As the world of cryptocurrencies constantly evolves and changes, traditional institutions, such as banks, are trying to keep up with the crowd.
Mastercard was able to receive a patent which allowed users to manage ‘fractional reserves of blockchain currency’. It might be possible to use credit card and Bitcoin as the main currency of the transaction in the future.
Blockchain and Mastercard
The senior vice president of Mastercard, Seth Eisen, has said that it could become possible to pay for things using only the currency that was classed as legal tender by the Government.
In a report released within the US Patent and Trademark Office, Mastercard explains that there is more interest in using cryptocurrency for anonymity and security.
“While blockchain currencies can often provide such safety and security for the payer’s information, such security may be limited for payees, particularly due to the limitations of the blockchain.”
It’s also worth mentioning that some of the crypto transactions can still take up to ten minutes (in some cases, over ten minutes) to be registered on the blockchain. But with classic methods of payment, it can be completed in a matter of seconds. This is a crucial issue, even though ten minutes might not seem like a long time, it’s time wasted for the buyer and seller.
The report continued to say:
“Many entities, particularly merchants, retailers service providers, and other purveyors of goods and services, may be wary of accepting blockchain currency for products and participating in blockchain transactions,”
Nevertheless, the business is doing it’s best to improve the transaction service to bring new solutions to the market, thus making a better experience for the users.
Eisen has stated that paten application is just a part of his idea to improve the way the company is seen despite this idea not reaching the market.
More businesses are beginning to accept cryptocurrency as a payment for their services and at the same time there are a few companies that offer crypto debit cards and credit cards.
The future of cryptocurrency is looking very promising.