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RE: LITEPAY LAUNCH.... DISAPPOINTING?

in #litepay • 7 years ago

I agree with you when you said the banks controls most of the economy, if the world was ran by peer to peer transactions with no middle man and the countries will be run by the people and not just by the rich 1%... we would be living in a much freer world than we are now. That everything can be paid with cryptos, that would be great when the day comes it happens. I hate it when Credit Card companies tries to push cryptos away from us...

7 years ago in #litepay by
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     7 years ago 

    Cryptocurrencies do present some challenges as far as integration with standardized payments systems like those of Visa and Mastercard, such as constantly fluctuating market rates of crypto as compared to fiat currencies. But, real time updates within payment systems should be able to handle this issue fairly easily. The problem is, so far they don't work all that well.

    This is why the online gaming giant Steam, stopped accepting Bitcoin transactions for games on its platform, because they couldn't properly update the price fluctuations of bitcoin fast enough to integrate with their prices.

    So, besides the banks and financial institutions hating crypto, there appears to be other challenges facing Crypto from a technological standpoint as well. In the case of Steam, they stated that acknowledgement of transactions with Bitcoin were often very slow, this created a problem because merchants need to know that a transaction has processed/been accepted, before following through with delivering products and services.

    So, there's a lot of issues at hand. But payment processors like Visa and Mastercard should do the world a favor stop running from Crypto, and instead find ways to make it integrate better with their payment systems.