MasterCard to open up network to cryptocurrencies

Re:MasterCard to open up network to cryptocurrencies by soheil on Thursday February 11, 2021 @01:29PM (#26105302)

Oh I don't know let me list a few:

  * International transactions easier than regular currencies
  * No third-party seizure
  * Security and control (user autonomy)
  * Anonymity, privacy and no tracking (just make sure your wallet ID is not to your personal ID)
  * No risk of chargebacks (better for vendors)
  * Transparent and neutral (how much did you trust banks in 2008?)

You may not value some of the above and indeed some vendors may not, but I don't think you can say that is true about everyone.

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Re:MasterCard to open up network to cryptocurrencies by PragmaticPulp on Thursday February 11, 2021 @03:25PM (#26106646)

In practice, companies have zero desire to be their own banks.

The liability would be massive, and the risk of a rogue employee walking away with the private keys is just too high. It's a two-edged sword: Those same upsides are just as attractive to potential embezzlers as they are to honest companies.

In an era where we hear about database breaches and security incidents on a daily basis, do you honestly believe that companies would do better by operating their own cryptocurrency wallets?

So what happens in practice? Companies would still use banking services, just like they always have. Banks would "hold" the cryptocurrency and handle transactions for them.

[ Parent | on HN ]