The largest cryptocurrency, bitcoin, is a commodity and not a payment system, according to Visas chief executive. Visa will also not give bitcoin or other cryptocurrencies a platform for wire transfers and exchanges. I don't view it as payment system player, CEO Alfred Kelly told CNBC.
We at Visa won't process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions, he added. Visa is the world's largest credit card company.
Bitcoin was originally created as an alternative de-centralized currency. However, with its 2,000 percent growth last year, it has become a source for speculators to make a quick buck. As bitcoin turnover grows, it faces problems like high fees, astoundingly slow transactions and volatile prices.
https://www.rt.com/business Actually bitcoin right now is not yet functioning truly as a currency. And it is also true that the majority of bitcoin holders are treating bitcoin as a commodity rather than as a currency. But sooner or later bitcoin will be treated as a currency, and right now we are slowly walking on that path. It maybe will take years but we will reach that goal.