Topic: Will Blockchain beat VISA someday? (Read 1088 times)

That's certainly true, mate. While Blockchain technology is still new to the world, it's growing at a fast pace. Eventually, it'll improve to a point where it'll rival traditional payment processors not limited to VISA such as: Mastercard, PayPal, MoneyGram, and even Western Union. The diverse number of scalability solutions available today, makes it possible for Blockchain technology to beat VISA someday. It just needs to gather massive mainstream adoption and regulatory compliance, to outmatch its competitors.

Right now, one technology which looks to be Blockchain's successor is DAG (Directed Acrylic Graph). There are only a few cryptocurrencies in existence which make use of such technology for infinite scalability. Such cryptocurrencies are: NANO, IOTA, Constellation, Coti, and Hashgraph. They have near-instant transaction confirmation times and are virtually free (no fees). This means, that they could overcome VISA in terms of worldwide usage, if people start to adopt them at a large scale.

As for Bitcoin, it will be possible to process millions of transactions per second with low fees using the Lightning Network. SegWit has been activated already, but it still lacks mainstream adoption at a large scale. The process has been slow, but once there are many businesses and companies using SegWit, the Lightning Network could go full steam ahead. Even now, the Lightning Network is in testing phase not ready for the world. Once it does, then Bitcoin could have a better chance of rivaling well-known payment processors in the mainstream world.

Nonetheless, time will tell us what lies ahead for the future of Blockchain technology. Just my thoughts

PundiX and their Point of sales could replace Visa and Mastercard's solutions. But all stores in the world should buy these things.

You cannot estimate what revolution that technology and science will be having in near future. Blockchain technology may go to any level in near future so that it can surpass visa/mastercards' capacity someday. Just a decade before, I never got chances to think about the payment system which will be having all me needed freedom because I was struggling with paypal and alterpay (now payza) kind of dictators, but technology brought me something new to ensure my peace of mind. Anything may happen in technology developments hence we should expect more things and days to be waiting for us.

This is the answer for this entire topic. Blockchain will have that capacity on its own or by incorporating some third-party services like lightning network. Moreover one famous quote reads like this "bitcoin transactions are instant but confirmations may take some time".

Like, when there will be an enhancement to be implemented into bitcoin network (for example), we may start trusting bitcoin payments with zero confirmation also. Similar to that, we may have some new enhancement so that we will be having big blocks to accommodate more number of transactions along with backward compatibility, who knows ?

In a few years, I think that Blockchain technology will be the largest payment system. The faster the transactions, the lack of limitations, the more active use of the system. The fact that blockchain is open to development is another important plus. The bulky structure of old systems is an obstacle to their development. Blockchain is constantly evolving.

I don't think like that. Although blockchain technology is now widely adopted, it is still difficult to change visas, while these visas have grown throughout the world, many of which are used for global payments and blockchain is still in the development stage which is largely unknown to many people. a bit difficult in my opinion

It has already beat it as many are now using blockchain to transact than visa with less fees and bounder less barrier which is a unique thing about block chain and cryptocurrency , if visa is trying to adopt block chain then it show how blockchain is way more better to add value to visa if used .

Nope!  But it is inspiring them to push the innovation and maybe in the near future VISA/Mastercard will implement blockchain

Yes, someday it will be all the same and it will happen very soon, because people are already very tired of corruption and constant vague ideas about where the money goes, it seems to me that all this will obviously make sense.

VISA is supported by banks and many shops and trade centers. Blockchain is just a technology that helps all transactions be transparent. I think these are two different concepts

Some companies have started to integrate VISA card using crypto. It is absolutely were going that way anytime soon as a huge developmental effect of crypto adoption. Fixing bugs will help for its fast developmental activities and can be assured that it will work will once finally launched.

Solving problems with scaling is only a matter of time and as soon as it is decided, I think that many payment systems will start to apply the Blockchain technology!

I doubt the blockchain will beat VISA in the next few years. So far, no project with credit cards on the blockchain has become popular and has not been properly implemented.

Ripple is changing it, slowely but surely (well, such changes take time).
Visa also bought out Earthport, which is Ripple's partner (which does NOT mean VISA is now a partner, but the buying can mean a lot of things, time will tell)

I do agree, however, that there are very, very few real life industry changing cryptos, depending on how you look at it.

That's right and if I think it will be very difficult for the blockchain to defeat VISA. because the blockchain is a new technology compared to VISA that has long been in the online world

Blockchain technology is younger technology than VISA technology's and will keep in development to be much better. Currently Visa can proccess athousand transaction persecond but Bitcoin only 3 transaction persecond. Bitcoin will beat or not with VISA depend on the the development of the technology. That possible if BTC possible to process amillion transaction persecond with low fee transaction.

The current blockchain can say that it is very convenient and hot globally. Even banks have realized its advantages in managing directories. Blockchain needs more time to reach users. Then so I think Blockchain will beat Visa in the future.

It is understandable what many people wants with regards to decentralization. But if bitcoin won't scale to compete then someone or many projects are going to fill that void. Long term, I guess these coins will beat bitcoin on top.

The blockchain can surpass VISA in terms of TPS. But about the widely payment system and it's too early to say if blockchain can compete with visa consider visa has already widely adopted by almost all of banks and service in the world. It's a little bit difficult to say about this thing.

It could be possible in the future.
The case is that VISA can process 4000+ transaction per second, and blockchain can't.
Practicaly that means that you pay in a shop using your credit card instantly (but not with crypto's)

And that my friend is possible but not anytime soon ,for blockchain to archive what VISA  is today it will takes time remember that they are both two different thing entirely and blockchain is just a newer technology that still finding its place even of how awesome it is ,and even if this happens anytime soon I'm sure VISA will implement blockchain