry, in terms of merchant gateways not being necessary to conduct regular business can all be advantages which are difficult to discount that are intrinsic to paper money.
It could also illustrate one area where bitcoin and crypto currencies have a distinct advantage versus other electronic forms of payment such as credit cards, which is to say: greater reliability and decreased downtime.
Consumers may not be able to purchase a cup of coffee with bitcoin but at least they can rest assured their payment network won't crash or be at great risk for credit card numbers being "hacked" in the way other payment networks are on a daily basis.
If it happens that visa card network crashes, everyone is confident enough that it would be reconstructed right away because it has been tested already for many years they made an accurate functions. Therefore the committe is already prepared and established more preventions on failure cases i think. Therefore when malfunctions and failures occurs, i am positive they can make an easy solution to correct everything.
The lesson here is people should always have physical cash in their pockets. I also dont know why the cryptocurrency people, especially Bitcoiners, are so fast to jump in on this minor incident and say I told you so.
To have the most cash at home seems good, cause of you are kinda protected from all those things which may happen with your bank. But it may play bad joke with you, someone can gossip such secret and one day you and your house can be roughly grabbed. I like to have money on the card, this way I feel free myself and those money do not burn my pockets so much with annoying 'use us, use us All!'
In as much as the world is moving towards cryptocurrency and cashless policy, we cannot deny the fact that paper money is still the best, reason being that it doesn't get affected by network. Lets take for example you are with your family on a outing and all you have on you is your debit or credit card, then you want to pay the bills and you swipe your card through the POS and bingo it reads network failure, that will one of the most embarrassing moment of your life but if as at that time there is some physical cash with, you wouldn't think twice to pay. To me cashless policy is good because of security but physical cash safes a lot of embarrassment.
This failures are normal. Even with the fiat system, the banks do have there own issues coming from network failures and congestion. Cryptos also have the hacking problems from personal wallet to exchanges.
Maybe since wr dont know the real reason.Of course the spokesman will say good words as he speak. I read somewhete that credit card debt payment is declining, hope crypto is not the culprit
But if these financial institution fails,crypto had great role to pla. 
This could serve as one example of why a cashless society may not be the best option to pursue. Paper money never "crashes" or suffers "hardware failure". The reliability, greater efficiency and lower barrier to entry, in terms of merchant gateways not being necessary to conduct regular business can all be advantages which are difficult to discount that are intrinsic to paper money.
It could also illustrate one area where bitcoin and crypto currencies have a distinct advantage versus other electronic forms of payment such as credit cards, which is to say: greater reliability and decreased downtime.
Consumers may not be able to purchase a cup of coffee with bitcoin but at least they can rest assured their payment network won't crash or be at great risk for credit card numbers being "hacked" in the way other payment networks are on a daily basis.
It could also illustrate one area where bitcoin and crypto currencies have a distinct advantage versus other electronic forms of payment such as credit cards, which is to say: greater reliability and decreased downtime.
Consumers may not be able to purchase a cup of coffee with bitcoin but at least they can rest assured their payment network won't crash or be at great risk for credit card numbers being "hacked" in the way other payment networks are on a daily basis.
This is one time I would have read about this and I dont think its enough to conclude that the cashless society is bad all together and we should go back to the era of carrying paper money all over the place. Today, I made a transaction to pay for an international application fee and i could do that with my card at sitting by my computer. I wonder what would have happen if I have to go to the bank, then queue and after that fill series of form with answering of questions that have been answered already. The amount of human time needed to do that can be channeled into something more productive.
No system is perfect but cashless is way more better and not that paper economy is being eradicated but discouraged to a large extent and be available for out of the blue situations like this. Moreso, I think its outright not spreading your risk for someone to have two cards and they are both for the same issuer which is what happen to one of the complainants in the article. Visa might be down, but MasterCard is working which means the cashless policy has not failed totally.
Yeah, but how often do those incidents happens? Like every 20 years on average? This is the first one I’ve heard so far.
Exactly. I see a lot of crypto people overreacting to this. I don't see this as a point towards Bitcoin because it can't even a handle a fraction of what Visa is handling at the moment. Visa does need to step up its game though.
I don't know about cashless not being a good idea because of occasional failures. It's certainly a big deal and is a massive inconvenience, but I imagine service providers are going to scale their efforts with the demands of society. If they can't afford a fuck-up, they'll take every step necessary, and more, to avoid one. I'm not saying they were lax, but Visa apparently "only" represents about 1/3 of all UK spending, so it's possible that they didn't think the stakes were high enough and that the downtime was completely avoidable.
I also completely agree that Bitcoin would be far more reliable, but it still has to prove that it can scale before that conversation even begins.
The lesson here is people should always have physical cash in their pockets. I also dont know why the cryptocurrency people, especially Bitcoiners, are so fast to jump in on this minor incident and say I told you so.
That's right, just what happens when you withdraw completely from physical cash. Governments are already talking a lot about it. Some countries like Sweden are already testing such solutions. Then such a failure of the payment card system can create a lot of problems.
The lesson here is people should always have physical cash in their pockets. I also dont know why the cryptocurrency people, especially Bitcoiners, are so fast to jump in on this minor incident and say I told you so.
That should be the first thing that we have to do when we are in this crypto. Not only physical money in our pocket but also saving our earned money in a bank while some are used as investment on the traditional way. We should learn how to divide our assets on different way so that we have more options in case something goes wrong on our other investments.
I have been a "victim" of the VISA crash . Quite embarrassing when you're at the supermarket and no other payment method to pay...
6.5€ only in my pocket, I was in shame looking like I have no money on my account. I had to back at home to take a bank cheque... I couldn't get cash with the ATM machine.
. Quite embarrassing when you're at the supermarket and no other payment method to pay...6.5€ only in my pocket, I was in shame looking like I have no money on my account. I had to back at home to take a bank cheque... I couldn't get cash with the ATM machine.
Hmm, this one is weird.
Here the payments also went down but a guy before me tried to use the ATM in the shop and he managed to withdraw money. He did try after he got the cash to pay once more with the card thinking that maybe the issue was solved but the POS payment again didn't go through.
When I passed again by the store an hour later there were two queues, one inside for the merchandise and one outside for the ATM.
https://www.theguardian.com/world/live/2018/jun/01/visa-outage-payment-chaos-after-card-network-crashes-live-updates
The best feature in terms of it being a payment tool is that all transactions are final after their first confirmation, while CC payments and other service payments take 60-180 days to become final, and even then it can technically still be reversed. In other words, Bitcoin isn't slower, but actually faster with transaction settle times in mind. People don't appreciate Bitcoin enough, but it will come eventually.
And why would the average customer care about that?
I use my contactless card, hold it for 3 seconds on the terminal, payment authorized an I walk away with my merchandise. I don't wait 60-180 days for the settlement, and just like 99.9% of the users out there I couldn't care less about their internal process.
People keep complaining about Bitcoin being slow and expensive, but they don't understand that while Bitcoin in its current form might not be the perfect payment tool, it does everything way better than all other traditional payment services. The best feature in terms of it being a payment tool is that all transactions are final after their first confirmation, while CC payments and other service payments take 60-180 days to become final, and even then it can technically still be reversed. In other words, Bitcoin isn't slower, but actually faster with transaction settle times in mind. People don't appreciate Bitcoin enough, but it will come eventually.
Exactly. How reliable is a centralized network is something that people need to ponder about. This is just a practical demonstration that even with the extensive countermeasures put in place by Visa to prevent these crashes, these things do happen.
Cash in this instance would be much more reliable. Even a decentralized network like bitcoin wouldn't have these issues.
Hacking problems still come from centralized platforms, like exchanges. If you use bitcoin as it is intended, with you having sole control over the private keys, these issues can easily be mitigated.
Cash in this instance would be much more reliable. Even a decentralized network like bitcoin wouldn't have these issues.
This failures are normal. Even with the fiat system, the banks do have there own issues coming from network failures and congestion. Cryptos also have the hacking problems from personal wallet to exchanges.
Hacking problems still come from centralized platforms, like exchanges. If you use bitcoin as it is intended, with you having sole control over the private keys, these issues can easily be mitigated.
Well, I think every single bitcoiners need to have a cash to purchase any single kinda thing, it's good when you have a lot of coins and try to invest or purchase all the things by coins but it doesn't mean you're not care about a cash either. I just can't imagine how they can survive without a cash if they just use a crypto coins.
I have been a "victim" of the VISA crash . Quite embarrassing when you're at the supermarket and no other payment method to pay...
6.5€ only in my pocket, I was in shame looking like I have no money on my account. I had to back at home to take a bank cheque... I couldn't get cash with the ATM machine.
. Quite embarrassing when you're at the supermarket and no other payment method to pay...6.5€ only in my pocket, I was in shame looking like I have no money on my account. I had to back at home to take a bank cheque... I couldn't get cash with the ATM machine.
According to Visa officials, the latest statement the outage was caused by hardware failure it wasn't malicious event. They also apologize to the customers for shorting out the issue. The payment system was back to normal after 5 hours of failure. Here is the link to the first article on Visa Hardware failure https://www.theguardian.com/world/live/2018/jun/01/visa-outage-payment-chaos-after-card-network-crashes-live-updates
Just a scare
This failures are normal. Even with the fiat system, the banks do have there own issues coming from network failures and congestion. Cryptos also have the hacking problems from personal wallet to exchanges.
According to Visa officials, the latest statement the outage was caused by hardware failure it wasn't malicious event. They also apologize to the customers for shorting out the issue. The payment system was back to normal after 5 hours of failure. Here is the link to the first article on Visa Hardware failure https://www.theguardian.com/world/live/2018/jun/01/visa-outage-payment-chaos-after-card-network-crashes-live-updates
indeed we know the advantages of this bitcoin from credit card and other in terms of security, but our common hope is this bitcoin can be used in every thing, including to just pay for coffee in small shop, getting ahead this may be done soon and we can enjoy the results and the facilities of this bitcoin
yes it seems that the existence of cryptocurrency cash and vias is not very used anymore because they prefer to use cryptocurrency.
Yeah, but how often do those incidents happens? Like every 20 years on average? This is the first one I’ve heard so far.
For me, that’s not the problem, it’s rather that if your number is a sequence of ones and zeroes stored in a bank, that bank or the government have the power to take it from you, whereas if you have bitcoin, (and you hold your private keys) you have the power. This is a clear advantage of bitcoin vs cash, because holding large amounts of cash at home to retain the power is impractical.
For me, that’s not the problem, it’s rather that if your number is a sequence of ones and zeroes stored in a bank, that bank or the government have the power to take it from you, whereas if you have bitcoin, (and you hold your private keys) you have the power. This is a clear advantage of bitcoin vs cash, because holding large amounts of cash at home to retain the power is impractical.
You have the power over your bitcoins,until someone steals your private key or you forget where you keep it.
In the EU,all bank deposits under 100,000 euro are guaranteed by the government.If you abide by the laws and pay your taxes,no government has the right to take away your money.If this happens,you can sue your government in the court.
Mastercard advertisement: There are somethings money cannot buy, for everything else there is Mastercard
this is tantamount to, if paper money has one danger of theft or robbery, digital money also has the same risk of hack, or system failure. and both also have their respective roots, but must remain there to stay together and walk side by side.
paper money for offline transactions, and digital for online transactions.
paper money for offline transactions, and digital for online transactions.
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Yeah, but how often do those incidents happens? Like every 20 years on average? This is the first one I’ve heard so far.
For me, that’s not the problem, it’s rather that if your number is a sequence of ones and zeroes stored in a bank, that bank or the government have the power to take it from you, whereas if you have bitcoin, (and you hold your private keys) you have the power. This is a clear advantage of bitcoin vs cash, because holding large amounts of cash at home to retain the power is impractical.
For me, that’s not the problem, it’s rather that if your number is a sequence of ones and zeroes stored in a bank, that bank or the government have the power to take it from you, whereas if you have bitcoin, (and you hold your private keys) you have the power. This is a clear advantage of bitcoin vs cash, because holding large amounts of cash at home to retain the power is impractical.
The lesson here is people should always have physical cash in their pockets. I also dont know why the cryptocurrency people, especially Bitcoiners, are so fast to jump in on this minor incident and say I told you so.
Quote
Firm apologises to millions left unable to pay for goods and services across UK and rest of Europe
Visa’s payment system is operating at “full capacity” after a hardware failure affected customers in the UK and the rest of Europe on Friday.
A statement posted on the Visa Europe website in the early hours of Saturday said: “Visa Europe’s payment system is now operating at full capacity, and Visa account holders can now use Visa for any of their purchases and at ATMs, as they normally would.”
The issue was not associated with any unauthorised access or cyber-attack, the statement said.
Millions of people were left unable to pay for goods and services across Europe after the unprecedented crash, which began at around 2.30pm.
Visa apologised late on Friday, saying it had fallen “well short” of its goal to ensure cards worked reliably at all times.
Major retailers had earlier confirmed that card purchases were failing. Queues built up at petrol stations and shopping was left at supermarket tills as customers were unable to pay.
Lisa Eagleton-Muir, 44, who had come to London to audition for the Great British Sewing Bee, could not buy any food at King’s Cross station for her return rail journey to Newcastle.
“I’ve only got two cards and they’re both Visa. I tried to buy my tea in M&S and a cafe but they were both rejected. I don’t know what I’m going to do. It’s a long journey home with no food.” She later found she could withdraw money from a cash machine.
A spokesman for the supermarket chain Asda said some payments had gone through but others had not.
“When you try to pay something, it sends a message to Visa and then Visa have to send a message back to the chip and pin machine to say this is OK and then the banks are in between at some point. The message that is coming back to the chip and pin, that is where the fault is,” the spokesman said.
It is understood the Bank of England immediately contacted Visa to find out when its system would be back up and running. One banking industry source said: “There is never a good time for the payments system to go down but a Friday afternoon, when there is a flood of people leaving work, must be among the worst.”
In Spain, the Guardia Civil sent a tweet aimed at reassuring those affected by the system failure. Beneath a picture of Johnny Depp as a shocked Captain Jack Sparrow, the force said: “Stay calm. If you can’t pay it’s not because you’ve been robbed or hacked. Visa is suffering a service crash in Europe that’s stopping payments going through in its cards.”
Bank customers in the UK were still able to obtain cash from ATMs, which led to large queues forming at cash machines.
The Visa spokesman said on Friday: “The issue was the result of a hardware failure. We have no reason to believe this was associated with any unauthorised access or malicious event.”
https://www.theguardian.com/money/2018/jun/01/visa-card-network-crashes-and-sparks-payment-chaos
Visa’s payment system is operating at “full capacity” after a hardware failure affected customers in the UK and the rest of Europe on Friday.
A statement posted on the Visa Europe website in the early hours of Saturday said: “Visa Europe’s payment system is now operating at full capacity, and Visa account holders can now use Visa for any of their purchases and at ATMs, as they normally would.”
The issue was not associated with any unauthorised access or cyber-attack, the statement said.
Millions of people were left unable to pay for goods and services across Europe after the unprecedented crash, which began at around 2.30pm.
Visa apologised late on Friday, saying it had fallen “well short” of its goal to ensure cards worked reliably at all times.
Major retailers had earlier confirmed that card purchases were failing. Queues built up at petrol stations and shopping was left at supermarket tills as customers were unable to pay.
Lisa Eagleton-Muir, 44, who had come to London to audition for the Great British Sewing Bee, could not buy any food at King’s Cross station for her return rail journey to Newcastle.
“I’ve only got two cards and they’re both Visa. I tried to buy my tea in M&S and a cafe but they were both rejected. I don’t know what I’m going to do. It’s a long journey home with no food.” She later found she could withdraw money from a cash machine.
A spokesman for the supermarket chain Asda said some payments had gone through but others had not.
“When you try to pay something, it sends a message to Visa and then Visa have to send a message back to the chip and pin machine to say this is OK and then the banks are in between at some point. The message that is coming back to the chip and pin, that is where the fault is,” the spokesman said.
It is understood the Bank of England immediately contacted Visa to find out when its system would be back up and running. One banking industry source said: “There is never a good time for the payments system to go down but a Friday afternoon, when there is a flood of people leaving work, must be among the worst.”
In Spain, the Guardia Civil sent a tweet aimed at reassuring those affected by the system failure. Beneath a picture of Johnny Depp as a shocked Captain Jack Sparrow, the force said: “Stay calm. If you can’t pay it’s not because you’ve been robbed or hacked. Visa is suffering a service crash in Europe that’s stopping payments going through in its cards.”
Bank customers in the UK were still able to obtain cash from ATMs, which led to large queues forming at cash machines.
The Visa spokesman said on Friday: “The issue was the result of a hardware failure. We have no reason to believe this was associated with any unauthorised access or malicious event.”
https://www.theguardian.com/money/2018/jun/01/visa-card-network-crashes-and-sparks-payment-chaos
This could serve as one example of why a cashless society may not be the best option to pursue. Paper money never "crashes" or suffers "hardware failure". The reliability, greater efficiency and lower barrier to entry, in terms of merchant gateways not being necessary to conduct regular business can all be advantages which are difficult to discount that are intrinsic to paper money.
It could also illustrate one area where bitcoin and crypto currencies have a distinct advantage versus other electronic forms of payment such as credit cards, which is to say: greater reliability and decreased downtime.
Consumers may not be able to purchase a cup of coffee with bitcoin but at least they can rest assured their payment network won't crash or be at great risk for credit card numbers being "hacked" in the way other payment networks are on a daily basis.
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