MasterCard Likes to Keep Options Open on Cryptocurrencies
At a time when the world of cryptocurrencies is all agog, it is important to keep our gazes fixed on those big companies that are still undecided on what they should do with the phenomenon of cryptocurrencies. You will be quite pleased to know that even MasterCard is now dithering over the choice. Albeit, they seem to be in favour.
Recently, MasterCard has said that it would be “very happy to look at” possible ways to simplify the use of national digital currencies. Of course, the company only meant currency that has been issued by banks.
If this idea sounds zany, you should consider that central banks may now consider the idea of issuing their own cryptocurrencies, which will take on the conventional ones and more volatile assets. However, it is unlikely that the new cryptocurrencies will be anonymous and considering their support from a central bank, it is quite easy to see they will be much less volatile too.
MasterCard has preferred to keep its options open unlike Visa, which has taken a hard stance on all transactions concerning Bitcoin. MasterCard’s move is quite prescient in a world where cryptocurrencies may or may not have a future, but where blockchain technology certainly does make a splash.
With this in mind, MasterCard is a smart company that will certainly want to participate in any new trend in the world of finances. More than that, even though those banks have been rather hawkish against cryptocurrencies in general, there is still plenty to garner from blockchain.
Not only that, but blockchain is primed to replace many of the conventional functions of traditional banks. Even in the face of stern opposition from traditional banking institutions, customers today may see central banks rallying behind start-ups, which promise to revolutionise the sector.
More cleverly still, Banque de France and the European Central Bank have both expressed their support and said that retail and business banks should start collaborating with fintech companies, which hold the key to transforming the whole industry.
Cryptocurrencies are naturally just the latest instalment in this saga. If they are going to appear in the banking sector, it would be very likely for fintech companies to quickly shift their focus on providing secure blockchain technologies, which will be their lasting tenet come what may, to creating mediums of exchange for those newly-minted cryptocurrencies.
Not only that, but they will also seek to instigate people to buy in cryptocurrencies en masse, too! With cryptocurrencies being adopted more broadly for people to purchase goods, you will soon see more regulatory oversight coming into the sector, which is also a good thing to have. We are quite pleased with the implications of one similar move.
For better or for worse, money is going to change. We have all spoken of the disappearance of the cash money, even though even some developed countries (including Belgium) sees a growing number of people scared to use similar transactions, for fear of stolen credit card information.
Unfortunately, credit card information is breached rather often, including from hotels such as Marriott and other well-established service provides and companies. In other words, the advance of all matters cryptocurrency may actually help people to avoid their data being stolen.
If people agree to link their identities with their cryptocurrencies, they may still have the anonymity of the crypto tokens while bearing accountability with banks. This is a not an all-too bad way to go about the whole business and you will be quite pleased with the overall level of satisfaction a similar service may bring about for you.
We advise you to try and check what the benefits of this move could be. For starters, relying on cryptocurrencies to trade and buy goods will certainly add an additional level of security. Do you remember established e-wallets, such as PayPal, Skrill and others? This is their specific by design use.
Cryptocurrencies can be used much in the same way. They will help people separate their financial information when carrying out any sort of transaction. Overall, the idea of having cryptocurrencies go main stream is gaining popularity.
Amid concerns over security, it may stand to reason to just push ahead with a unique cryptocurrency that will actually get the job done and see people excel in their respective field. You will be quite pleased with the results such as they are and there will definitely be much room for improvement.
With cryptocurrencies navigated by central banks, everyone may stand a chance to get their hands on a cryptocurrency that is quite capable of determining the course of all action, and you will be immediately sure of what you can do with that knowledge. We welcome you to do your best and try right away.