Will cryptocurrencies eliminate the need for credit/debit cards in the future? - page 2.

wxa7115

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Quote from: JayTrain on August 04, 2022, 03:16:29 PM

I am sure and convinced that in the future cryptocurrency will replace plastic cards, because with cryptocurrency it is easier and there is no need to issue plastic to a bank card, and with cryptocurrency a smartphone and a wallet in it are enough, and today it is hard to imagine a person without a smartphone.

This is not going to be easy, just as you could in theory just pay with your wallet by scanning a QR code the same can be done with most of the bank applications that exist today, so at least in that aspect bitcoin does not offer an improvement over the current technology available to the consumers.

Bitcoin has many advantages over fiat like having real potential to become a store of value, being a good investment, it offers some additional privacy and so on, but at least right now bitcoin is not better than any bank application on the market today.

JayTrain

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I am sure and convinced that in the future cryptocurrency will replace plastic cards, because with cryptocurrency it is easier and there is no need to issue plastic to a bank card, and with cryptocurrency a smartphone and a wallet in it are enough, and today it is hard to imagine a person without a smartphone.

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Quote from: juanda on August 02, 2022, 02:31:18 PM

I don't think cryptocurrencies will remove the functionality of a credit/debit card. maybe this can happen after 10 or 20 years because to make changes takes a long time, and it is impossible for conventional banks to be silent without making any developments when crypto is increasingly known and used by all humans on earth. so don't think too far.

This is not likely to happen. Just like there will be no replacement of fiat with bitcoin. The banking system and cryptocurrencies will coexist in parallel, without the possibility of replacing each other. Cryptocurrencies can offer an alternative, but not a replacement. Although banks, with the launch of CBDC may try to replace cryptocurrencies, as banks and the state have more leverage in such processes, they can just legally restrain the development of cryptocurrencies and it will be very difficult to resist, or again leave the legal field, but for cryptocurrencies, it will be a return to 2012, when cryptocurrencies were used mainly in the shadow sector.

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Quote from: Abiky on March 18, 2022, 01:48:01 PM

Every day, people are getting more used to digital payments with crypto due to the numerous benefits it provides. There are no chargebacks, no middleman, and lower fees. Comparing crypto against traditional credit/debit cards issued by banks, I'd say crypto wins by a long shot. Merchants and businesses are slowly accepting crypto as payment method, so we should see credit/debit cards lose traction in the long run. Even VISA announced that it will be using Blockchain tech for its own benefit.

The way I see this will turn out in the future is that credit/debit cards will cease to exist as they're replaced by stablecoins and decentralized cryptocurrencies like Bitcoin and Ethereum. Maybe VISA, Mastercard, American Express, and Discover will make stablecoins of their own? If credit/debit cards are eliminated, then we'll be on the right path towards a full-fledged cashless society. Instead of carrying with a physical wallet full of paper money or plastic cards, you would only carry a smartphone with a digital wallet containing the coins of your choice.

What do you think? Will cryptocurrencies eliminate the need for credit/debit cards in the future? If not, why? Your input will be greatly appreciated. Thank you very much.

I don't think cryptocurrencies will remove the functionality of a credit/debit card. maybe this can happen after 10 or 20 years because to make changes takes a long time, and it is impossible for conventional banks to be silent without making any developments when crypto is increasingly known and used by all humans on earth. so don't think too far.

isaac_clarke22

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Quote from: cheezcarls on July 25, 2022, 08:35:50 AM

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Right now it has been going slow, but that might be in the front page of the media that we are seeing. Surely there would be unreported news that people adopting crypto, since people do not want authorities to interfere their business.
I would establish any small business as I wish at my home then just adopt crypto as an alternative if not primary payment method.

hamba laeh

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I do not agree that cryptocurrencies will eliminate the need for people to use credit/debit cards because Cryptocurency is only used by certain people and not many people understand the system applied to cryptocurrencies. Moreover, cryptocurrencies have a high risk that can hinder people's trust to use them. So cryptocurrencies cannot eliminate the need for a credit/debit card.

og kush420

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Quote from: o48o on July 25, 2022, 06:16:37 PM

I don't see credit cards going anywhere, but technically there could be new blockchain system replacing current system but there are no such blockchains yet that follow regulatory rules.

Me too - this is not going to happen any time sooner. Maybe in coming days when we are dead and new generation takes over.
This takes a lot of technology and literacy and smart mind to deal with it. Which is at least not possible in our time.

o48o

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Quote from: Abiky on March 18, 2022, 01:48:01 PM

Every day, people are getting more used to digital payments with crypto due to the numerous benefits it provides. There are no chargebacks, no middleman, and lower fees. Comparing crypto against traditional credit/debit cards issued by banks, I'd say crypto wins by a long shot. Merchants and businesses are slowly accepting crypto as payment method, so we should see credit/debit cards lose traction in the long run. Even VISA announced that it will be using Blockchain tech for its own benefit.

The way I see this will turn out in the future is that credit/debit cards will cease to exist as they're replaced by stablecoins and decentralized cryptocurrencies like Bitcoin and Ethereum. Maybe VISA, Mastercard, American Express, and Discover will make stablecoins of their own? If credit/debit cards are eliminated, then we'll be on the right path towards a full-fledged cashless society. Instead of carrying with a physical wallet full of paper money or plastic cards, you would only carry a smartphone with a digital wallet containing the coins of your choice.

What do you think? Will cryptocurrencies eliminate the need for credit/debit cards in the future? If not, why? Your input will be greatly appreciated. Thank you very much.

Most merchants that "accept crypto" are using third party payment methods and are receiving converted fiat instead. I totally understand this as taxation with crypto payments is confusing and you probably end up paying way more taxes from them.

I don't see credit cards going anywhere, but technically there could be new blockchain system replacing current system but there are no such blockchains yet that follow regulatory rules.

og kush420

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Quote from: cheezcarls on July 25, 2022, 08:35:50 AM

In my own feeling I don’t think there is a possibility about cryptocurrencies replacing credit or debit cards sooner or later. It will likely exist in generations to come. However, I do agree about crypto as alternative payment in the form of stablecoins if credit or debit card isn’t working, but depends on the merchant though.

I think this will not happen anytime sooner - at least not in our country.
We have a lower literacy rate - not all the people have bank account nor the smartphone or the internet connection. At least not possible in coming 20 years.

cheezcarls

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In my own feeling I don’t think there is a possibility about cryptocurrencies replacing credit or debit cards sooner or later. It will likely exist in generations to come. However, I do agree about crypto as alternative payment in the form of stablecoins if credit or debit card isn’t working, but depends on the merchant though.

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if there is a crypto currency whose value can be as stable as conventional currencies, it can happen considering that crypto transactions are easier and faster. let's say we only need a wallet on a smartphone then just scan the QR code at a store that provides payments using crypto.

but if cryptocurrencies are still as they are today, it seems impossible that people will switch from debit to crypto as a non-cash payment instrument.

Canteng123

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Quote from: Jawhead999 on March 18, 2022, 11:25:42 PM

Bitcoin or altcoins doesn't replace fiat, so it will not eliminate credit and debit cards. Maybe credit and debit cards will be eliminated when CBDC has been widely adopted. To be honest we already can live with cashless society now, you only need a smartphone installed of your mobile banking application or your local e-money. You only need to scan barcode to pay anything, it's cashless.

Alright, thanks for the information, maybe I'll give it a try. 😀

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Quote from: nurilham on May 25, 2022, 07:48:50 PM

The first step of doing this is that cryptocurrency can be accepted as a currency, as the pay method and accepted in most countries worldwide. Without this, this will mean that more things will be hard to do.

Every difficult thing there will always be a way out if all relevant parties are willing to do it happily because cryptocurrencies in general can be used for certain needs and are also used as future investment assets with very good choices even though there are still risks in it.

Quote

ANd so far, accepting cryptocurrency as a payment method is still illegal and not accepted in most countries. So, the answer is:
this will be very difficult, moreover the term of "eliminating", seems like impossible.

Accepting cryptocurrency as a payment method is not legal at this time because each country already has its own rules and currency, so if you want to make a realization of cryptocurrency for payments, then there are several things that need to be changed by the state so that nothing conflicts with the basic rules of the country.

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Quote from: nurilham on May 25, 2022, 07:48:50 PM

Quote from: Abiky on March 18, 2022, 01:48:01 PM

What do you think? Will cryptocurrencies eliminate the need for credit/debit cards in the future? If not, why? Your input will be greatly appreciated. Thank you very much.

The first step of doing this is that cryptocurrency can be accepted as a currency, as the pay method and accepted in most countries worldwide. Without this, this will mean that more things will be hard to do.
ANd so far, accepting cryptocurrency as a payment method is still illegal and not accepted in most countries. So, the answer is:
this will be very difficult, moreover the term of "eliminating", seems like impossible.

Well, in this case, what you say is right, although for El Salvador things may be more different, because with support from the government it is possible that credit cards still exist but that credit cards based on BTC are with much more benefits, and I think that those countries and banks that support something like this could be very successful.

The traditional economy is still very booming, since it is clear the control that the governments have as well as the banks, banking has been a total success to maintain people's debts and I think that with the debt they have gained a lot, so it is difficult to undo a business model of many years.

nurilham

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Quote from: Abiky on March 18, 2022, 01:48:01 PM

What do you think? Will cryptocurrencies eliminate the need for credit/debit cards in the future? If not, why? Your input will be greatly appreciated. Thank you very much.

The first step of doing this is that cryptocurrency can be accepted as a currency, as the pay method and accepted in most countries worldwide. Without this, this will mean that more things will be hard to do.
ANd so far, accepting cryptocurrency as a payment method is still illegal and not accepted in most countries. So, the answer is:
this will be very difficult, moreover the term of "eliminating", seems like impossible.

Rigon

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Quote from: The Cryptovator on March 18, 2022, 02:48:23 PM

I don't think cryptocurrency will eliminate Visa/Mastercard payment methods. It's because they also provide digital solutions though there is a lot of limitations. You won't imagine a world without paper money at least for more hundred years. Even there is no paper money digital fiat will exist for every nation. This means a master or Visa card will exist this way. Rather than you would get the freedom to load your card through cryptocurrency. That would happen only.

Yes, of course.Cryptocurrency will never cancel a MasterCard /Visa card. As the days go by maybe the world will be more updated and everything will be updated.No matter what people say, paper money will never be wasted. The government will never cancel this paper money.It is one of the main sources of income for every country.The dollars we are using all over the world, but they are officially earning.We may enjoy various benefits for cryptocurrency such as loading MasterCard Visa card with cryptocurrency.

niceli

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This is sooooo possible, it is even silly to think that we still do not have it. First of all, debit cards are a thing in the crypto world and should be wildly available everywhere around the world and should be used by all of us. Imagine (and it is real, you do not even have to imagine) you keep all of your money in an exchange, all in bitcoin, and they give you a card for it, then you go out anywhere in the world and spend some money on some shop, your bitcoin is converted automatically to whatever fiat that nation uses and pays the shop owner just like a bank debit card. Isn't that awesome? You never need to use any fiat ever again or never have to hold it.

Credit card would be a bit more tough, but debit cards are out there and yet they are very limited, very very expensive (not even usable levels of expensive for some) and they are unfortunately not available in my nation and plenty of other nations.

MommyElsa

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Quote from: Abiky on March 18, 2022, 01:48:01 PM

Every day, people are getting more used to digital payments with crypto due to the numerous benefits it provides. There are no chargebacks, no middleman, and lower fees. Comparing crypto against traditional credit/debit cards issued by banks, I'd say crypto wins by a long shot. Merchants and businesses are slowly accepting crypto as payment method, so we should see credit/debit cards lose traction in the long run. Even VISA announced that it will be using Blockchain tech for its own benefit.

The way I see this will turn out in the future is that credit/debit cards will cease to exist as they're replaced by stablecoins and decentralized cryptocurrencies like Bitcoin and Ethereum. Maybe VISA, Mastercard, American Express, and Discover will make stablecoins of their own? If credit/debit cards are eliminated, then we'll be on the right path towards a full-fledged cashless society. Instead of carrying with a physical wallet full of paper money or plastic cards, you would only carry a smartphone with a digital wallet containing the coins of your choice.

What do you think? Will cryptocurrencies eliminate the need for credit/debit cards in the future? If not, why? Your input will be greatly appreciated. Thank you very much.

Well, for me, cryptocurrency is very easy to use. I believe that someday we will be able to transact and pay all our bills via online payments or transactions using cryptocurrency.

jrrsparkles

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Banks and any other companies making money with the current Fiat system won't really like to have cryptocurrencies as the main payment mode and also it will be a big loss for them if it eliminates the banking card system because these payment processing companies are making good commission from the millions of transactions all around the world. But people can force them to do, I don't know we actually need those payment processing system if cryptocurrencies are completely adopted by the merchants and people.

Cling18

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I don't think the existence and adoption of cryptocurrency will eliminate the usage of credit or debit cards because they have different usage and most individuals as well as some huge companies aren't familiar with cryptocurrency. It will be hard for crypto to replace debit cards which is actually a traditional payment method for most people. Crypto still needs more adoption and consumers also need to consider using it as a payment method first because some are aware but still prefer using banks and other methods because of its risk.

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