Hello!
Today VISA announced that they are going to start using the Ethereum blockchain to settle transactions made in fiat. In my opinion, this is HUGE news for all of us. One of the biggest payment infrastructures in the world is planning to integrate their first transactions using blockchain technology.
VISA has done a great job, they partnered with crypto.com & Binance to offer their own VISA credit card with the possibility to spend your cryptocurrency or fiat directly from your account.
I have tried both of this cards myself and they work really well. They even have crypto cashbacks (free money) each time you make a payment. I earned a few hundred dollars back with my daily purchases, it feels great to receive free money.
What do you think will happen next?
Do you really think this will stop here? Let me give you a hint: NO.
More companies will follow the same path, sooner or later they will join the party.
Even VISA will expand this first pilot and will implement other blockchains and cryptocurrencies. I'm 100% sure they will adapt, in fact, they don't have any other option.
Crypto.com is the first partner
According to what VISA confirmed, the pilot would apparently allow Crypto.com to send USDC to Visa's Ethereum address to settle some of the transactions under the exchange's Visa card program.
Crypto.com will be the first partner that will start working with VISA using their own VISA Ethereum wallet. They will not have to convert USDC (which is the chosen token) to USD for each payment.
All of this is possible thanks to a partnership with Anchorage (first time I read about them). Here you have info from their own website:
Anchorage is the premier digital asset platform for institutions. Founded in 2017 to meet the growing need for institutional custody that lets investors safely hold and use crypto, Anchorage has grown into a full-service financial platform and infrastructure provider for the digital asset space.
Enjoy! π
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This is huge. 3 day settlements may very well become a thing of the past soon.
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Agree. They are slowly coming to us, but still a large way until the full potential of blockchain technology is mainstream.
We're lucky to be among the early adopters, we'll enjoy the benefits of being early in the game.
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Hmm. Very cool, I like this new step. However, I wonder how this will relate to the Ethereum network, I'm talking about transaction prices. I read that VISA handles almost 2,000 transactions per second. Given the Ethereum blockchain time and transaction prices it begs the question how they want to do this. I am curious about the future course of things.
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They should have used HIVE but this isn't too bad either.
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That's just the beggining.
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My biggest issue is that I don't think it will be worth it. With the high gas fees, I don't think it will be profitable on Visa's end or for the customer. Imagine someone using their card to buy $5 worth of stuff but end up paying more than that in fees. Even the fees that you get from normal credit cards are no where as high.
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Yeah, I don't get it either. Must be something I'm missing here, otherwise it doesn't make much sense.
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Maybe VISA hasn't done their research on the cost of ETH transactions?
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They will not do this small transactions, they will move USDC on Ethereum in large quantities, so the fees become irrelevant.
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It would make sense that they wouldn't be doing each transaction to be individually verified. It seems a little complicated to figure it out since I don't like ETH or down too much research. I guess I'll just wait to see the reviews on well this services goes before making assumptions.
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Wow, this canΒ΄t be good for the gas fees! I see more people moving to BSC!
Another piece of duplicate content in the 'curators choice' section.
So posting on steemit and self voting is bad.
But copy/pasting on publish0x is okay?
If these posts are being highly rewarded by being pinned to the curators choice section, I think it should be questioned.
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Another massive step towards Crypto Adoption. One question since you have used their cards - What are the crypto options available for expenditure?
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You can convert a lot of cryptocurrencies to fiat and pay in any shop with that.
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That's so cool. Thanks @resiliencia.
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Maybe Visa knows when Etherem will hit the 100k transaction per second.
The Ethereum 1.0 network can only support approximately 30 transactions per second, compared with Ethereum 2.0 which is said to be able to handle 100,000 transactions per second.
Source:https://www.diginex.com/insights/what-is-ethereum-2-0-overview-features-and-price-implications/#:~:text=The%20Ethereum%201.0%20network%20can,handle%20100%2C000%20transactions%20per%20second.
Visa does around 1,700 transactions per second on average (based on a calculation derived from the official claim of over 150 million transactions per day). The potential for adoption is there but is bottlenecked currently by scalability.
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Ethereum 2.0 will be a game changer!
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Mass adoption is just started
HODL
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I would say more...
HODL STRONG!
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I was really shocked by this. There are about ten other chains I would have picked before ETH. It just doesn't make sense to me. I think they are going to be wishing they would have went a different direction. Especially if ETH can't get the gas fees under control like pronto!
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That's the price they will pay for not doing their due diligence. I would love to look their "advisor" in the eye haha!
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Yeah, for sure! Like I said, I am sure they will make it work, but it just seems like they are going about it the hard way!
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They will use the Ethereum blockchain to move large quantities, not small payments.
At that point the fees become irrelevant.
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Yeah, I guess so. It still seems stupid. ETH is so insanely horrible.
Ethereum is no more interesting as it was ever before...
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I don't think so.
Ethereum is still very interesting in my opinion, specially after Ethereum 2.0.
Do your own research.
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This is really cool stuff, I saw the news earlier in the morning and thought it was cool and even ethereum has responded to news quite well.
Someone made a joke on Twitter and said...how do you feel after making your grandma buy cardano visa decides to integrate Ethereum...lol funny stuff
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lol
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This story is something worth thinking about.
SO they will use ethereum network.
I will be done with USDC token.
SO far Visa has a faster network.
This is a way showing us both system
will be put to use.
Now tether has a competing stable coin coming really fast.
!BEER
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Competition is really good for the industry!
Only those who adapt will survive.
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Ethereum fees might be a problem. Good news for USDC though.
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Thanks for sharing.
Iβm thinking of investing into the VISA stock for quite some time now.
Now i definetely will I think.
The performance of their stock hast been great and consistent in the past - now thry are also ready to go (or on their way) for the future!
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VISA is one of my favorite stocks too!
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this is why i say we are experiencing a bull run like no other. yes, all bull runs are different but there is some substance to this one that will elongate it. we will see more partnerships like this in the coming future.
Although like a few have pointed out, we should not let our guard down. there is still a push to regulate and control the crypto space. we need to keep innovating and pushing blockchain technology to greater heights
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Yeah...mastercard on the way
I need to get a crypto.com card. I was super excited to see them complete their first transaction. It just gives me this feeling that I am on the right path
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I encourage you to order one!
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Sounds great! The crypto world is beginning to come out into the real world! Thank you for the news and have a good day!
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Have a great day you too!
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Thanks!
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