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Credit Cards’ Days Are Numbered, Could Bitcoin Push Them Off the Edge?

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  • Darryn Pollock
    ⭐ Features

    Bitcoin may not be there yet, but the days of credit and debit card domination are coming to an end and it could well be spurred by the digital currency revolution

Credit Cards’ Days Are Numbered, Could Bitcoin Push Them Off the Edge?
Cover image via u.today
ByBit

The evolution of money, finance and technology have necessitated changes in payment options. Credit and debit cards were a product of a digitalizing world as plastic replaced paper in the form of checks, and to a lesser extent, cash.

Now, the world is moving so fast that it looks as if credit and debit cards are starting to look a bit outdated. The monopoly of companies like Visa and Mastercard has let them run wild with their fees and rules, and this has made them ripe for disruption.

Many are suggesting that Bitcoin is the thing to push these centralized money moving companies to the brink, but the digital currency is a long way from being a true force as it continues to find its feet in mainstream adoption.

But, what is certain is that Bitcoin and other cryptocurrencies certainly have the potential to be a disruptive force when it comes to being a digital currency, and it has the ability to take out the high fees and regulations that credit card companies impose.

The problem with cards

The digitization of payment was driven forward mostly by two companies in Mastercard and Visa. Because of their control of the market, they have become a real force that cannot be trifled- or dictated too. With not much competition they have been able to dictate all kinds of rules and regulations, as well as fees.

Outrageous transaction fees and ridiculous interest rates have shackled consumers into a world of debt which is inescapable. It is reasons like this that people are now seeking alternatives, and these include anything from PayPal to Apple Pay and mobile cash apps like Square and Circle (Who have already delved into cryptocurrencies).

Many have also suggested that cryptocurrencies in their pure form can the answer to disrupting this unfair and non-competitive environment that is owned by two companies.

The decentralized nature of cryptocurrencies, and the fact that they are much lower in fees and totally amoral means that payments can be done cheaply, quickly and easily without restriction.

Not there yet

The real issue is the Blockchain and cryptocurrency space is still finding its feet, as well as mass adoption and support. There are technological issues that need to be solved- like Bitcoin and its scaling issues if it is to become a leader in payments.

There are also issues of legitimization that need to be solved as many people are still unsure of the cryptocurrency space because of the scams and hacks that are still prevalent.

A lot still needs to happen in the cryptocurrency space before credit cards are knocked off by digital currencies, and a lot of it actually has to do with regulators striking a balance where Bitcoin and co. can flourish while also molding to the laws and norms of countries.

This will also help investors and users have faith that their money is safe in Bitcoin.

Big battle

Still, there is time for Bitcoin to find its feet, and in the meantime, users are getting more frustrated with credit cards, and thus it is unsurprising that these companies are anti-crypto.

This is the first real wave of competition for the likes of Visa and Mastercard, and while they talk cryptocurrency down, they are also applying for Blockchain patents on the side.

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About the author

Darryn Pollock is an award winning  journalist from Durban, South Africa. He picked up Vodacom’s Regional Sports Journalist Award in 2017 while expanding his Blockchain and cryptocurrency reach.  He is a contributor to Forbes, Cointelegraph, Binary District, and of course, U.Today. Darryn’s belief is that Blockchain technology will be the driving force of the next technological wave and it is the obligation of journalists and writers to tell its emerging story with integrity and pride.

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Bitcoin Price Should Get Bullish Structure Forming Today/Tomorrow, Crypto Trader Says

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  • Yuri Molchan
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    A crypto trader states that today or tomorrow the Bitcoin price should see an up-thrust, which should lead to the forming of a bullish structure on charts

Bitcoin Price Should Get Bullish Structure Forming Today/Tomorrow, Crypto Trader Says
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

ByBit

Earlier today, the Bitcoin price dropped below $8,100, but at the time of writing BTC is trading at $8,179, having dropped from an earlier level of $8,258.

BTC price
Image via CoinMarketCap

A crypto analyst @CryptoMichNL tweeted he expects the flagship crypto coin to decline to $7,800 or $7,300.

However, a trader suggests a bullish structure should start forming soon.

‘Bitcoin price should see an up-thrust’

A crypto trader @BTC_JackSparrow, who is just back from holiday, as he specifies, says he has been back to trading and has shared the results on his Twitter page.

First he observed no bullish structure after trading for a while.

But now he says Bitcoin should conduct an up-thrust so a bullish structure could start forming today or tomorrow.

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Bitcoin is bearish ahead of the halving, an analyst says

The next Bitcoin halving is to take place in May 2020. Many are expecting this event to push the Bitcoin price way up. However, an analyst Willy Woo (@woonomic) believes that the approaching halving is making weaker miners leave the business. Besides, the price has gone down from $14,000 down to the $8,000 area.

He is pointing out that the current setup is quite bearish for Bitcoin.

 

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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