Soon enough, consumers might directly pay Bitcoin with the help of credit cards. Recently, MasterCard won a patent which will allow it to manage fractional reserves of blockchain currency. Currently, MasterCard is only allowed to use legal tenders.
With the increase in the popularity of Bitcoin as well as blockchain, soon enough there might be a cryptocurrency which might be a legal tender as well. In such a case, MasterCard will be able to use this cryptocurrency and allow the users to transact in it.
According to the document, blockchain provides much higher security as well as stability as compared to any other currency. That is why it is a good idea to use blockchain. Moreover, the only hindrance in the usage of blockchain-based cryptocurrencies for the real-world transactions is that the verification time is on the higher side. Due to this very reason, it is not entirely feasible to use the blockchain technology.
However, even after the patent details have been leaked, there is no clear idea as to whether it will be using the blockchain technology or the cryptocurrency. Up until now, MasterCard is just experimenting with the idea of using the cryptocurrencies. That is why there is no clear indication as to whether this patent will change anything or not. Moreover, cryptocurrencies are on the rebound as well. This is another reason why such patents matter a lot these days when it comes to cryptocurrencies.
Recently, Bitcoin close to $7000. It also was trading up a $7300 for a long period of time. When you look at the month on month return, this is a rise of approximately 13% in the last 30 days. This clearly indicates that the cryptocurrencies are on the rebound. If indeed the cryptocurrencies are on the rebound, it will become much easier for the various payment processors to start using cryptocurrencies as well. It remains to be seen whether MasterCard goes ahead with the plant to use cryptocurrencies or whether this is just a patent for now.
If indeed, MasterCard allows payment with the help of cryptocurrencies, this will not only be a huge move for the cryptocurrency investors but also the credibility of cryptocurrencies will rise significantly. This will ensure that more and more people start using cryptocurrencies on a daily basis.
Join the newsletter to receive the latest updates in your inbox.