Why Bitcoin will kill the credit card? The main reasons for refusal from banks
Source:Some financial experts believe that due to the low cost of Bitcoin transactions in the near future to replace the inconvenient and expensive credit cards. First and foremost, the initiative comes from sellers who are forced to spend billions of dollars on processing transactions with Bank cards.
The Idea is gaining momentum. For example, Professor and chair, Department of Economics long Island University in new York, Panos Mourdoukoutas predicts that increased competition between companies in the retail sector may encourage entrepreneurs to switch from using credit cards for cash. This will allow them to reduce costs and to access their accounts around the clock.
theWhen Bitcoin will replace banks
In his work Mourdoukoutas quotes the book of Ian Demartino "Guide to Bitcoins: how to invest and spend the cryptocurrency".
From the seller's point of view, Bitcoin has a distinct advantage: the lack of high commissions that companies are forced to pay banks and it to get less profit. Typically the financial transaction levy from 3 to 4 percent of transaction value with a credit card. For traders with a small profit, this fee can amount to half or more of their income for each transaction on the credit card.
This feature of Bitcoin is emphasized and the developer of the coin Satoshi Nakamoto in his article, "Bitcoin: an electronic system of cash payments on the principle of equality of all participants".
"Clean" version of money, cryptocurrency, will allow you to send payment directly from one Contracting party to another, bypassing the financial institution.
In addition to the unnecessarily high fees charged by credit card issuers, employers, analysts say the growing threat of credit card fraud.
According to research company Statista, the number of cases of credit card fraud in 2012 in the United States is constantly growing. On the chart analysts considered three types of crimes — operation without physical presence of the card with a fake card or stolen card data.
Despite the fact that the emergence of EMV-chip technology made payments more secure, fraud using credit cards will be one of the most serious problems in the financial sector.
Major payment systems already noticed great potential in cryptocurrency, and wide dissemination of this method of purchases is just a matter of time. For example, in August MasterCard has received a patent for technology to speed up transactions using digital money. Hopefully, soon it will join other market participants.
When will Bitcoin replace credit cards? Waiting for your comments .
Recommended
the long-awaited summer. Niche cryptocurrency supported the event and gave unusually hot week. During the last seven days, we learned about the new line of graphics cards from AMD, the mining in TON and hard forks . In addition dealt with the profita...
Co-owner Bitcoin.org Coinbase Pro ridiculed and called a stock exchange Scam
co-Owner Bitcoin.org and most popular forum about cryptocurrency Bitcointalk.org Cobra called Coinbase Scam Pro trading platform American crypto currency exchange Coinbase. In his tweet he wrote «if you read Coinbase Pro backwards, get the word ...
The Ethereum is a cryptocurrency Scam. A new report Chainalysis
When people learned how to create a new cryptocurrency and began to build their infrastructure like marketplaces, in the field began to appear and fraud. According to blockchain auditor Chainalysis for the past two years, fraud in the ecosystem has s...
Related News
VEB and the Grozny mayor's office transferred the housing sector on the blockchain
In February, the first Deputy Chairman of VTB Olga Dergunova positively the prospects of the blockchain. According to her, the technology will improve the speed of transactions and security standards. To move from words to action ...
Hacker 1337. How to hack Etherscan not to cause any harm
Monday on the website Etherscan.io appeared a pop-up message with the numbers 1337. The visitors began to panic and spread rumors about hacking Explorer. really hacked, but the damage from a hacker attack was zero. About it writes...
Bitcoin can drop to 3 thousand dollars, but growth is inevitable. The analyst
"Winter" on the stock market will run from 6 to 9 months. During this time can drop to 3 thousand dollars, but then the first crypto-currency will increase. This is evidenced by the market analysis conducted by famous trader Trace...
The rate of XRP (Ripple) is expected to grow in the next month. Why does this happen?
in October will launch a platform xRapid, which will allow to accelerate and reduce the cost of cross-border transactions. This writes with reference to the statement by the Director of Ripple on regulation in the Asia-Pacific an...
Cryptocurrency exchange Bitfinex has launched decentralized marketplace Ethfinex Trustless, which will save traders from the problems inherent in centralized exchanges. This writes with reference to the message of the company. Cus...
Elon Musk asked for help from the Creator of Dogecoin. Billionaire got spam bots on Twitter
the CEO of SpaceX and Tesla Elon Musk was asked the Creator of Dogecoin Jackson Palmer to help him with annoying Scam bots on Twitter. The billionaire almost instantly received a response from the developer. About it writes . the ...
Why not merge coins in a bear market? The advice from the buyer of bitcoins at $ 14
Forbes Journalist Jeffrey Tucker, who bought bitcoins at $ 14, says the trader not to be afraid of a bear market and depreciation. Instead, the first cryptocurrency should be considered as a long term investment — for 5,10 or 20 y...
Use technical analysis: whether the rise of Bitcoin this week?
Bitcoin Price has recently broken an important support level, does not exclude the reduction of up to $ 6,000. Judging by the technical indicators, while the bulls have enough to start a new uptrend. About it writes . the When to ...
The most disastrous and successful ICO. What are they?
Journalist and analyst Stephen Jen has compiled a list of the most successful and disastrous ICO conducted in 2015. Most of them have collected a few million dollars, and now released the coins they cost almost nothing. Others hav...
Just a week ago, the second by market capitalization, the cryptocurrency was able to set a new price record. A few days later the air got above $ 200, with trading volumes of coins were a good sign for the trend change. On the cha...
John McAfee: of centralized crypto currency exchange will be dead in five years
According to McAfee, centralized exchanges «die» in the next five years. Their place will be decentralized exchange (DEX), which do not have the confidence of traders for normal operation. Such a move would be «the ...
Purse MyEtherWallet is under attack more often than banks, Fortune 500
Ethereum-wallet MyEtherWallet is under attack more often than the largest banks of the Fortune 500. This writes with reference to the research company Segasec that provides protection from cyber-attacks. Since the beginning of coo...
Cryptocurrency is similar to the mafia. Traders complain of dependence on digital money
could you Imagine your life without cryptocurrency, if one invested in it? For most people — the drug does not release them from the day they bought the first coins. Of course, not all Hodler happy. After some of them lost a lot o...
the Developer of the programming language JavaScript and Firefox Brendan Eich in an interview spoke about the development of their own Basic token Attention Token (BAT). the Programmer — the developer of one of the three technolog...
In the community, there is a theory according to which the price of cryptocurrency should reach $ 589 before the end of this year. Such a sharp price jump, investors divided into two camps — some believe in the prophecy of the mys...
How much will the Bitcoin to the end of the week? Analysts forecast
the exchange Rate of Bitcoin this week if and grow, it is insignificant. The cost of the first cryptocurrency in the absence of positive or negative news will be in the range from 6.3 to 6.5 thousand dollars. He writes about this,...
The end is near: refund bitcoins to the victims of the collapse of Mt.Gox could crash the market
Recently, representatives of the exchange Mt.Gox began a rehabilitation plan for the affected investors. According to the lawyers, traders can expect compensation of about 170 000 coins to BTC and BCH in the near future. However, ...
The price of Litecoin rests on the key level. Will there be growth?
the Price movement of Litecoin are not yet talking about the exact change of trend, but on 4-hour chart cryptocurrency is already formed a double bottom. If coin will be able to break the level of $ 70, it is possible to speak abo...
Charlie Lee has named a new reason for selling all my litecoin
the Founder of Litecoin Charlie Lee led another argument in favor of rather controversial decisions to sell all of his coins . According to the businessman, the profit from the transaction allowed him to fully concentrate on the d...
Despite the overwhelming bearish sentiment on the market in the next 18 months, the situation on the stock market can change dramatically — and the main force will be the bulls. The fact is that the infrastructure of digital money...
Comments (3)
Jason Heinen
2023-06-21 в 05:53:48
DOVLY CREDIT SOLUTION and his associate's were most helpful in every way. I was to say the least very happy with the help given. Not only professional but as a person, they helped me increase my credit score to an excellent one, also removed all negative items on my credit report including credit card. I would definitely recommend DOVLY CREDIT SOLUTION to any one who needs help with their credit. Thanks again DOVLY CREDIT SOLUTION- God Bless. Hit them by email: DOVLYCREDITSOLUTION@GMAIL.COM
Marshella Curry
2023-06-19 в 20:50:23
After reading different reviews about XAP CREDIT SOLUTION and contacting them there after, I had a turn around in my credit score and I am happy I followed my conviction and contacted XAP. My husband’s credit was also fixed as well as that of my dad, so I can confidently say XAP is professional and knowledgeable about what he does. For those with bad credit and are interested in fixing it, I will recommend you write XAPCREDITSOLUTION at GeeMAIL dot COM as quickly as possible. Thanks
Ginger Bidgood
2023-05-30 в 00:34:22
I am Ginger Bidgood live in Florida and I am a happy woman today. I told myself that any credit specialist that could change my Life and that of my family by fixing our credit report, I will recommend their services to the world, perhaps this review. If you are in need of a credit repair, DUI fix and chex system I will encourage you to reach out to XAPCREDITSOLUTION at GMAIL dot COM. He raised my score to 810 from low 560 and removed all collections and charge offs from my report. Words alone can't express how grateful I am to XAP. I highly recommend XAP to everyone.