Picture this… the year is 2022 and you walk into your local store to buy some necessitates but when you go to pay you have a choice. Do you use the cash/credit sitting on your card or do you access your crypto wallet to complete the transaction? If you know what your doing your crypto is probably making you more money that your banks interest anyway!
Mastercard has seen the light, tracking trends through it’s collective data and it has acknowledged the sheer volume of people heavily buying crypto during the latest Bitcoin surge (currently 47k) and now wants in on the action.
Better late than not at all… Mastercard vs Visa the battle for crypto dominance
You cannot think about Mastercard without thinking about is main rival Visa.
“we believe that we are uniquely positioned to help make cryptocurrencies more safe, useful and applicable for payments,”Al Kelly – chairman and CEO
Visa beat Mastercard to the party announcing less than two weeks prior that it has recently been pursing crypto payments, including by way of partnerships that will enable crypto debit cards. Visa has been investing in a crypto startup called ZAP after it walked away from a $5.3 billion acquisition of payment plaform (Plaid) on antitrust grounds.
According to Cuy Sheffielde, Visa crypto lead, ‘Visa envisions a product set that extends to other cryptocurrencies and stablecoins as well as other crypto services such as trading’ a crypto lead Cuy Sheffield told CoinDesk in an interview. Digital bank First Boulevard is the first bank involved in the pilot; Visa has issued a wait list for other banks.’
After partnering with 35 various bitcoin and cryptocurrency platforms in recent years, the credit card company has announced it plans to help banks roll out bitcoin and cryptocurrency buying and trading services with a Visa crypto software program, set to launch later this year.
The major players arena…
Visa rival PayPal, with it’s nearly 400 million active user accounts announced that it will offer crypto payments for its 26 million merchants after its limited crypto trading services “exceeded expectations”.
Now I would advise looking into this further as it’s been revealed that PayPal will not actually allow you to withdraw your crypto.
Elon Musk and his Tesla company disclosed on Monday that it has bought $1.5 billion worth of Bitcoin to hold on its balance sheet. The company plans to let consumers use the currency to pay for cars which maybe part of why bitcoin reached record highs this week.
With Big Firms joining the peoples league I really believe there are going to be some big gains to be made by the ‘little people’ along the way; buy and hold as much as you can afford and never sell in a panic loss, you’ve been warned!
So where’s this all going? What does it mean for crypto holders?
These are exciting times and the possibilities are endless with regards to crypto currency and day to day spending/making gains through current/future holdings!
As always I suggest doing your own research and browse the trends but I’m now going to put out there where I’m going to be holding my cash when the rocket takes off! did I say #tothemoon yet? If you are considering holding Algo I suggest getting there mobile wallet app as you get rewarded in Algo just for having a holding!
Now, I’ve been researching Algorand for a while now and suggest if you haven’t yet, get over to Adams blog here to gain some insight. I’d also suggest you take at the Algorand Update discussion below and skipping on a bit to the 47min mark to hear some breadcrumbs being dropped by Algorands’ Chief officer. There is going to be some big news coming in months ahead.