Bitcoin has risen from being something so obscure almost no one had heard about, to a word which is now widely understood in languages and cultures all over the world. Sadly, this doesn’t mean you can yet spend Bitcoin all over the world, but based on some recent announcements from behemoth payment processor Visa, widespread Bitcoin usage may not be as far off as you think it is.
Are Visa and Bitcoin Rivals?
Despite how you may see the two technologies, Visa and Bitcoin are truly rivals when it comes down to it. They are both payment processing systems which take fees from users for their use. While Visa fees go to banks, employees, and the company itself, Bitcoin fees go to the miners who spend their time running the rigs needed to mine the coin. And this explains why Visa is suddenly on the Bitcoin bandwagon, because it recognizes the rising popularity of the technology and they, wisely, want to harness its users before anyone else.
January 2021 Announcement
Last month, Visa CEO announced that it would be launching a pilot program in a partnership with Anchorage bank, to allow its users to make everyday purchases using a Bitcoin card. And Visa isn’t just going to support Bitcoin, the CEO plans to also incorporate a number of altcoins, as well as some stablecoins. In order to offer these, Visa has partnered with Crypto.com, BlockFi, Bitpanda, Fold, and a number of other cryptocurrency exchanges and providers.
As crazy as this may sound, it’s already in motion, as Visa recently announced a coming Coinbase Visa card which will allow users to spend cryptocurrencies directly from their Coinbase accounts. And the best part? Users could earn rewards in Bitcoin for using their cryptocurrency card to pay, similar to credit card rewards which are currently offered with most cards. And Coinbase isn’t the only one, Binance, Fold, and BlockFi all currently offer a cryptocurrency rewards debit card via Visa.
What This Will Do
Visa is one of the world’s largest payment processors with over 61 million merchants worldwide. If they truly design and offer a product where cardholders could spend their cryptocurrencies at most points of sale, this would change the entire cryptocurrency scene. Currently, cryptocurrencies aren’t as popular as they could be because you can buy them, hold them, and trade them with your friends, but it is quite difficult to spend them anywhere. Visa offering it as a card payment option will drastically change this fact.