Topic: VISA has collapsed (Read 430 times)

I think the VISA network is back to normal! That's what matters if we experience a permanent breakdown or frequent breakdowns then that becomes and issue.
However, this was a temporary issue which VISA resolved it quite quick! As mentioned else where Bitcoins has its own issues to be used as a currency, even as a cryptocurrency bitcoin crashed earlier  because of scalability issues etc.  Learning from mistakes, new advances in technologies will make cryptocurrencies more
suitable to be used as a common global currency that is fast, reliable and cheap to transfer.

That is just a technical error and they are working to fix it. That's not a fall. The era of Crypto has not come yet, it needs a long time to prove the virtue it brings to the world. In addition, it needs to be edited in so many ways. It needs to be transparent in transactions, investment deals need to be rigorously managed to avoid fraud.

This is FUD of the worst kind, because it falsely pumps up the opportunity for Bitcoin by implying that incumbent options are failing...which they aren't.

https://www.birminghammail.co.uk/news/midlands-news/why-visa-card-system-collapsed-14733822

This was an isolated incident, not a global collapse. And guess what, they're back online now and consumers barely noticed the outage. Let's not over state the opportunity here.

right. no system that has no holes at all ) Who Am I

No company, product or service is perfect. It’s quite normal to hit a few rough patches every now and then. What is important is that it fixes its issues and comes out stronger than ever. And for sure Visa is working harder than ever to improve their service to prevent Bitcoin from taking over.

BTC is crashing every year. So I don't believe that this could be the result of a new era you're saying LOL. Everything in this would can and will crush in time.

Bitcoin always crashes but also can return. Let's face it we can't make Bitcoin as a payment method. We just have to find another coin that could do that role.

i actually share the same opinion like you. technical difficulties are always present, aside from those hacking attempts and system failures, besides they have different structure system. it also doesn't indicate that the fall of one structure will be the end, one more thing also, every system encounters this kind of problems and its quiet natural, but it is not the end of it.

Completely perfectly agreed. Visa is totally different from bitcoin. For that reason, there is no need to compare bitcoin and visa. Visa will completely overcome the problems which It has encountred so far.

A visa is a banking system. It does not own its value other than shares. I think it's not right to compare the company and the coin. And this is a big misconception that bitcoin will NEVER collapse

In this era of technology it will be difficult for big companies to grow if they do not keep up with technological advances. Just like bitpay, it should work with bitcoin.
In addition to using a credit card, they must also receive payments using digital money.

This has nothing to do with Bitcoin and will not affect the price. And you can't compare Bitcoin system and Visa system, it's completely different way of functioning.
Yes, Visa had some serious technical issues but such problems appear from time to time, not to say they are normal. Bitcoin can't and will not replace credit card issuers, no matter the problems they might having.

the company has since said it "fell well short" of its goal to ensure cards work reliably at all times following problems on Friday afternoon.
Visa users complained about the issue, which was the result of a hardware failure, on social media.
A Visa spokesman said on Friday night: "Earlier today, Visa had a system failure that impacted customers across Europe.

VISA network was collapsed just like usual centralize network can anytime without any notice but price of visa is not volatile so many people still tend to trust all these banks and VISA like payment gateway despite their hefty fee on each and every purchases.

I have heard something about VISA B2B blockchain based network/research before but looks like that is just another publicity stunt and they are still under their old classic centralize network. 

In addition there are always Bitpay, a global bitcoin payment service provider that can be used by a lot of merchants who wanted to accept bitcoin so volatility problem is solved.


Yeah, probably just a network hiccup and we all know that sometimes Visa always experienced this kind of issue so I don't think that we should make a big fuss out of it.


LOL. I knew exactly that someone will post this kind of speculation. But I don't think that this is a collaborative attacks from crypto enthusiast to down their system. And what's their to proved though? Will majority of them suddenly shifts to bitcoi and crypto as payment scheme? Nah. Sometimes system is not 100%, just to show you that no one is really perfect.

I think thats why blockchain technology is powerfull than centralized technology. Bitcoin depending processing data on miner all around the world and thats more powerfull than centralized system

20 hours of reminding which improvements give blockchaing technology.
Maybe it was planned attack from crypto enthusiasts?

Give us reason why do you think that? Knowing that visa is used to transfer money in the electric way and that bitcoin is itself a digital format of money well we could compare some aspects of it. Though bitcoin has a problem with scaling and with price fluctuation. Where as visa does fiat money transfers which at its core means that fiat is stable and it can process a lot more transactions.  So for bitcoin to be even seen as an alternative to visa it has to get a lot of things done.

Visa Network Crashes across Europe and UK! Is it the time for Blockchain?

The Visa credit card network slammed over the United Kingdom and Europe, leaving millions unfit to pay for different merchandise and
ventures with debit or credit cards.

Visa's credit card payment platform is broadly steady. In the case, prior today, it smashed in shops, corner stores, and railroad stations crosswise over
Britain and Europe, leaving millions unfit to utilize their debit or credit cards. The fall occurred at around 2:30 pm on Friday crosswise over
Europe, as indicated by The Guardian.

Visa reacted to the episode saying they were encountering "a service disruption" over the mainland, despite the fact that they didn't recognize the
reason for the disturbance.

“This incident is preventing some Visa transactions in Europe from being processed. We are investigating the cause and working as quickly as
possible to resolve the situation,” clarified Visa in an announcement.

Over the United Kingdom and Europe, lines started to frame at gas service stations as disappointed drivers were not able to pay for their gas in
the wake of topping off. Comparable lines showed up at Sainsbury's markets and train stations.

Mastercard's payment network continued to work as usual. However, clients with debit cards or credit cards associated with the Visa network were
left with no real way to get to their cash.

The Visa network was down for roughly 30 minutes before it was re-established around 3 pm on Friday. Notwithstanding, retailers detailed that
payments were reestablished sporadically and that a few payments proceeded to still not pass across.


So, Can we Say- It's Time For Blockchain?!

To read full news, visit: https://cointopper.com/news/visa-network-crashes-across-europe-and-uk-is-it-the-time-for-blockchain

It's a really nice example for the reason that we need payment processors  to be decentralized.
When this issue to Visa happened, large amount of stores who were using Visa to process payments was just stopped working and they couldn't process payments, imagine a big mall who just can't accept new customers and have to stop working, can you imagine how much money stores and other corporations may lose from such a scenario? tons.

One of the things that bitcoin offer is the ability to guarentee a 100% time-ups, it's a very serious thing that there is not a company or payment processor who can offer the same.