Re: Will cryptocurrencies eliminate the need for credit/debit cards in the future?
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.
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.
In this case we must look with a broad view. We must enter into business competition. Visa, Credit Card, Master Card, or whatever the name is is part of the business.
The blockchain system can indeed replace all of that, including the paper money we use today. However, the blockchain system cannot replace the interests of business people.
They will continue to strive to bring to life what they develop. Visa, Master card, Credit Card are part of the banking business where they benefit greatly from the card. If it's gone, then half of their business is lost. Logically, then they will maintain it, and develop to a more sophisticated stage including adopting the blockchain system in the cards.