Great beginning nan. Only in the first 10 days of 2018 will the crypto market be affected by the large financial institutions in the world. Most recently, Microsoft officially announced the suspension of accepting Bitcoin payments. Visa, the $ 100 billion financial services provider and largest credit card network, has terminated its partnership with Wave Crest, a Gibraltar-based digital payment company.
Visa cancels Bitcoin Debit Card activity and cryptocurrency
All Bitcoin debit card and cryptocurrency service providers including TenX, Xapo, Coins.ph, Bitwala, BitPay and CryptoPay are all affected by Visa's crackdown on Wave Crest. Because they all rely on Wave Crest and Visa partner to handle cryptocurrency payments. This sudden action of Visa forced many companies in the industry to shut down, stop providing this service.
Visa said:
On the 5th, Anni Rautio, head of Xapo Debit Card shared:
Other cryptocurrency debit card providers also made similar claims and tried to calm down the user during this time. They will find ways to deploy debit card services as quickly as possible.
Microsoft has suspended payment for Bitcoin
Technology giant, Microsoft has canceled the Bitcoin payment method because of concerns about the overall cryo market fluctuations. The company has emailed all customers affected by this issue. The news of the tremors immediately became a topic of particular interest in crypto forums around the world.
A representative of Microsoft has also verified this statement. He said that from December 26, Microsoft no longer accepts Bitcoin payments. The "Redeem bitcoin" link in Account.Microsoft.com has also been deleted, so customers no longer see the option.
Will the market be affected?
Visa's abrupt end to Wave Crest has nothing to do with cryptocurrency and companies in general. This is contrary to the expectations of analysts. Except for TenX, the company is running a separate crypto, revolving around a corporate debit card venture. However, temporarily, it can be said that this action has no effect on Bitcoin prices.
For Micosoft, it is not yet clear whether their decision will affect the overall level of the crypto market. But it is also not the first time the company has suspended its Bitcoin payment service since it first accepted it in 2014. Most notably, the event took place in March, with confusion from Microsoft itself. . They then apologized to users and continued to allow Bitcoin payments to date.
The reason given by Microsoft may be related to other Bitcoin network issues such as slow transaction time, high fees, erratic price fluctuations, etc. Bitcoin prices have fluctuated significantly in the past few months. With the transaction fees pushed up too high, making small transactions almost impossible, repeatedly made mistakes.
Up to this point, it can be seen that no longer a few large companies backed. But Bitcoin has proved to the users and investors in the cryptocurrency market that the Bitcoin industry is not dependent on the company or any service provider to maintain its operations.