Given how difficult it has been for Blockchain technology to scale since Bitcoin's inception back in 2009, it makes me wonder whenever Blockchain could beat VISA someday?
The potential is there for Blockchain to scale to many users. However, some crypto projects have sacrificed decentralization in exchange for high transaction throughput and low fees. Which is why, it cannot be possible to achieve decentralization while obtaining high scalability.
Nonetheless, do you think that it's possible for Blockchain tech to surpass traditional payment processors like VISA?
Bitcoins biggest enemy is places like western union and such. The places that basically sends money from one place to another is the biggest enemy and we are definitely winning the war. There are too many companies moving forward with blockchain technologies instead of using the old methods. Hence I think it is definitely a big chance that one day VISA will lose against bitcoin too unless they start to improve their system with blockchain.The potential is there for Blockchain to scale to many users. However, some crypto projects have sacrificed decentralization in exchange for high transaction throughput and low fees. Which is why, it cannot be possible to achieve decentralization while obtaining high scalability.
Nonetheless, do you think that it's possible for Blockchain tech to surpass traditional payment processors like VISA?
In case VISA and Mastercard improve themselves with blockchain systems than they will not be "beaten" by blockchain but just take part on the revolution instead. Blockchain is not "against" these companies, blockchain is just a new system for them, a better one. If they stop going with legacy system and improve to blockchain they can be part of the crypto world and there is nothing stopping that from happening.