Re:MasterCard to open up network to cryptocurrencies
by PragmaticPulp on Thursday February 11, 2021 @12:42PM
(#26104652)
They're not interested in making the vision of cryptocurrency a reality any more than it enhances their bottom line.
Mastercard is offering exchange services. They will collect exchange fees on transactions, just like PayPal and other providers.
They won't even bring blockchain into this any more than necessary. They'll handle it in databases like everyone else, only engaging with the blockchain as necessary for deposits and withdrawals.
Re:MasterCard to open up network to cryptocurrencies
by tshaddox on Thursday February 11, 2021 @12:43PM
(#26104662)
In fact, for every transaction where a unit of cryptocurrency is bought, that same unit is also sold.
Re:MasterCard to open up network to cryptocurrencies
by vmception on Thursday February 11, 2021 @12:49PM
(#26104738)
yeah sold for a candy bar and the merchant still has the cryptocurrency and pays their overhead costs in the same cryptocurrency who buy their own candy bars from a different merchant in cryotocurrency
Payment networks like mastercard integrating cryptocurrency make this more practical instead of handwaiving a gradual organic adoption idea
that’s really assuming a lot
a closed loop cryptocurrency transaction does not result in selling
mastercard may or may not be offering that capability
mastercard offering that capability makes the cryptocurrency proponents vision a reality