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How an Outage Impact MasterCard and Crypto?

How an Outage Impact MasterCard and Crypto?

One’s loss is another’s gain. That is the saying go, and it applied to MasterCard and cryptocurrency most recently. The severe outage could not have come at a time when the digital coin sector is gaining popularity and adoption rate. As a result, the payment processing firm has to bear the brunt of an outage whereas the virtual currency sector had the last laugh. That suggested how the financial market is evolving in the face of crypto emergence.

Sparking Complaints

According to a Coindesk.com report, MasterCard encountering an outage has sparked a spell of complaints from its customer base. Significantly, the most preferred route for those affected is none other than the social media to express their frustration. However, the credit card giant has finally taken steps to settle the issue and restart its service. In the normal circumstances, it would have meant that customers would have satisfied with its service and moved to any other issues or matters. However, that did not happen in this type, and Crypto Twitter has noticed making a big difference between the two.

This has led to a hectic day for MasterCard to put his team under great pressure. This was also evident when Twitter threads got filled up with opinions from supporters of digital currency and enthusiasts. In fact, they took the chance to disclose the gains of their preferred mode of payments. The card processing firm said that it was able to resolve the issues that affected a limited number of transaction processing and that those transactions were as normal as before.

A tweet has indicated that there was never ever service interruption in bitcoin case. Another person, Micha Benoliel, said, “#MasterCard has an outage… this basically stops you from making any purchase… at least when I use crypto I can follow my transaction and know what’s happening without needing to spend 20min on the phone with my bank.” A few others sought to know the reasons behind not extending support to the most reliable network, i.e., bitcoin.

On its part, the payment enterprises have publicly announced their intentions to move towards testing and exploring blockchain applications. This was evident when they announced the hiring of more developers. At the same time, MasterCard is also expecting a number of patents from the virtual currency use cases. The suggestion is on its radar now.

Crypto Firms Jeer

MasterCard’s situation is taken advantage of by supporters of some digital coins. For instance, Ripple (XRP) supporter has tweeted that situation like outage will not happen with the virtual currency. Another tweet wanted both Visa and MasterCard to use xRapid for online decentralized payments network. The heckling came in to force since Visa witnessed a similar kind of situation and now its rival has joined the list.

However, there are some who believes that blockchain technology would not be in a position curb outage due to a high profile crash. Therefore, the question of the platform’s potential of curbing the outage has become a debatable one. None-the-less, enthusiasts think the condition is a good opportunity for digital currencies.

About the author

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Steven Hopper

High school teacher, volleyball coach, husband and travel fanatic. I write to reflect on my own learning and share it with others.

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