Quote from: Abiky on March 18, 2022, 05:48:01 PM

Every day, people are getting more used to digital payments with crypto due to the numerous benefits it provides. There are no chargebacks, no middleman, and lower fees. Comparing crypto against traditional credit/debit cards issued by banks, I'd say crypto wins by a long shot. Merchants and businesses are slowly accepting crypto as payment method, so we should see credit/debit cards lose traction in the long run. Even VISA announced that it will be using Blockchain tech for its own benefit.

The way I see this will turn out in the future is that credit/debit cards will cease to exist as they're replaced by stablecoins and decentralized cryptocurrencies like Bitcoin and Ethereum. Maybe VISA, Mastercard, American Express, and Discover will make stablecoins of their own? If credit/debit cards are eliminated, then we'll be on the right path towards a full-fledged cashless society. Instead of carrying with a physical wallet full of paper money or plastic cards, you would only carry a smartphone with a digital wallet containing the coins of your choice.

What do you think? Will cryptocurrencies eliminate the need for credit/debit cards in the future? If not, why? Your input will be greatly appreciated. Thank you very much.

Most merchants that "accept crypto" are using third party payment methods and are receiving converted fiat instead. I totally understand this as taxation with crypto payments is confusing and you probably end up paying way more taxes from them.

I don't see credit cards going anywhere, but technically there could be new blockchain system replacing current system but there are no such blockchains yet that follow regulatory rules.