Will cryptocurrencies eliminate the need for credit/debit cards in the future? - page 3.

isaac_clarke22

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Quote from: justdimin on April 19, 2022, 08:47:00 AM

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It becomes already as a payment method in basic sense to be honest, since you would need that entity in order to get or afford what you needed to afford.
It is indeed an alternative banking, and I am quite shocked that people are thinking that crypto will replace fiat in the future. Remember that crypto, well most of it, are decentralized. Obviously government and crypto is not a good chemistry, even if such legalization was happening.

bitkanu

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I don't know the reason for crypto to eliminate the debit or credit card while crypto itself being connected to be spent use debit and credit. Some people were also using this methods as a way to cash and put their money into cryptocurrency to add more fiat money in the circulation. Removing the debit and credit cards were totally non sense thing while at the same time it's really helpful for some people to help it to top up their crypto accounts. This is also increase the liquidity in the market too and we do know how popular crypto debit and credit cards these days.

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Quote from: Abiky on March 18, 2022, 12:48:01 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 think cryptocurrency will not replace credit or debit cards. Not in the near future. Despite the slow mainstream adoption of cryptocurrencies in many applications, credit/ debit card has a different use case that people will still continue using them. I think both will smoothly co-exist in one way or the other will benefit both platforms. to become relevant to the business, the credit cards will utilize the blockchain to deliver a more secure and scalable service.

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Quote from: Abiky on March 18, 2022, 12:48:01 PM

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.

if this comes true it would be great. but unfortunately that is not possible, how can a large company with millions of dollars in profits want to be eliminated. they would have prevented all of that. so credit/debit cards will always be there. what will make the difference is how people perceive it. if now they have no choice, but in the future they can choose many choices. they can choose to use crypto such as bitcoin, ethereum and other altcoins, or keep the old way by using a credit/debit card.

justdimin

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Quote from: wiss19 on April 12, 2022, 01:46:27 PM

100% guaranteed. I keep saying that crypto is not against fiat, it is against banking and people need to realize this. I mean you may think that crypto vs fiat is a war that is fought for the past 10 years, but they are just alternatives to each other. Imagine how we have survived so long with Europe having euro now (individual ones before this) and USA has dollars, china has Yuan, Russia has ruble and many many other fiat, we just added one more to that and nothing more and it shouldn't bother fiat at all.

However, we are improving the banking system of it so well that after the DeFi hype last year, I am 100% sure that we are going to do very well in the future for sure and eliminate the need for credit cards.

This is the right approach. Plus, if we were fighting against fiat so much, we wouldn't be building stablecoins and so forth that are mimicking these fiat currencies people think we hate. The reality is the banking and DeFi did allow us to get closer.

When people realize this, when people could see that crypto is an alternative to banking and not an alternative to fiat, we will get better. Obviously crypto is a currency and not a payment method, but while being a currency, it brings its own benefits like wallets, payment methods, security and many other things these days along with it, even interest earning as well in staking form. So, it is definitely capable of doing cards as well.

gurunanakji777

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I don't think it can be eliminated easily because every person does not use cryptos still very less no percentage of people across the world are using cryptos So it depends on the adoption but we can say credit and Debit cards will lose traction in the long run. I feel but not sure most of the countries will launch their own stable cryptocurrencies then we can expect the dealing in cryptos will be higher but I can say in the coming year we will see the inbuilt multi-crypto wallet in smartphones for easy access to your coins.

Abiky

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Quote from: wiss19 on April 12, 2022, 01:46:27 PM

100% guaranteed. I keep saying that crypto is not against fiat, it is against banking and people need to realize this. I mean you may think that crypto vs fiat is a war that is fought for the past 10 years, but they are just alternatives to each other. Imagine how we have survived so long with Europe having euro now (individual ones before this) and USA has dollars, china has Yuan, Russia has ruble and many many other fiat, we just added one more to that and nothing more and it shouldn't bother fiat at all.

However, we are improving the banking system of it so well that after the DeFi hype last year, I am 100% sure that we are going to do very well in the future for sure and eliminate the need for credit cards.

Crypto may never be able to replace Fiat, but it would surely transform the banking system in the long run. With how successful digital currency payments have been over the past years, we may be one step closer of seeing credit/debit cards phased out by banks for good. I guess the future will consist of digital payments via the use of implants and CBDCs. Plastic cards and paper money will be eliminated, paving the way for a fully cashless society. It's probable "Ce-Fi" (Centralized Finance) will make use of Blockchain tech for its own benefit.

What matters is that crypto stays decentralized so it can prove to be an alternative to Fiat. As long it stays that way, it'll be able to last for generations. Who knows if Fiat will live alongside crypto for a very long time?

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If in the future there is a bitcoin atm, of course it can be a threat to credit cards issued by banks. It's just that gaining public trust for bitcoin ATMs is not easy, coupled with the price that continues to get speculation due to the influence of the law of supply and demand, it is difficult for bitcoin to replace credit cards as a means of payment. Bitcoin is best as an investment coin for many people because that is the hallmark of bitcoin itself, and will forever be the hallmark of bitcoin.

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Quote from: Abiky on March 18, 2022, 12:48:01 PM

~snip~

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.

If cryptocurrencies are not banned in that country then they can replace credit/debit cards in that country but even in my country banned crypto as payments so the chance it will replace the credit/debit card is very small. I'm just hoping that a lot of store will accept cryptocurrencies as their payment so the utilities of the crypto card will bigger and bigger.

bitzizzix

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Credit cards cause a lot of problems such as
Transaction fees.
Fraud.
Risk of chargeback to merchant.
CC Information Theft. Your credit card information is sent everywhere every time you make a purchase, and it's often stored in so many places that you worry it could be misused.

maybe with that problem maybe in the future many people will switch to crypto but that doesn't mean it can replace it completely.

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It may be possible, but with the current condition of bitcoin it seems that replacing is impossible, but bitcoin can be an alternative to credit cards in the future, some considerations that I think bitcoin has difficulty replacing fiat are its unstable price, and its utilization for investment is much better rather than making a payments ecosystem. unless bitcoin becomes a stable coin and loses its decentralized character, but I think that's impossible.

MrDave

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Well, using cryptocurrencies everywhere is not that much easy even if it makes a place in general. And these cards actually bundle various services that are useful to consumers.

wiss19

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100% guaranteed. I keep saying that crypto is not against fiat, it is against banking and people need to realize this. I mean you may think that crypto vs fiat is a war that is fought for the past 10 years, but they are just alternatives to each other. Imagine how we have survived so long with Europe having euro now (individual ones before this) and USA has dollars, china has Yuan, Russia has ruble and many many other fiat, we just added one more to that and nothing more and it shouldn't bother fiat at all.

However, we are improving the banking system of it so well that after the DeFi hype last year, I am 100% sure that we are going to do very well in the future for sure and eliminate the need for credit cards.

molsewid

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Quote from: aprilnot on April 11, 2022, 01:49:54 AM

no, the need for a credit/debit card will always be there. in the future crypto will only be made as an alternative choice. even though crypto such as bitcoin, ethereum, and others will be legalized later, but remember the taxes that will be imposed will definitely be higher. Unlike credit/debit cards, all crypto transactions may be taxed. this is the government's way of limiting the influence of crypto, when crypto fees are bigger than a centralized system, people will think again about using crypto.

Yes I guess theres no need to eliminate a kind of financial system circulating because these are already existed and each one has their own purpose or use that every people enjoy the use of it. All I can say is I think to have a credit/debit version cryptocurrency is one of the another project that I can say will be feasible but who knows if it will be successful. But so far I'd really love to use debit/credit and cryptocurrency altogether because each one has their own uses.

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It will not possible There's no need to eliminate the debit and credit card and im sure that if anyone aware if the fact that when they are also spending their crypto through debit and credit card too. I think that main point that must be achieved about how to integrate any crypto that will be spent easily using the debit and credit card and yeah we have so many crypto debit card that can be used for that. From this we do know that if there will be no strict competition between crypto and debit/creditcard. it seems like this is the best answer for sure.

kidbounty

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credit/debit cards seem to be abandoned if you look at crypto developments today. but don't worry, the government will not stand by watch this centralized system die. debit/credit cards will always be used even if crypto is fully legalized. governments may not be able to control crypto, but not their citizens. they can make regulations that can limit the use of crypto even though it is finally legalized. such as imposing a tax on every transaction. it is possible for banks to use blockchain in the future, and all the credit/debit cards that everyone uses today are already using the blockchain network. meaning that even centralized systems will inevitably start using blockchain technology, or they will be abandoned. What will distinguish a centralized and decentralized system is the fee. it will be a never ending competition.

meaning debit/credit cards and all other centralized systems will not be abandoned.

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Banks, Credit cards, Debit cards, Crypto payments can all coexist without disturbing each other, there is no need for one to eradicate the others because they all have their advantages and disadvantages, some platforms are already accepting crypto payments and that's very good.

aprilnot

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Quote from: Abiky on March 18, 2022, 12:48:01 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.

no, the need for a credit/debit card will always be there. in the future crypto will only be made as an alternative choice. even though crypto such as bitcoin, ethereum, and others will be legalized later, but remember the taxes that will be imposed will definitely be higher. Unlike credit/debit cards, all crypto transactions may be taxed. this is the government's way of limiting the influence of crypto, when crypto fees are bigger than a centralized system, people will think again about using crypto.

evichi

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Credit and Debit cards facilitate digital transactions in fiat currency. Currently, some crypto platforms are integrating crypto transactions in cards forms. Crypto project like Neox, for example, have a crypto card to facilitate transactions in fiat/crypto. IMO, I see card as one of the fast means of transactions between fiat and crypto - and since majority of our transactions are still in fiat, cryptocurrency transactions will not likely replace Debit/Credit cards for some years to come. I think Debit/Credit cards will be modernized (for example, Neox card) in such a way that they will facilitate fiat/crypto transactions. Currently, I think the use of Credit/Debit cards with crypto will co-exist for some years to come.

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Quote from: shinratensei_ on March 18, 2022, 05:54:20 PM

There's no need to eliminate credit or debit as this will remain to exist forever even when the centralized economic system will collapse. The thing is when you can spend your crypto through debit or using credit card that can be paid with crypto and why not? Eliminating anything will not solve the problem or make crypto even stronger. The main thing is crypto needs to be integrated with various service like this to make sure if it has more and more utility usage in our real life. These payment methods can be integrated with crypto. Some people are also using this right now with crypto
It's better if all of payment mechanisms can co-exist

It's certain that Fiat and crypto will co-exist, since centralization can never replace decentralization (and vice versa). But I believe plastic cards whenever in the form of a debit or credit card, will cease to exist as crypto/Blockchain tech proves to be superior. Instead, people will conduct payments on their smartphone at any physical store of their choice using a government-issued digital currency. It will work the same way as a stablecoin, but backed by "trusted entities". By then, VISA and Mastercard would've changed their business model in order to stay ahead of the game.

The next part of the digital payments revolution will eliminate the need for smartphones as implants will contain all of your financial information. But this is something we won't see happen at least decades from now. Paper money is still being used worldwide, so credit/debit cards will be with us for quite some time. Just my thoughts Grin

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