Are Credit Card Companies Feeling the Heat from Bitcoin?
Credit card companies seem to be finally coming around to the reality that digital currencies aren't going away any time soon.
A recent post on reddit sheds some light on how far American Express is willing to go to size up the threat posed by Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term to their business through the web. Apparently, a corporate account holder received a call- about digital currencies of all things.
They posed the following 4 questions:
- Does your firm conduct business related to electronic currencies of any type?
- Does your firm accept payment for any type of digital currency service and/or convert fiat currencies into digital currencies on behalf of your customers?
- Does your firm use any digital currency to transfer money across international boundaries?
- Is your AmEx account ever used as a source of funds for converting to digital currencies?
Either they are making a lame effort to ensure security and compliance- in which case there are more discreet ways of going about it- or more likely, trying to gauge the interest from their vital clientele into something that can eventually wipe out their revenue from high fees.
It is worth noting that the whole notion of P2P Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term- those conveniently handled via bitcoins- was previously attempted by AMEX themselves through their introduction of Serve. AMEX, more than other credit cards, may have cause for concern.
Credit card companies seem to be finally coming around to the reality that digital currencies aren't going away any time soon.
A recent post on reddit sheds some light on how far American Express is willing to go to size up the threat posed by Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term to their business through the web. Apparently, a corporate account holder received a call- about digital currencies of all things.
They posed the following 4 questions:
- Does your firm conduct business related to electronic currencies of any type?
- Does your firm accept payment for any type of digital currency service and/or convert fiat currencies into digital currencies on behalf of your customers?
- Does your firm use any digital currency to transfer money across international boundaries?
- Is your AmEx account ever used as a source of funds for converting to digital currencies?
Either they are making a lame effort to ensure security and compliance- in which case there are more discreet ways of going about it- or more likely, trying to gauge the interest from their vital clientele into something that can eventually wipe out their revenue from high fees.
It is worth noting that the whole notion of P2P Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term- those conveniently handled via bitcoins- was previously attempted by AMEX themselves through their introduction of Serve. AMEX, more than other credit cards, may have cause for concern.