Recently Visa’s payment services have been disturbed, making many of its users unable to settle payments, while digital currency gained a little more popularity as a method for decentralized payment.
According to Visa News Europe, the payment system has experienced a failure, which sparked the discussion of the advantages of cryptocurrency, as the incident left people embarrassed and frustrated.
On average, Visa is able to process approximately 150 million operations daily. Like plenty of other centralized payment services, Visa runs on provide servers that are much more prone to failures in comparison with Bitcoin or Ethereum, for example, which are completely decentralized. The decentralization principle provides failure-free and completely secure operations, with Bitcoin being fully operational for 9 years straight and no downtime.
On the other hand, there is the problem of scaling, which blockchain platforms continuously encounter. All nodes within the network are required to be updated for transaction verification, and the more transactions are queued up for processing, the slower the operating times get, which, in turn, leads to costly transaction fees and long waiting times.
Nevertheless, recent years have seen a spike in adoption and overall recognition of the blockchain technology, which can be interpreted as the beginning of a new era, where digital currency competes against the conventional financial institutions and payment methods. The technological advancement is supposed, if not to replace and revolutionize economics and finance entirely, then to improve the existing technologies, providing the stability and better security at the very least.