Multiple Bitcoin debit card providers suspend service under orders of Visa
This is one of my concerns with a lot of Fintech, they’re dependent on a very small number of underlying providers. Ultimately, this was one prepaid card provider getting shut down. Imagine the impact if that provider had been, say, Wirecard… One reason I’m really glad Monzo has brought more in-house as they’ve had the opportunity to!
The future if Crypto isn’t looking good… time to cash out I think…
Personally, I’m not a fan of Bitcoin (I won’t comment on other cryptocurrencies). It’s too energy-hungry making it an environmental nightmare, and too slow and expensive to ever consider actually using as a currency. But the markets have proven me wrong so far…
In any case, this has little to do with the future of cryptocurrency… one prepaid card provider got shut down by Visa. It turned out a lot of cryptocurrency trading services all relied on the one provider.
I know there is a lot of “twitching” in the Crypto area at the moment… people are watching closely… there have been some changes in the US and it’s becoming harder to trade as you say due to long transaction times…
Bitcoin, yes. But a total failure of Bitcoin even wouldn’t end cryptocurrency.
Can we please stop calling cryptocurrency “crypto”! Crypto is short for cryptography!
Interesting that Revolut, who have a direct line and investment by VISA, have not been affected by this cryptocurrency card ban.
It wasn’t a ban on cryptocurrency-backed cards, just that a lot of cryptocurrency card providers relied on a single issuer and that one got banned. Some of those providers already released new cards from different issuers.