One day before my paid email subscription expired, I went to pay with my Visa credit card. However, as it occurred in the previous year, I was redirected to a phishy page associated with the "Verified by Visa" service. More about it here. Last year, I had so much trouble with this intermediary checking (even after providing the requested information), that I was forced to call the credit card company and they withdrew the checking that time. This year, I was not so "lucky". So, I decided to make an exception in the HODL rule and pay using Bitcoin (via BitPay). Lo and behold, the process went flawlessly and fast (it was approved in a couple of minutes). No need to provide extra information or to call the payment company to let me "please" make a payment. Now, if you will excuse me, I need to buy some Bitcoin to replace the one I spent.
[uncensored-r/Bitcoin] VISA vs Bitcoin on Google Trends! - Bitcoin is Beating VISA and probably will replace soon!
The following post by isdudu is being replicated because some comments within the post(but not the post itself) have been silently removed. The original post can be found(in censored form) at this link: reddit: /Bitcoin/comments/6ysye5 The original post's content was as follows:
05-16 08:14 - 'Can't the same be said for any industry though? All industries use energy and some of that energy will inherently come from fossil fuels. If burning coal is the cheaper option vs. renewables, then 9/10 companies will choose coal...' by /u/sc0obyd0o removed from /r/news within 9-19min
''' Can't the same be said for any industry though? All industries use energy and some of that energy will inherently come from fossil fuels. If burning coal is the cheaper option vs. renewables, then 9/10 companies will choose coal, irrespective of whether the company has anything to do with bitcoins. If free / low-cost renewable solutions become cheaper than coal, then naturally companies will switch away from coal, bitcoin mining is no different. The value of the currency is not intrinsically tied to dirty energy. Bitcoin miners will go where it's cheapest to mine, regardless of energy type. Although I do see your point on the Visa vs. Bitcoin energy used per transaction argument, most of us, myself included, get along fine with Visa and Paypal which work 99% of the time. I think the trade off would be that a Bitcoin transaction is arguably worth "more" since it's censorship free and deflationary. In 2011 PayPal freezes WikiLeak's account due to them publishing military documents & videos outlining the civilian casualties in the Afghan war. Bitcoin saved WikiLeaks from collapsing since its impossible to "block" a Bitcoin transaction or "freeze" a Bitcoin account. Bitcoin solves the double-spend problem in computer science meaning that anyone can receive bitcoin without the need for a middle man ( Paypal / Visa). No one can even attempt to censor you since there is no middle man to pressure. [[link]2 Of course, most of us have no need for an unstoppable, non-confiscatable, supplied capped type of money. But for more libertarian minded folks that believe freedom of speech includes money and that perhaps money and state should be divided; then Bitcoin is the perfect solution. ''' Context Link Go1dfish undelete link unreddit undelete link Author: sc0obyd0o 1: ww**forb***c*m/site*/*ogerhu*n**2019/04/26*how-*itco*n*a**-*i*ile*k*-sav*d-e*ch-*the#6fb9423474a* 2: *w***orbe***om/s*tes*roger**ang*2019/04/26**ow-bi*coin-and**ikilea*s-saved*eac**o*h*#*f*9423474a5*^^1 Unknown links are censored to prevent spreading illicit content.
Lets talk about exactly what it would take to bring a bitcoin implementation up to Visa standards.
Read edit for updated numbers. 24,000 is not what VISA does on average but it would still be an amazing amount of transactions to have if bitcoin reaches international adoption for daily transactions everywhere. Lots of talk about VISA vs bitcoin so I figured I'd do some napkin math and see exactly how they'd compare if they were equal. Using info from https://www.bitcoinplus.org/blog/block-size-and-transactions-second
2020 transactions per 1MB block
3.73 transactions per second for 1MB blocksize assuming 10 minutes per block
Visa is 24000 transactions per second
6435 MB needed for roughly 24002 transactions per second
6.435 gigabyte blocksize required to match Visa or 1716 times the size.
Using this article from 2017, https://news.bitcoin.com/cost-full-bitcoin-node/ "Bitcoin nodes commonly use 200 gigabytes upload or more a month and download around 20 gigabytes per month." 200 * 1716 = 343200 GB upload per month 20 * 1716 = 34320 GB download per month If linear scale, which is unlikely but just for the lulz, $20.43 per month according to foragodrolo (from the article) times 1716 is $35,057.88 a month or $420,694.56 a year. Ok so what does this all mean? Assuming linearly increasing costs, which would be inaccurate since things get cheaper when you make bulk purchases, it would cost almost half a million a year to run a full node if Bitcoin became visa level. This is not actually too bad; hear me out. 1) We're not there yet. We don't need 6.5 gig block size right now so the blocksize can just go up and up slowly, allowing technology to keep up which will constantly improve the ratio of hardware and other costs to performance. 2) According to https://www.nasdaq.com/symbol/v/financials?query=income-statement $10,827,000 (net income) - $5,438,000 (gross profit) = 5.38900 billion US$ expense in their annual income statement. This number includes the Cost of Revenue but if we didn't, that would add another 1.9 billion to the expense. $5.3 BILLION DOLLARS per year is what it costs to keep this huge centralized monster of a payment system up and running. That's 5.3 thousand millions when your full node would only cost half a million a year to run. Half a million a year is quite expensive but cheap enough for large firms and sovereign powers to arbitrarily run full nodes. There could also be future improvements where light nodes become a common thing with pruned data and full nodes only existing in archives for historical data. So in conclusion, it's possible to amp it up to VISA levels right now if we're willing to accept a modicum of centralization. It would still be far more decentralized than what we have and a huge improvement but not the total decentralized utopian dream. But it is possible. EDIT : If we assume that Visa does 1667 transactions per second, thanks to homopit and https://altcointoday.com/bitcoin-ethereum-vs-visa-paypal-transactions-per-second/ Then Visa is only 447 times faster than bitcoin. This would put the cost of running a full node at $9130.52 a month or ~$110,000 a year. Once again assuming average transaction size of 495 bytes, in order to reach 1667 transactions per second, we would need around 2021mb blocksize. If Visa only does 1667 transactions per second in reality, a 2GB blocksize would be enough to compete toe-to-toe with Visa. Rehashing this part from above, a node would have to do: 200 * 447= 89400 GB upload per month 20 * 447= 8940 GB download per month This would still be far too much for any hobbyist to run in their own basement but we are talking about replacing the financial backbone of the world here and with that in mind, these numbers aren't so bad.
Visa is laying out its plan to support Bitcoin (BTC) and the cryptocurrency space at large. In a new blog post, the payments giant says it recognizes the role of digital assets in the future of money. “The concept of digital currency — or a digital version of cash controlled by a private key — was created more than a decade ago, with the launch of Bitcoin. Visa, Scaling, and the 24k Hoax. Bitcoin was envisaged as a payments system and so it was natural, long before the store of value notion emerged, that comparisons would be made with existing ... "Bitcoin network average energy consumption per transaction compared to VISA as of 2018 (in kilowatt-hours)." Chart. July 16, 2018. Statista. Accessed September 05, 2020. https://www.statista.com ... As the bitcoin bull run of 2017 and 2018 saw the vast majority of those engaging with the cryptocurrency focusing on the price, other statistics about the Bitcoin network’s popularity and usage became less studied. Latest Charts Markets Opinion Research How Does Bitcoin Stack Up Against VISA, MasterCard and Paypal? CryptoGlobe Staff Writer; 6 Apr 2019 / In #Bitcoin, #Blockchain; As the ... Bitcoin vs. Bitcoin Cash: An Overview . Since its inception, there have been questions surrounding bitcoin’s ability to scale effectively. Transactions involving the digital currency bitcoin are ...
Microstrategy $425 Million on Bitcoin, Ethereum IRA, Visa ...
BitPay - A Bitcoin Wallet + Visa & Exchange - Duration: 10:40. ... Credit Cards VS Charge Cards: Pros and cons - Duration: 13:25. The Credit Shifu Recommended for you. 13:25. I Bought 12 Broken ... Krypto Update: Brandneue Bitcoin-Studien im Check & Digitalisierungstrend weltweit ... Mastercard vs Visa vs Wirecard. - Duration: 34:31. Aktienfinder 14,192 views. 34:31. McDonalds Aktie Analyse ... Hello and welcome to 4C Trading TV where we talk all things cryptocurrency, and blockchain technology. I am your host Ben and this week I want us to address ... Visa CEO Alfred Kelly speaks with CNBC’s Jon Fortt on tax reform, bitcoin and the global economy. » Subscribe to CNBC: http://cnb.cx/SubscribeCNBC About CNBC... #Microstategy #Bitcoin #Ethereum *Is mass adoption being accelerated?