Visa vs Crypto: from competition to cooperation

[bitmover]

I'm also going to talk about this issue: Visa is just a way for investors to sell crypto more easily, but users still don't use crypto to pay for goods.

I don't see this as an issue.
People are not buying goods with crypto. They are putting their life savings in it!! This is just huge.

[vegasus]

So far, hasn't Visa been one way to transact crypto on certain exchanges?
Well, if it's a competition, of course this might not be the case, right? It would be better if it continued like this, namely mutual support. Because sometimes in some countries, a visa is really needed for various things, including when you want to buy and sell Crypto. so just follow the flow

[Lucius]

In the last month or two, I have noticed an increase in the number of new services that offer Visa cards without KYC (albeit virtual) that can be loaded with quite solid amounts ($1000).

That's surprising, I remember 7 years ago you could find visas without KYC with limits even higher than that but it seems that they have tightened up and in recent years it was impossible to find cards without ridiculous limits, like $50. Do you care to elaborate? Or tell us where you found it?

Times have changed since then, and it is possible that some card issuers actually misused the Visa logo, as was the case with the scammers from the Centra project. However, as I already wrote, these are virtual cards that have one major drawback, which is that you cannot get cash with them (they do not work at ATMs), but they are mainly used for online payments or you can even add them to Google/Apple wallet and pay in physical stores.

There are several topics on BTT with such services, but I am not sure that I can post such links here. Check under Marketplace -> Service Announcements/Service Discussion.

[sampoerna]

This is indeed a very good thing to see how the development of crypto is being accepted globally, for whatever reason, but the development is much greater every year. And many exchanges, both global and local, provide a variety of payment methods, deposits or other transactions related to Visa or other types. And many banks are linked to various exchanges so they can carry out transactions directly. Even though with this of course issues related to privacy will not be optimal, at least crypto can be connected to various things.

The benefits obtained from both parties certainly support each of them, both crypto and Visa and the like, to take part in technological advances, ease of transactions, and so on. So, not to compete or make things difficult for each other. Unless it is a certain country that strictly prohibits crypto activities in any form.

[Baofeng]

So far, hasn't Visa been one way to transact crypto on certain exchanges?
Well, if it's a competition, of course this might not be the case, right? It would be better if it continued like this, namely mutual support. Because sometimes in some countries, a visa is really needed for various things, including when you want to buy and sell Crypto. so just follow the flow

It's more on a business as usual for Visa or any other credit card that is supposedly to accept BTC. They know that crypto is really the thing now, it's a revolution and no one can deny it and they know that there are billions to make as well so maybe in the beginning, they see it as a competition.

But now they realized that it's a mistake and now they are going to cooperate or at least change their stance.

Just like what Paypal did several years ago until recently they become so friendy to crypto.

[jonathancool220]

Do you think this event is important for the crypto market? Does Visa's participation in the crypto ecosystem represent progress or regression for the industry?

This Visa is a big player in the financial industry and of course if this Visa wants to enter the cryptocurrency space it will be very easy because it definitely has a lot of funds to create a cryptocurrency coin.

For example, Visa makes cryptocurrency coins with the symbol "VISAC" and "VISAC" is created on its own blockchain or attached to a well-known blockchain such as Ethereum.
With Visa's well-known financial system, it will be very easy to increase the price rating of "VISAC" but the problem is that perhaps this "VISAC" coin will not be stable (if it is not created using the USDT algorithm), whereas Visa is a stable and widespread financial system. the whole world will have a different view than the community.

[LUCKMCFLY]

And a time has come where countries with prosperous economies must accept bitcoin and crypto as money, because they cannot go backwards, they have to move towards progress, they cannot be stagnant thinking that the current fiat and the current money system It is the one that always makes the difference, governments and banks know that people are increasingly leaning towards bitcoin, for the diversification of their money, then they have to accept bitcoin and put it as a means of payment with the already existing, with VISA and Master Card because it is something they must accept, whether they want it or not, that's how the world goes.

I can talk about the means of payment that are immediate through banking services that accept transfers immediately from one country to another, but I believe that they will never surpass the reality that bitcoin and the blockchain have, that is something It has no competence, and I don't think they'll invent anything better than that, so far I see it that way.
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[yhiaali3]

It can be said that there are positive and negative effects of this event:
As for the positive effects, it is known that Visa is very popular and widespread around the world as one of the most important payment and money transfer companies, and accepting cryptocurrencies within the payment system will expand the spread of cryptocurrencies around the world and have a positive impact in general.

As for the negative effects, they are primarily represented by centralization and violation of privacy, because, as is known, Visa is a centralized company and is subject to strict government regulations (KYC, AML... etc.), so your crypto assets will not be safe.

In short, it can be said that Visa users will be able to transfer their crypto assets across the world easily, but at the same time they must give up their privacy and beware that their crypto assets can be frozen at any time for any reason.

[0t3p0t]

It's more on a business as usual for Visa or any other credit card that is supposedly to accept BTC. They know that crypto is really the thing now, it's a revolution and no one can deny it and they know that there are billions to make as well so maybe in the beginning, they see it as a competition.

But now they realized that it's a mistake and now they are going to cooperate or at least change their stance.

Just like what Paypal did several years ago until recently they become so friendy to crypto.

I wonder if it is now available in our country, I've been looking for such thing some years ago but I can't find one though I'm on a pause during pandemic and 2021 as supertyphoon hit us hard but I just remember this Visa or Mastercard that supports crypto. I don't know if UnionBank has this since they are more vocal about crypto compared to other local banks.

[Geey]

I'm also going to talk about this issue: Visa is just a way for investors to sell crypto more easily, but users still don't use crypto to pay for goods.

I don't see this as an issue.
People are not buying goods with crypto. They are putting their life savings in it!! This is just huge.

I think visa and crypto support each other because with visa people can buy crypto and from crypto people can withdraw their assets through visa... but currently crypto cannot carry out transactions to buy goods. Maybe in the future crypto will be like visa and can be used for transactions...
but they both have their own advantages and disadvantages in their work, but I am sure that in the future crypto will be the same as visa usage.

[MrSpasybo]

It can be said that there are positive and negative effects of this event:
As for the positive effects, it is known that Visa is very popular and widespread around the world as one of the most important payment and money transfer companies, and accepting cryptocurrencies within the payment system will expand the spread of cryptocurrencies around the world and have a positive impact in general.

As for the negative effects, they are primarily represented by centralization and violation of privacy, because, as is known, Visa is a centralized company and is subject to strict government regulations (KYC, AML... etc.), so your crypto assets will not be safe.

In short, it can be said that Visa users will be able to transfer their crypto assets across the world easily, but at the same time they must give up their privacy and beware that their crypto assets can be frozen at any time for any reason.

Perhaps privacy issues have not been given due attention in this cooperation. If Satoshi had used Visa to pay with BTC in the past, we might have known his identity.

Currently most CEXs require users to complete KYC so users no longer worry too much about this issue. They may find the benefits of paying through Visa outweigh the identity and crypto freeze risks. And I think Visa can only freeze the crypto sent in the payment request, not the entire crypto assets in the user's on-chain account.

[Dr.Bitcoin_Strange]

In 2021/2022, there were some projects that claimed to have designed their own debit and credit cards, which allowed their investors to easily cash out their investments from any crypto ATM. I believe that the cards they designed at that time did not work perfectly because the project owners did not have all the facilities to make them functional. With the help of visas, it can become possible for every crypto project to design a visa card that investors can directly cash out from ATMs. If Visa can partner with crypto and make it possible, it will be more successful for crypto projects and will also add more profit to Visa because for every user of their service, they will also have some charges attached. 

[MrSpasybo]

In 2021/2022, there were some projects that claimed to have designed their own debit and credit cards, which allowed their investors to easily cash out their investments from any crypto ATM. I believe that the cards they designed at that time did not work perfectly because the project owners did not have all the facilities to make them functional. With the help of visas, it can become possible for every crypto project to design a visa card that investors can directly cash out from ATMs. If Visa can partner with crypto and make it possible, it will be more successful for crypto projects and will also add more profit to Visa because for every user of their service, they will also have some charges attached.

Visa is the best choice for crypto currently: Visa has billions of users globally and extremely good infrastructure for the transaction process. Crypto will benefit from partnering with Visa, and Visa will be able to provide new services to collect more fees from users, while also reaching new users in the crypto market.

This Win-Win relationship should have been promoted many years ago, unfortunately Visa's caution and unclear regulations have hindered the development of the crypto market