Despite experiencing difficulties in dealing with centralized payment systems, the e-commerce sector is still heavily reliant on traditional card payment processors. But that’s about to change. In January, payment processing giant Mastercard was fined €570 million ($640 million) over charges that it obstructed merchants from accessing lower fees for cross-border payments, contrary to European Union (EU) laws.
The fine is the product of EU Commission investigations into Mastercard dating back to 2013. It’s also the latest blow for the legacy payments industry, as a growing number of merchants has turned their attention to crypto payments.
He explains, “This fine that the European Union imposed upon Mastercard exemplifies exactly why we have to move to a Bitcoin world, without a central payment processing credit card authority there. The whole issue there was that merchants didn’t get the benefit of the lowest possible fees that were available to them across a single marketplace which the EU is supposed to be, and instead they got imposed with fees that were higher for their particular local marketplace.”
By following Satoshi’s original plan of keeping a stable protocol and pursuing massive on-chain scaling, BSV is on track towards becoming the world’s new money, fulfilling the vision set out in the original Bitcoin white paper—that of a peer-to-peer electronic cash system.
“If you have a world of Bitcoin, where there is no central payment processing authority or credit card payment system in the middle determining what your fees are, and it’s just decided on the open market with miners, you don’t have that problem,” Nguyen said. “You have a free-flowing, global system of peer-to-peer electronic cash where you don’t have to depend on a wire transfer company, a credit card payment system, a payment processing company to set the fees. It’s set on an open market that’s transparent, auditable, verifiable, that’s the global public blockchain of Bitcoin SV.”
The Genesis protocol upgrade on February 4, 2020 is a monumental step in the history of Bitcoin, and will see BSV returned as close as possible to the original protocol as envisioned by Satoshi Nakamoto. Visit the Genesis Hard Fork page to learn more.
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