Global commerce grows every day, and it seems that the modern-day payment providers aren’t keeping up in handling global transactions that occur daily.
Last month, Visa had an outage after there was a hardware failure leading its users all over Europe unable to perform transactions using their card – although Visa restored its usual services and apologized for what happened.
The financial service company stated that the outage wasn’t because of any “unauthorized access or a cyber-attack.” On the other side, it is worth noting that lots of Visa users complained that their funds vanished from their accounts as a result of the outage.
Visa stated that the outage was as a result of hardware failure, but it seems it is a software issue and that these modern-day payment providers aren’t scalable enough for global commerce.
Subsequently, MasterCard also had an outage this month from July 12th to July 16th, and during that time, lots of MasterCard users were unable to transact with their card due to the outage. During that time, international banks were hindered from doing their daily tasks before the glitch was solved.
The Tesco Bank Help center said this on their Twitter page during the time of the glitch:
Due to ongoing MasterCard service disruption, customers are currently experiencing issues using MasterCard credit cards. Please use an alternative method of payment until the issue is resolved. We’re investigating this matter and apologized for any inconvenience caused.
Other international banks tweeted similar messages too, and as you can understand, most customers were furious about the outage.
Additionally, Lloyds bank, which is powered by MasterCard had outage issues concerning transactions on July 20th; this occurred after MasterCard had a problem itself and posted it had resolved the issue. But still, Lloyds bank had problems with transactions despite MasterCard’s somewhat solution to the outage issues.
With all these issues, we can see the shortcomings of the modern-day payment providers. One question that comes to the mind is, can these modern payment providers process high-volume global payments without glitches? It is safe to say that global commerce is advancing at a breakneck rate and these providers aren’t that scalable.
It’s astonishing that Visa had outage issues and so MasterCard too; seems like we are seeing a trend of these modern-day providers not being able to keep up with the ever-changing global commerce since they simply can’t keep up.
Nevertheless, Visa can perform 24,000 transactions per second, but Ripple cobalt can perform 30,000 to 50,000 operations per second. It is necessary to know that the world average of cash usage is at 75%, and this means that modern-day payment providers need to be faster and use better technologies – Ripple technology offers more speed and reliability.
The blockchain technology, Ripple, is seen as the future of global money transfer and it has been designed to process the transfer of funds. Ripple is now used by more than 100 banks and credit companies across the world today.
With Ripple, it is more than possible to perform cross-border payments without restrictions or glitches. So, it won’t be wrong to say that both Mastercard and Visa will need Ripple (XRP) technology if they wish to cope their global payments efficiently and scale their volumes at the very best level possible.
For the latest cryptocurrency news, join our Telegram!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Maxpixel.net
Blockchain-Focused ETF Arrives on London Stock Exchange
The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.
While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.
The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.
Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…
Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?
Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.
However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.
Bitcoin as a divorce tool?
In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.
However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…
Three Biggest Things To Know Come Cryptocurrency Tax Season
In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.
These three tips should help anyone looking to legally report their crypto activity to figure out where to start.
Documentation is key!
There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting. Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.
Calculate your total gains…
The Highly Acclaimed PayDex, an Advanced Blockchain Payment Platform
Top 3 Cryptos to Serve as an Alternative to Bitcoin
Why HODLing XRP, BAT, and EOS is a Smart Idea
Altcoins2 weeks ago
No Choice Left for Banks — They have to Turn to Ripple and XRP
Blogs2 weeks ago
BTC/ETH/XRP — What to Expect in March 2019
Altcoins2 weeks ago
A Potential Killer dApp Emerges — TronBet Volume Hits $41 Million in a Single Week
Hot Updates2 weeks ago
Aaron System in Thailand enters into Mongolian Cryptocurrency Exchange market with UBWAVE in Mongolia
Altcoins1 week ago
Verge (XVG) Unexpectedly Surges by 11% After Code Malfunction
Hot Updates2 weeks ago
BTC ETF Approval will Boost the Crypto Market ?- Bexplus BTC Investment Tips 2019
Bitcoin1 week ago
Stanford Lecturer praises XRP over Bitcoin
Altcoins2 weeks ago
CoinFlip ATMs Present a Compelling Opportunity for Crypto Traders