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Is Bitcoin a Viable Credit Card Replacement?

1 min
Updated by Adam James
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In Brief

  • Merchants May Look to Bitcoin for Decreased Transaction Fees and Increased Profit Margins
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Will Bitcoin ever replace credit cards in the increasingly more competitive retail sector?
Some experts think so. As noted by Forbes, various experts believe Bitcoin has the potential to overtake credit cards as the go-to means for cash-free purchases in the retail space. Ian DeMartino, author of The Bitcoin Guidebook: How To Obtain, Invest, And Spend The World’s First Decentralized Cryptocurrency, believes that Bitcoin is advantageous for merchants looking to reduce the fees which they must bear upon themselves. Bitcoin

Already Halfway There

Another expert who believes Bitcoin may supplant credit cards is Arran Stewart, co-owner and CVO of Job.com, who believes that Apple Pay-like wallet verification may be the way of the future. Stability is undoubtedly a significant problem at this stage of the maturing cryptocurrency market. In December 2017, Bitcoin reached highs upwards of $20,000 per coin. Now, it is trading under $7,000 — with weekly, daily, hourly, and even minute-long swings dramatically affecting the value of the asset. Bitcoin Nevertheless, increased acceptance of Bitcoin in the retail sector would only serve to increase the mainstream adoption of the first and foremost cryptocurrency — and with increased adoption comes, presumably, an increase in valuation. What do you think about Bitcoin as a replacement for credit cards? Do you think the market leader will ever be able to surpass Visa and Mastercard in the retail sector? Let us know your thoughts in the comments below! 
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Kyle Baird
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.
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