Discover Joins Visa and Mastercard in Barring Bitcoin Support

http://www.livebitcoinnews.com/discover-joins-visa-mastercard-barring-bitcoin-support/

Discover Rejects Bitcoin and Other Cryptocurrencies As a result, we will never see Discover support Bitcoin as a payment method. Nor will that situation will change soon either. It is still one of the more popular credit cards in the world today. Not having the company's support is a big problem for cryptocurrency users. More specifically, for those looking to spend their coins at more than a handful of places in their own country. Adoption of Bitcoin has been a big problem for some time now. Merchants don't see the benefit of this new form of money.

Similar opinions were voiced by Visa and Mastercard not that long ago. The era of Bitcoin debit cards is completely over and done for as of right now. Moreover, banks are declining cryptocurrency-related purchases with traditional credit cards as well. The whole industry is under fire from an entirely different angle once again. Banks do not like cryptocurrencies and they will actively prevent this industry from growing. It is a very unfortunate turn of events, but one most people saw coming for some time now.

It will be interesting to see what the future holds in this regard. Until we can spend Bitcoin directly, intermediary solutions will be needed. Right now, no one can offer anything even remotely convenient in this department. That situation may come to change in the near future, but it seems rather unlikely right now. Until we see the US government legalize Bitcoin, companies will continue to oppose this form of money. The first company to offer an affordable and convenient solution to these problems will gain a lot of market traction right away.

https://www.reddit.com/r/Bitcoin/comments/7ti8wv/visa_and_mastercard_now_charge_an_additional_fee/


Comments


[20 Points] ptoftheprblm:

Might not be credit cards but big banking is so adamantly against cryptocurrency they're making moves to prevent any of their employees from getting involved. My mother is a senior manager in the JP Morgan financial management department, her area of the company manages extremely high value investment portfolios, people passing down inheritance and trust funds, all of that good stuff. While having dinner with her and my older brother, we both began talking about bitcoin and she casually mentioned that she can't own any or recommend anyone own any or else she'll immediately lose her job. Apparently they had them sign something stating that they wouldn't personally or professionally recommend it to anyone OR personally hold any.


[17 Points] Checkyostats123:

This isn't exactly true though because there are already fully functional Bitcoin debit cards like bit pay out there. That work great and are visa?


[5 Points] MT_Merchant_Mangler:

The Jews fear Bitcoin.


[3 Points] SirFoxx:

Until the banks invent a realife version of E-Coin that is.


[2 Points] KnowsAboutShrooms:

Bitcoin was initially designed to undermine the banking system. The fact that the banks are shunning it is evidence that they are terrified of it, and that the idea is succeeding.


[1 Points] bigbigsmalldude:

I use bitpay and it works fine besides the fees.


[1 Points] DNMInformant:

Ok


[1 Points] Chincoming:

It seems to me that the major barrier to any crypto being widely accepted is convenience. When I can use it as easily as I can my contactless cards I'll consider it a true competitor to fiat.

To be clear I do believe a single crypto can become a word wide currency, I'm just sceptical that any can implement the convenience fiat currently provides in the near future.


[1 Points] SilentBread:

Not sure how recent this is, or if it has gone into effect yet; but I just purchased some Ethereum not but 2 weeks ago with my visa.


[1 Points] 180K:

Discover is the Sears of credit cards.


[0 Points] jcole_619:

It’s cool, we just move to altcoins