Using a cryptocurrency-related debit card is pretty much impossible now. Both Visa and Mastercard have suspended this service for the foreseeable future. They are now joined by none other than Discover. It is evident the traditional financial sector wants nothing to do with cryptocurrencies. This is also rather unfortunate for al cryptocurrency enthusiasts around the world. Spending Bitcoin and altcoins directly is still a big problem to this very day.
The decision by Discover was only to be expected at this point. No card issuer wants to associate itself with cryptocurrencies at this time. Why that is, remains a big mystery to most people. Discover CEO David Nelms feels cryptocurrency allows criminals to get money out of China. Additionally, if someone steals card numbers, they will ask for a Bitcoin payment. Those are the only sue cases he sees for Bitcoin and other cryptocurrencies as of right now. A rather short-sighted opinion, although a statement no one can dismiss entirely.
Discover Rejects Bitcoin and Other Cryptocurrencies
As a result, we will never see Discover support Bitcoin as a payment method. Nor will that situation will change soon either. It is still one of the more popular credit cards in the world today. Not having the company’s support is a big problem for cryptocurrency users. More specifically, for those looking to spend their coins at more than a handful of places in their own country. Adoption of Bitcoin has been a big problem for some time now. Merchants don’t see the benefit of this new form of money.
Similar opinions were voiced by Visa and Mastercard not that long ago. The era of Bitcoin debit cards is completely over and done for as of right now. Moreover, banks are declining cryptocurrency-related purchases with traditional credit cards as well. The whole industry is under fire from an entirely different angle once again. Banks do not like cryptocurrencies and they will actively prevent this industry from growing. It is a very unfortunate turn of events, but one most people saw coming for some time now.
It will be interesting to see what the future holds in this regard. Until we can spend Bitcoin directly, intermediary solutions will be needed. Right now, no one can offer anything even remotely convenient in this department. That situation may come to change in the near future, but it seems rather unlikely right now. Until we see the US government legalize Bitcoin, companies will continue to oppose this form of money. The first company to offer an affordable and convenient solution to these problems will gain a lot of market traction right away.
Header image courtesy of Shutterstock
