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- Many of the Visa’s merchants might not be happy with Visa’s move to accept payments in bitcoin
- Visa is looking to partner with some bitcoin wallets that will help them convert the received payments instantly into fiat currency.
Cryptocurrency has gained much appreciation in the western world and this is evident with the fact that many big companies are moving towards crypto payments. Now Visa too has ventured into the purchase of bitcoin, which means the merchants under Visa will be able to make the payments through bitcoin.
Cryptocurrency has been gaining popularity in its full swing so much so that many big payments companies are starting the services in cryptocurrency. Among the list is the Visa which has topped the charts.
In one of its bold moves, Visa, one of the largest payment method companies globally is all set to enable bitcoin purchases. If it happens soon, each merchant will come under them who will receive payments in cryptocurrency. This will ultimately make it possible to actually treat them as a currency and not an investment.
Not an easy move
It might sound to be an easy move but this move taken by Visa to implement a proper bitcoin payment is not an easy task. This is because if they treat bitcoin and store it as it is. But here is the catch, many of Visa’s merchants might not be happy with Visa’s move to accept payments in bitcoin. This is because many people even today have faith in fiat currency. They want to deal in a more stable form of currency like the dollar. Hence, Visa is looking to partner with some bitcoin wallets that will help them convert the received payments instantly into fiat currency. It will then be transferred to the merchant’s account.
As time passes, Visa besides bitcoin will also add more cryptocurrencies like Ethereum, ADA, Tether and others to be used as payment methods. Not only this, but Visa is also looking forward to adding stablecoins to its portfolio of payment methods. The CEO believes that they could really be beneficial. Currently, Visa is focusing on bitcoin and has partnered with BlockFi, Fold and Crypto.com.
Betting big on bitcoin
Visa has big Hope’s with bitcoin and so does the company is focusing on it for a brighter future. One of the main reasons for Visa to enable bitcoin purchases is to help small businesses generate more revenue. Hence, it would be very beneficial for a lot of companies. Visa also believes that the usage of bitcoin will soon be spreading widely.
The price of bitcoin is increasing day by day in intraday trading sessions. So, with this move taken by Visa, there could be a huge bullish trend and the company could reach $100k. There are many companies investing in bitcoin, so the time is not far when these companies will start accepting payments in bitcoin. Tesla Inc. also made clear its intentions of accepting payments in bitcoin. The company had invested $1.5 billion in bitcoin.
Other companies to start purchasing cryptocurrency
Besides Visa, there are other companies that plan to start purchases in cryptocurrency. Among them is the Mastercard. The company plans to add crypto purchases for its merchants. However, the company is not adding bitcoin to its payment portal as bitcoin prices are very volatile. The company will be looking forward to doing business with stablecoins like Tether, to begin with.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
