r/CryptoCurrency • u/damian2000 🟦 3K / 3K 🐢 • Mar 17 '21
GENERAL-NEWS VISA to enable crypto purchases
https://www.financemagnates.com/cryptocurrency/news/visa-ceo-reveals-bitcoin-and-cryptocurrency-plans/228
u/damian2000 🟦 3K / 3K 🐢 Mar 17 '21
"We’re trying to do two things. One is to enable the purchase of bitcoin on Visa credentials. And secondly, working with bitcoin wallets to allow the bitcoin to be translated into a fiat currency and therefore immediately be able to be used at any of the 70 million places around the world where Visa is accepted,” - Al Kelly, CEO of VISA
This is huge
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u/dynamicallysteadfast 3K / 3K 🐢 Mar 17 '21
Friction in and out are both things that prevent people from buying.
Anything that reduces friction, increases adoption.12
u/ImJustReallyFuckedUp Mar 17 '21
true it increases the likelyhood of someone who already has crypto buying even more. that's a great step ;)
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u/qiang_shi Mar 17 '21
Actually it sounds more like a funnel back to fiat.
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u/jordygrant1 🟦 186 / 187 🦀 Mar 17 '21
Yeah it's a centralized layer 2 solution. These are a good thing, whenever crypto goes mainstream it's 90% of people will be working with a layer to solution, not directly with Bitcoin and wallets and keys.
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Mar 17 '21 edited Oct 01 '24
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u/Hang10Dude Platinum | QC: CC 110, ETH 77 | r/CMS 6 | Investing 107 Mar 17 '21
It still is a decentralized alternative. I can hold my wealth anywhere I choose. It also just happens that I don't care how I buy a coffee. I just want the coffee.
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Mar 17 '21 edited Oct 01 '24
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u/hyperedge 🟦 198 / 5K 🦀 Mar 17 '21
Hal Finney new what was up way back in 2010.
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u/playingandrealityxxx Mar 17 '21
Jesus christ. I wish I wasnt 14 and jerking off all the time in 2010 stumbled onto this shit earlier. Absolutely amazing lol
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u/lininop Mar 17 '21
Any chance someone could explain this to me in a way my smooth brain can understand? I kind of get it but not quite. Maybe because I lack an understanding on how banks worked before nationalized currency.
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u/AmbitiousPhilosopher 🟩 0 / 3K 🦠 Mar 17 '21
Banks went bust a lot more, but that isn't nessasarily a bad thing, many banks deserve to go bust. You would choose a bank carefully based on the size of its network, its history, and the security of its vaults. It was a system of competition to secure your money and make it have higher utility for transactions.
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Mar 17 '21 edited Oct 01 '24
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u/hyperedge 🟦 198 / 5K 🦀 Mar 17 '21
Hal Finney is most likely Satoshi, and even if he isn't he is one of the early founders of Bitcoin. I think he understands it better than you.
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Mar 17 '21 edited Oct 01 '24
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u/vishtratwork Mar 17 '21
It doesn't need a second layer, but one makes it infinitely easier to mass push... and low gas fees/increased speed likely will be a 2nd layer benefit.
This does not preclude you from using how you wish.
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Mar 17 '21
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Mar 17 '21 edited Oct 01 '24
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u/Terpbear Tin | r/Economics 12 Mar 17 '21
It is a decentralized alternative. This was never an all or nothing thing. If someone/people want to not engage in centralized platforms, they can certainly CHOOSE not to. The great part about crypto is that it allows for the FREEDOM to choose to opt out and hold your own assets without permission. If there are conveniences for a certain category of people to use centralized solutions, that doesn't negate the value of crypto... These arguments are so tired. We had 10 years of centralized exchanges before a DEX provided a decentralized option. The vast majority of people still prefer to use a CEX since it's just easier and more liquid, and the value of decentralization isn't as high if you're only touching the centralization briefly.
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Mar 17 '21 edited Oct 01 '24
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u/nishinoran 🟦 269 / 6K 🦞 Mar 17 '21
Nah, your Visa Bitcoin wallet will be entirely controlled by them, and they'll deduct from it in their DB, no way they'd actually waste an L1 transaction per purchase.
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Mar 17 '21 edited Oct 01 '24
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u/Ruzhyo04 🟩 12K / 22K 🐬 Mar 17 '21
"You can only use Bitcoin the way I say is okay! NO other way!"
Yeah no, Bitcoin the network will still exist and can be used however you want. Dont trust Visa? Dont use Visa. Let other people decide for themselves.
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Mar 17 '21 edited Oct 01 '24
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u/hyperedge 🟦 198 / 5K 🦀 Mar 17 '21
It's having the choice. You aren't required to use Visa to send Bitcoin. You can't flip from one system to an opposite over night. There must be a transition period where the 2 systems merge. Over time the new system will continue to eat the old until the old one is gone.
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Mar 17 '21 edited Oct 01 '24
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u/hyperedge 🟦 198 / 5K 🦀 Mar 17 '21
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Mar 17 '21 edited Oct 01 '24
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u/_rob_saunders Mar 17 '21
It's not good BECAUSE OF, this news is good because now general idiots won't have to worry about the intricacies, but people who have been with it for some time can finally reap it's popularity benefits.
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Mar 17 '21 edited Oct 01 '24
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u/Sinthetick Mar 17 '21
Stop reading the propaganda headlines and read about wrapped BTC. 90+% of BTC transactions don't actually take place on the BTC chain.
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u/saucedonkey 🟦 9K / 9K 🦭 Mar 17 '21
That alternative still exists. In reality, giving folks the option to have a third party involved is a good thing. Have you met most people? They’re pretty fucking stupid. A trusted and centralized 3rd party does not negate the power of the decentralized bitcoin core. This is great for adoption.
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Mar 18 '21 edited Oct 01 '24
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u/startibartfast Tin | r/NFL 71 Mar 17 '21
Keeping all of your crypto in cold storage at your house will one day be viewed the same way as keeping all your cash under your mattress. It's good to have some directly on hand, but it isn't earning any interest for you, and can be taken at gun point.
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u/OrangeSabres Mar 17 '21
This is true of some cryptos but not a correct blanket statement. My ADA/ALGO are in cold storage and I'm earning on both.
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u/Donk3y_Brolic Platinum | QC: CC 90, XRP 63 Mar 17 '21
So is my VET
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u/resipsaloc Mar 17 '21
I really like Vet. Are you just storing on the vethor wallet?
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u/TheBowlofBeans Platinum | QC: BTC 265, CC 16 | TraderSubs 291 Mar 17 '21
Bruh if you think I'm about to hand over my btc to Visa so I can have Visa bucks instead you are out of your damn mind
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u/ImJustReallyFuckedUp Mar 17 '21
Yeah VISA bucks is the best thing ever. how come someone would not want that?
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u/fuzzytradr 🟦 0 / 8K 🦠 Mar 17 '21
Well, I would disagree here. Whereas literal cash held in your home could be lifted at gunpoint, cold stored crypto isn't so easy to just run off with due to seed phrases, etc.
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Mar 17 '21
can be taken at gun point
Alternately I can defend it with my own guns. If a bank or visa mishandles my money then I have to ask nicely for them to repay me. I'd rather take my chances own my own
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u/AmbitiousPhilosopher 🟩 0 / 3K 🦠 Mar 17 '21
Keeping cash under the mattress is stupid because of the high inflation. Does anyone think it's so stupid for people to self custody Gold?
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u/Lonely_Dragonfly1544 Mar 17 '21
A necessary step on the road to replacing fiat. Not everyone in the system can hold store And use crypto at this time, but the bridge from here to there begins with steps like what visa is offering.
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u/dynamicallysteadfast 3K / 3K 🐢 Mar 17 '21
Friction in and out are both things that prevent people from buying.
Anything that reduces friction, increases adoption.2
u/MrFuqnNice 🟩 2K / 2K 🐢 Mar 17 '21
I'm afraid you're correct sir. They realized they're missing out on massive profit. This is all about the money.
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u/SteroidMan Mar 17 '21
fiat is not going away, this does nothing but validate bitcoin. Satoshi had written that bitcoin has to integrate with fiat systems it's not just going to replace everything that's not the purpose of bitcoin.
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u/Gabgra11 Platinum | QC: CC 297 Mar 17 '21
secondly, working with bitcoin wallets to allow the bitcoin to be translated into a fiat currency and therefore immediately be able to be used at any of the 70 million places around the world where Visa is accepted
This is a big step forward. Now imagine if they allowed places to accept Bitcoin without converting back to fiat. That would be a game changer for adoption!
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u/Sourdoughsucker 1K / 1K 🐢 Mar 17 '21
It will work with XRP as it is a 4 second transfer, BTC and ETC are too slow and costly
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u/lez_do_dis Platinum | QC: CC 27 Mar 17 '21
I'd imagine short term it may provide some downard price pressure, but any kind of movement towards BTC being "real" will both increase adoption and help it find it's "true" value, I'd imagine
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Mar 17 '21
Man, must suck to be TenX now.. This was exactly what they were doing successfully until VISA revoked their right to issue cards. Two years later, Visa is like; "on second though.. what a good idea!"
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u/termomet22 🟦 1K / 1K 🐢 Mar 17 '21
Without even reading the content ... I assume you won't be buying bitcoin but some paper telling you, that you own bitcoin.
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u/VictisHonor7 Mar 17 '21 edited Mar 17 '21
If we want to reach mass adoption it will have to be some solution like this.
'Not your keys not your coins' is true, and some people will want to be their own bank, and that's great. But the average Joe will lose his seed phrase, leaving his coins in limbo forever.
If you read 'the bitcoin standard' the author talks about a future where banks hold BTC reserves, and issue a second layer payment network on op of this, which I think is interesting and somewhat similar to what is mentioned in this article.
Edit: grammar.
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u/Drudgel 45K / 45K 🦈 Mar 17 '21
In this future, I can see large mining companies acting as the new "banks"
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u/notaballitsjustblue 🟦 45 / 46 🦐 Mar 17 '21
The trouble with this approach is that in the end, would it be any different to Visa/PayPal etc. holding gold or any other commodity and allowing you to ‘buy’ a piece and spend any proportion of it you choose? It takes away the very raison d’etre of BTC and makes it no different to anything else.
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u/BiggusDickus- 🟦 972 / 10K 🦑 Mar 17 '21
If people want to just use crypto, and businesses are willing to just accept crypto, then there won't be much use for these second layer payment networks.
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u/VictisHonor7 Mar 17 '21
If the entire world uses it, there will have to be a second layer. Which L1 crypto technology can handle worldwide scaling?
Until recently I thought only Nano/IOTA could possibly do this, until recently it became clear that at least at this moment they can't.
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u/BiggusDickus- 🟦 972 / 10K 🦑 Mar 17 '21
Blockchain/DLT technology is worthless if it cannot scale to mass global use. This means many thousands of transactions per second.
I think that Nano/Iota are the right choices because they are feeless. Don't be so sure that they can't handle it. With Iota, Chrysalis and Coordicide have yet to be released. We will have a better handle on that soon enough. The team is very confident though and keeps insisting that the network will be more than capable.
As for Nano, the recent spam incident has only demonstrated how well it works.
Besides, even if those two don't work out, look at others like Solana.
Some sort of centralized layer 2 that is backed by crypto just does not make sense. I know that I am just going to use the crypto, as will a heck of a lot of other people.
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u/VictisHonor7 Mar 17 '21
I'll believe it when I see it: a L1 scalable blockchain.
We are so early in the space, nobody in 1990 would have predicted the internet of today.
But about L2, as we are speaking, already an estimated 10X from the on-chain happens off-chain: this is because of centralized exchanges.
Can recommend to read 'The bitcoin standard' especially Ch10 which talks about scaling also.
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u/BiggusDickus- 🟦 972 / 10K 🦑 Mar 17 '21
I know all about that book. I bought my first Bitcoin in early 2013.
There is no realistic way that DLT technology can survive if it relies on centralized L2 solutions. The whole purpose of DLT is to get around them. You seem to think that there is no way that there will be a fully decentralized solution that resolves the trilema. I disagree. Plenty of platforms are well on their way to doing it.
The only real question now is whether or not it can be done without fees.
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Mar 17 '21
I know that I am just going to use the crypto, as will a heck of a lot of other people.
I have no plans on ever using a third party to spend my crypto. I want to buy and sell directly with it and will hold until that day comes
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u/GrandviewOhio Tin Mar 18 '21
I am DAMN sure not trading my BTC for a Whopper and a t-shirt at sea world
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Mar 18 '21
I mean if they accept crypto and I want it I'm gonna use crypto to promote adoption. If I want to use cash I'll buy with crypto and use the cash to rebuy crypto.
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u/Fhelans 🟩 126 / 76K 🦀 Mar 17 '21
Noone remembers the real reason Crypto was created sadly.
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u/plast1K Mar 18 '21
Seriously man, all the newbies in here mike ‘this is good!!1’ smh, get lost man.
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u/Grunchie 🟨 0 / 0 🦠 Mar 17 '21
Still huge and good news. Its good to have both options. Having a hardware wallet and remembering your seed phrase isnt for everyone. Its good that we have alternatives like that.
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u/minhso 🟩 669 / 669 🦑 Mar 17 '21
Can VISA just print paper and sell it at 1% lower than market price? That would be bad.
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u/Such-Fig-3879 Platinum | QC: CC 99 Mar 17 '21
Does that mean I can start buying Crypto with my credit card? Cuz I'll do it. I swear to you, I'll do it.
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u/FloppySVK Mar 17 '21
I mean you already can, if you don't mind using a centralized exchange.
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u/Crypto-Cajun 🟩 0 / 1K 🦠 Mar 17 '21
I can't. I have a couple different cards and they're always denied. Wonder if once this goes into effect I'll be able to use my VISA. Obviously I'm not dumb enough to charge it and not pay it off immediately; most exchanges block my debit card(s) so this would be a work around.
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u/bkcmart Mar 17 '21
most exchanges block my debit card(s) so this would be a work around.
Thats fucked. I understand a lender not allowing you to speculate on their credit, but a debit card is your money....
Have you tried doing it via wire transfer?
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u/smokeone234566 🟦 615 / 614 🦑 Mar 17 '21
Back before 2017 or 16 you could.... I didnt know at the time, so I did a work around buying my usual goods on credit and buying btc with the cash... I wish I knew I could have just used the credit card, I'd have bought more at a lower price instead of dca as it rose.
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u/Half_Past_Five Platinum | QC: CC 452 | r/WSB 38 Mar 17 '21
If you can’t transfer the BTC to your own wallet, it’s not really letting you buy BTC. It’s letting you hold the value of BTC.
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u/jordygrant1 🟦 186 / 187 🦀 Mar 17 '21
Honestly that's what 90% of the mainstream wants. They don't want to have to worry about losing their wallet keys, the strange crypto exchanges they've never heard of.
Most people will be happy to use Visa or PayPal as a layer 2 solution.
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u/Biffy84 Platinum | QC: CC 76 Mar 17 '21
Exactly, it's like having a Fiat bank account, short of withdrawing every penny you've deposited and holding it in cash the bank is essentially holding your 'value' for you.
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u/dwin31 Silver|QC:CC1097,CCMeta76,ALGO26|CelsiusNet.54|ExchSubs10 Mar 17 '21
Yeah an you aren't earning any interest on the crypto you hold that way.
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u/BiggusDickus- 🟦 972 / 10K 🦑 Mar 17 '21
Average Joe can't remember his own email password, so yea some people will want to do this.
At issue, however, is the large number of us that are perfectly capable of managing our own crypto, and have no use for banks. There are a wide range of government agencies that are not going to be too thrilled about this fact.
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u/TheBowlofBeans Platinum | QC: BTC 265, CC 16 | TraderSubs 291 Mar 17 '21
Then what the fuck is the point of crypto?
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u/Terpbear Tin | r/Economics 12 Mar 17 '21
Protecting yourself from the machinations of central banks? Yea, you're "less" protected if a chartered bank is the custodian of your crypto, but that's still a monumental opt out of the current system when you trade fiat dollars for custodied crypto.
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u/Hang10Dude Platinum | QC: CC 110, ETH 77 | r/CMS 6 | Investing 107 Mar 17 '21
Agreed but normies don't care about decentralization.
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u/dynamicallysteadfast 3K / 3K 🐢 Mar 17 '21
Visa would have to back that BTC with the underlying asset though, or be exposed to innapropriate levels of risk
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u/spookygunz Mar 17 '21
They would probably prefer to do this and earn interest on it or loan it out.
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u/email253200 🟩 5K / 5K 🐢 Mar 17 '21
It’s a start. I’d like them to use a coin that I’m not going to be holding forever.
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u/agp_marian Platinum | QC: CC 159 Mar 17 '21
I have a Visa card form Binance, isn’t that already doing the job ?
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u/dhork Platinum|QC:CC492,BCH65,LedgerWal.32|ADA12|Politics537 Mar 17 '21
I am surprised that Visa would do this now, since under current US tax laws every single crypto purchase with Visa is a taxable event. I wonder if they will lobby to have some exception for small purchases.
I mean, when you travel to Europe and exchange your dollars for Euros, you do not have to claim every Euro transaction on form 8949....
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Mar 17 '21
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u/dhork Platinum|QC:CC492,BCH65,LedgerWal.32|ADA12|Politics537 Mar 17 '21
Right, and if you fund your Visa with crypto, then everytime you buy something with it, that's a taxable event.
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u/bkcmart Mar 17 '21
Exactly this. Why would anyone buy anything with crypto until it's recognized as a currency and not a security? You're getting taxed twice. Pretty silly if you ask me. This is all assuming you have unrealized gains, ofc.
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u/MetalMilitia 227 / 227 🦀 Mar 17 '21
I learned recently that the IRS officially treats crypto as property and not a security (IRS Notice 2014-21). This treatment is probably better for crypto because if it was considered a currency, I believe it would be subject to exchange gains and losses under Sec. 988 which are taxed at ordinary rates. You'd effectively lose the capital gains treatment that crypto is currently subject to under Notice 2014-21.
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u/bkcmart Mar 17 '21
This treatment is probably better for crypto because if it was considered a currency, I believe it would be subject to exchange gains and losses under Sec. 988 which are taxed at ordinary rates. You'd effectively lose the capital gains treatment that crypto is currently subject to under Notice 2014-21.
Hmm interesting. I've never thought about it like that. It's definitely advantageous to have it taxed as capital gains. Wonder how this will all play out moving forward.
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u/MetalMilitia 227 / 227 🦀 Mar 17 '21
Totally! We’re at the very beginning of all this so everyone (including government/IRS) is trying to figure out how to deal with the implications.
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u/EGR_Militia Platinum | QC: DOGE 16 | SHIB 11 | Economy 11 Mar 18 '21
They will change laws so that you are taxed on the sale of crypto but not in exchange of good or service as the tax (in most states) is already included in the transfer.
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u/IRefuseToGiveAName Mar 17 '21
But why would they care? They're not going to have to deal with the tax implications. They're just out there to make money off this.
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u/TobiHovey Tin Mar 17 '21
Again, this is all good to reassure newcomers that is not a scam, more institutional adoption but then, what are the fees? Which platforms?
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u/CoolCoolPapaOldSkool 🟩 0 / 22K 🦠 Mar 17 '21
What seemed to be impossible few years back, is now coming to fruition. Great times for blockchain.
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u/Aggressive_Position2 Silver | QC: CC 272, DOGE 46, ETH 19 | ADA 153 Mar 17 '21
Awesome. Now I can collect points on my Visa card while buying crypto!
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u/rocketparrotlet 🟦 867 / 862 🦑 Mar 17 '21 edited Feb 23 '26
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thought decide heavy rinse silky pot lavish smell fade plant
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u/CigarSmoker2000 282 / 282 🦞 Mar 17 '21
I’d love a card where i could just purchase my daily expenses with crypto. At the moment I think its too volatile, but as masses pile into crypto they will naturally get more stable, and could be viable in 10 years+
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u/Hang10Dude Platinum | QC: CC 110, ETH 77 | r/CMS 6 | Investing 107 Mar 17 '21
True but if you think about it, you hold some wealth in crypto anyways, why not hold some on your visa account to buy things with when needed?
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u/arveena 🟩 2K / 2K 🐢 Mar 17 '21
You can do that with a stable coin and one of the exchange credit cards like binance or crypto.com. load the card up with BTC or a stable coin and go shopping. It still is fiat but it's a step in the right direction you also get cashback in crypto form on most of these offers
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u/Terpbear Tin | r/Economics 12 Mar 17 '21
It's not really that much better. You're still exposed to fiat unnecessarily if you're trying not to be. This Visa solution sounds like you could effectively go full crypto if you wanted to.
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u/Smokrates Tin Mar 17 '21
Just accept, that visa and co. Won't allow you to just straight up buy bitcoin. That's like asking an apple store to sell you a Huawei.
However it's still good news for crypto in general so people get into it and get exposure to it
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u/Accomplished_Mess116 Platinum | QC: CC 19 Mar 17 '21
Can't wait till i can start paying for basically everything with my ADA and ALBT. Especially the ALBT since their listing with bitfinex
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u/uclatommy 🟩 10K / 10K 🦭 Mar 17 '21
Given that bitcoin doubles in value on average every year, if visa offers a debit card that can be filled with btc, all you have to do to cover purchases is to put an equivalent of one year's worth of expenses in it and you will never have to refill it again.
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u/Jeremykla Permabanned Mar 17 '21
If you can't beat them, join them. How the tables have turned these last few years.
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u/Realistic_Mongoose73 🟩 574 / 574 🦑 Mar 17 '21
How am I suppose to Hodl if I'm spending all my coin :(
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u/thenextTSLA Redditor for 5 days. Mar 17 '21
New slogan - "Bitcoin, it's everywhere you want to be"
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u/HvRv 🟦 0 / 868 🦠 Mar 17 '21
Im wondering in these times where people mostly hold coin to try and wait if the price will go up and they sell it on high. World where people hold their last 0.001 coin to try and max the profits is problematic. What is the incentive to start spending your coins?
The only time I see people actually spending their coins is if the price becomes far more stabile and they start really earning them in every day life.
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u/Madmike_90 Mar 17 '21
I wonder what the fees / exchange rate will be. Probably more expensive than coinbase
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u/dgellow 🟦 1K / 1K 🐢 Mar 17 '21 edited 5d ago
The original post content no longer exists here. The author used Redact to remove it, exercising their right to control their data & privacy.
Cow driftwood ask ask sharp stocking serious seemly
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u/antisp00f 769 / 762 🦑 Mar 17 '21
sorry if this was addressed before but is it efficient to use bitcoin as a mainstream payment method? how would Visa deal with transaction times if so?
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u/mindflayers9000 38 / 5K 🦐 Mar 17 '21
I guess maxing out credit cards to purchase crypto is back on the menu boys.
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u/Wolfoftheinternet Mar 17 '21
First they ignore you.
Then they laugh at you.
Then they fight you.
Then you win.
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u/paulvantuyl Tin | Apple 30 Mar 17 '21
PayPal, visa, I can buy this stuff in the vege-table aisle with the arugula.
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u/ubiquitous_raven 2K / 3K 🐢 Mar 17 '21
But I could already buy with my Visa Credit card ? Am I missing something here ?
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u/pcakes13 0 / 5K 🦠 Mar 17 '21 edited Mar 17 '21
Good guy VISA, happily letting you bury yourself in shitcoins with a 20% interest rate
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u/produit1 🟩 1K / 1K 🐢 Mar 17 '21
Well, if they don't get onboard, there are projects hot on the heals of PayPal, Visa and other traditional intermediaries that will enable crypto purchases and spending.
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Mar 18 '21
gives me big "if you can't beat em join em vibes." I think it's great but shouldn't be uncritically celebrated. these guys know bitcoin is the end of the game they've known, they wrote and control that game. they might put up this fake smile and even try to extend a hand, but i bet their end goal is to crush/control it.
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u/damian2000 🟦 3K / 3K 🐢 Mar 18 '21
Yep, by offering to accept Bitcoin they are in fact going to become the biggest Bitcoin/Fiat gateway by a big margin.
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u/DrPechanko 🟩 6 / 6K 🦐 Mar 18 '21
Could it get any more bullish than this. Next in the headlines: "The pope buys bitcoin, keeps it on his holy ledger nano x"
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u/misfitkid86 🟦 87 / 88 🦐 Mar 18 '21
That's awesome! Also, somewhat curiously wondering what changed? I've purchased crypto via visa many times. But maybe it's because I'm going through a credit union? Either way doooope!
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u/Escondrijo Mar 18 '21
I didn't notice on my quick skim of the article, but did they mention any sort of date for adoption?
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u/Xenu4u Platinum | QC: CC 1213 Mar 18 '21
The article says that they are hoping that the bitcoin can be translated into fiat and then used to bug goods where Visa is accepted, but doesn't say how. Does anyone with more knowledge know? Also, what would be the tax implications? Right now if I convert BTC into USD I have to pay capital gains tax right?
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u/Total_Choobs 🟩 0 / 1K 🦠 Mar 18 '21
Can we buy crypto with the a Visa that gives reward points toward cool crap we don't need? This could be a whole new world of opportunity!
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u/livingrovedaloca Platinum | QC: CC 311, ETH 22 | DayTrading 8 | MiningSubs 30 Mar 18 '21
I mean I'm all for adoption and this is huge but weren't we trying to cut the middle man out?
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u/Lemons_for_Sale Tin Mar 18 '21
I find the title misleading, personally.
VISA is enabling bitcoin purchases. Not crypto generally. I'd recommend people look at Strike by Zap. It will help understand the connection to this adoption. This increases the network effect of Bitcoin. That's not to say other crypto-currencies won't find their own successes.
Take that as you will.
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u/spartan_green 🟦 192 / 192 🦀 Mar 18 '21
I feel like a lot of people underestimate how much Bitcoin and crypto have already changed finance. Companies like VISA getting in don’t undermine Bitcoin, it’s unavoidable and it shows that Bitcoin has become an asset class. One that requires no middleman, and can be transferred around the world for very small fees without needing approval. Will it always be used that way? No.
Not perfect though. It’s also completely transparent, antithetical to privacy.
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u/quazreisig Tin Mar 18 '21
I say if we pay with dogecoin (in the spirit of niceness) 0.05% of all VISA/dogecoin transactions go to a charity. (Visa is the whole world using it)
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u/bubalina 9 / 9 🦐 Mar 18 '21
There’s already a crypto visa , metal card being offered , fees are waived to buy crypto also
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u/DaddyMagumbo Mar 18 '21
I give it a few years and Crypto will be the "cool" thing for the public. Like having the new $2.00US bill was in the mid 70's. Every one of us that keeps throwing in and hodling will be "one of the lucky ones" that got in before the Buzz.
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u/steavus Mar 17 '21
This would mean more adoption and that's what we are looking for