With the increasing hype of cryptocurrency very soon all major payment platform will allow its usage. And as of now, it’s confirmed that Mastercard will allow Bitcoin payments by the end of 2021. There are a lot of things that need to be kept in mind while supporting cryptocurrency. And the company has already started preparing for the upcoming support of cryptocurrency. This was confirmed in a blog article by the Vice President of MasterCard’s digital asset and blockchain, Raj Dhamodharan.
Details about Mastercard’s Bitcoin payments
One of the most important aspects of embedding cryptocurrency support in Mastercard’s payment method is security. And it seems that the company is very well aware of that. Therefore, they won’t allow all cryptocurrencies in their payment platform. In fact, only some of the cryptocurrencies that meet their criteria will get support on the platform. The criteria they are taking very seriously other than security are reliability and compliance. This will make it almost impossible for almost most cryptocurrencies to qualify for Mastercard’s payment method. We can expect Bitcoin, Etherium and maybe one or two more digital assets to make the cut.
Raj Dhamodharan said, “This is a big change that will require a lot of work. We will be very thoughtful about which assets we support”. Some other aspects that Mastercard will take care of our verification processes and local laws and regulations. The fintech company could make verification mandatory for anyone wishing to transact using Bitcoin. This will bring in the biggest change that everyone is looking for. And that is, you can now use Bitcoin to pay for things that you buy rather than just storing it as an asset on a wallet.
What does this mean for Bitcoin?
With huge investments coming in and the currency now is even treated as a valid payment method means only one thing, ‘Growth’. The huge merchant base that Mastercard has will make the use of Bitcoin as a payment method becoming the primary reason for its growth. There is only a limited number of the coins, more than half of which isn’t even mined yet. And so with the increase of its usage, the demand gotta go up and with the limited price so is the price.
The cryptocurrency is already trading near its all-time high after the announcement of BNY Mellon. The point is with every company treating it with validation means that sky is the limit. If you haven’t invested in the currency yet, it seems to be a good time to change that.
What do you think about the fact that Mastercard will allow Bitcoin payments? And do you think this will lead to a steep price rise of the currency? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.