Why Bitcoin will kill the credit card? The main reasons for refusal from banks
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Some financial experts believe that due to the low cost of Bitcoin transactions in the near future to replace the inconvenient and expensive credit cards. First and foremost, the initiative comes from sellers who are forced to spend billions of dollars on processing transactions with Bank cards.
The Idea is gaining momentum. For example, Professor and chair, Department of Economics long Island University in new York, Panos Mourdoukoutas predicts that increased competition between companies in the retail sector may encourage entrepreneurs to switch from using credit cards for cash. This will allow them to reduce costs and to access their accounts around the clock.
theWhen Bitcoin will replace banks
In his work Mourdoukoutas quotes the book of Ian Demartino "Guide to Bitcoins: how to invest and spend the cryptocurrency".
From the seller's point of view, Bitcoin has a distinct advantage: the lack of high commissions that companies are forced to pay banks and it to get less profit. Typically the financial transaction levy from 3 to 4 percent of transaction value with a credit card. For traders with a small profit, this fee can amount to half or more of their income for each transaction on the credit card.
This feature of Bitcoin is emphasized and the developer of the coin Satoshi Nakamoto in his article, "Bitcoin: an electronic system of cash payments on the principle of equality of all participants".
"Clean" version of money, cryptocurrency, will allow you to send payment directly from one Contracting party to another, bypassing the financial institution.
In addition to the unnecessarily high fees charged by credit card issuers, employers, analysts say the growing threat of credit card fraud.
According to research company Statista, the number of cases of credit card fraud in 2012 in the United States is constantly growing. On the chart analysts considered three types of crimes — operation without physical presence of the card with a fake card or stolen card data.
Despite the fact that the emergence of EMV-chip technology made payments more secure, fraud using credit cards will be one of the most serious problems in the financial sector.
Major payment systems already noticed great potential in cryptocurrency, and wide dissemination of this method of purchases is just a matter of time. For example, in August MasterCard has received a patent for technology to speed up transactions using digital money. Hopefully, soon it will join other market participants.
When will Bitcoin replace credit cards? Waiting for your comments .
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