VISA announces API enabling Banks to Provide Bitcoin Services

in LeoFinance2 months ago

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Visa has announced the future launch of an API (Application Programming Interface) that will enable banks and other financial institutions to offer bitcoin-related services to their clients. Like PayPal, JP Morgan and many others, Visa used to be a true antagonist to bitcoin. But it seems all these companies are subscribing to the "if you can't beat em join em" mentality. This is good news for any crypto enthusiast, because all signs point to mainstream adoption of our beloved "magical internet money".

Visa announced it news on February 3rd via press release. There's no doubt in my mind that the current BTC rally didn't have anything to do with this. A major fintech company buying #Bitcoin to then make an announcement involving BTC afterwards to boost the price sounds like a very likely scenario to me. But that's just my viewpoint.

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Pros

As I said before, the overall pro of this API would obviously be getting steps closer to mainstream adoption. The crypto community is fanatic and doesn't like banks one bit, but the majority of people making international transactions at the moment have some sort of bank account. This demographic usually doesn't know what cryptocurrency is, how to acquire it and if they do come across a source that offers it to them, they are likely to mistrust it. Having it readily available through a service their "trusty" bank offers, might be the initial bridge to financial freedom for many.

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Cons

Although any publicity for cryptocurrency is good publicity at this point, I am extremely skeptical of Visa rolling out an API that handles and registers buys and sells of Bitcoin. An API that will likely be centralized in nature and keep records in the banks archives linking people to the value of their addresses and crypto on those addresses. This in turn links that value to potential government databases, which finalizes a situation that goes against the concept of decentralization. Going through the bureaucracy of a bank is another downside, as some banks require much more info, documents and steps from you to sign up for a service. Personally I want to be done with banks altogether.

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While the motives of companies like Visa and the eventual outcome may be questionable, their entry into the crypto game is a clear sign of the increase in majority acceptance of the blockchain concept. And I for one am excited of the potential benefits these movements will generate.


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Good critical thinking on the "Cons" Side, Bredda!
If the banks "f...around" they will be exposed, we are moving towards
the Light (Age of Aquarius)...all the lies are gettin' exposed one by one...
Visa entering is big though! 😉

I know they're only doing it now, because they can't kill it anymore. They tried and failed.
To the light we go! :D

I can't access none of those platforms (not available in my country and/or credit card not accepted), but the preview already sounds mad good man. 👊

Which streaming service is available in Suriname??

Theoretically I could get spotify, but I'd have to jump through hoops like VPNs and third-party companies that have a us registered credit card.

Another option is Amazon music which accepts my locally registered Visa, but the monthly subscription in USD is killing with the current inflation.
So a pirate's life for me it is. I know artists don't like that, but sometimes the options are limited.

I do support locals though. There is one platform that is run locally and mainly focuses on local artists called Trackdrip.
https://www.trackdrip.com/

No, don't pay...they have free accounts with ads, but the pay-way is probably the only one, right?😏
Yo, thanks for the advice with https://www.trackdrip.com/
I will check the distribution for them!
Check if you find "Luca1777" 😉
Bless Up

Will do! :)

Thanks for trying @rarej , my Jamaican friends told me in the past that spotify is not accessible...what a joke, if you think how much money they/spotify are making by streaming music from the Caribbean...
Soon come you write yourself in my new Newsletter and i put you on the DJ Promo List & i send you all the music 😉
Could you try to download/play the "Fear or Love Teaser Mix" mp4 on
https://luca1777.com/ ...last video.
Bless Up

It's partially the big companies not caring about "third world" countries, but partially also the countries not having the right laws or institutes in place for digital ownership.
Yeah, I still remember fear or love. One of my favorites from you in terms of musical flow and lyrics.

Give thanks 🙏

They are trying their best to keep up and control this space but they are far too late. They can buy all the bitcoin in the world and we move to ethereum, then something else. There will also be a new bag to pump, another attempt to control this space but they will keep on failing as long as the people stay through to the ethos of decentralisation. It is more than just money, it is a culture

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Exactly. And don't forget that we always have the unlimited power of hard forks.
Just look at what became of Steemit. And now we are here, on Hive. :)

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