Visa CEO Disregards Blockchain And Crypto, Praises Own Tech

While some people do think that cryptocurrencies are really the future of the money, the truth is that today, they are still serious issues that cryptocurrency projects need to address before becoming mainstream payment devices. And to solve these technical difficulties, more time and development are needed to reach faster and cheaper transaction rates.
That is why Alfred F. Kelly Jr., the CEO of VISA, thinks that the future of payment is centralized and that blockchain and cryptocurrency will not have a dedicated place in this next generation. He did not say much to explain why he thought this, but he did say that cryptocurrencies would never scale to achieve 65,000 transactions per second and that cryptocurrency transactions as made today were slow and cumbersome.
He also said that VISA, the credit card giant monster, was primarily a tech organization that gives people the same speed records or functionality. But a centralized network certainly presents their own share advantage and disadvantages over the other payment methods. One of the disadvantages being the poor tolerance to failures like the one that we reported happened in certain parts of Europe when the system did not permit thousands of purchases to be made in retail stores.
With decentralized methods, there are zero chances of the network denying service to the users, because there is no central node, and payments would be able to be made everytime it was needed. The problem with bitcoin, according to him is that it is used for transacting bigger amounts of cryptocurrency in fewer operations. Visa manages more transactions of smaller amounts of money, making it more suitable for everyday usage.
For Alfred F. Kelly Jr., Visa is the greatest financial company that has ever existed. To be fear, Visa has not drowned itself in cryptocurrency patents like their counterparts Mastercard and Bank of America, that have been scoring important patents to implement them in a certain future. At least for them, blockchain and cryptocurrency are things a little of the hook, that maybe in the future will have a certain value, but not now.

Related posts
cryptocurrencyDOGEdogecoinDOGEUSDElon MuskNewstesla

Dogecoin Blows Hot As ‘Dogefather’ Elon Musk Considers Making DOGE A Payment Option At Tesla

Dogecoin was expected to race to the moon after Elon Musk’s SNL performance, but the asset took the bearish route and dipped until nearly 40% of its value was lost. The crypto went from a high of $0.73 to a…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTMarketsNewsxbtusd

The Bitcoin Bull Run Is Far From Over – Here’s What’s Following

Bitcoin entered the month of May above $50,000 but has been range-bound below the $60,000 price mark since the 18th of April. Bitcoin hit a daily high of $59,464 on Sunday, this is the highest price the leading cryptocurrency has…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTETFNewsxbtusd

Bitcoin May Never Go Below $50k Once An ETF Is Approved, Declares On-Chain Analyst

Bitcoin may never drop below $50k asserts on-chain analyst Ki-Young Ju. But as usual, there are conditions that follow this possibility. In a tweet, Ju analyzed that Bitcoin could follow the same path that gold took in 2004 when the first…