Cryptocurrencies destroy Visa and PayPal systems

The world-famous Bloomberg agency has published an article by Lisa Ellis, an analyst at Moffett Nathanson. She spoke about the near future of advanced payment systems in competition with bitcoin. Ellis believes that Visa and PayPal will soon cease to compete with blockchain technologies and will rapidly leave the leading positions in the field of global financial transactions. The expert emphasized: “Cryptocurrency systems (e.g., bitcoin, ether, and Ripple) are potentially disruptive for private payment systems. Their main design characteristics, aimed at the movement of so-called “free money”, are in direct contrast to the characteristics of most traditional payment systems.” If these systems do not start using tokenization of payments in their own work, the blockchain industry will permanently displace Visa and PayPal from the market. The expert singles out Ripple and Veem platforms as the most promising projects, as they are based on the use of tokens. However, it is worth remembering that at this stage of development, cryptocurrency projects cannot completely eclipse traditional payment systems. If such a replacement does occur, it will be in the future.