MASTERCARD AND BITCOIN Hierarchy of business is Amex->Visa->MC->Check-Cashing bu

MASTERCARD AND BITCOIN

Hierarchy of business is Amex->Visa->MC->Check-Cashing businesses. With MC having all the ‘low rent’ customers, and check cashing services having the … lowest.

Now, why not build a MC ‘wallet’ and charge simple transaction costs for BTC’s – just for the convenience of processing the transactions?

Because they assume that it would eat into their business. But if you thought like a check cashing company you’d understand that people evolve through the credit cycle. And that today’s payday loan and check cashing customer is tomorrow’s credit customer. in fact, this is the optimum business model for them.

BTC transactions are zero risk for the vendor. It’s merely a transaction processing cost. That transaction processing can still be a profitable ADDITION to the existing business (i’d carry a MC product if it handled BTC). And by and large, people will buy btc with credit.

I’d like to see people paid in BTC at the low wage end, so that the burden of the financial system is lessened for them. At present it’s an absurd burden – and it’s a trap for them as well, that they cannot easily get out of.