Singapore allows the use of Bitcoin backed Visa Cards
Visa now realizes the importance of Digital currency. In an attempt to keep up with the developing world they have now accepted the use of Bitcoin backed Visa cards. According to Bloomberg, the coins are issued by third-party companies that keep users Bitcoins and other currencies. When a customer uses the Visa-backed cryptocurrency card to buy goods the issuing company sells part of the coins to pay for the goods.
When the first company started issuing this cards, they were surprised they received more than 17,000 reservation in a short period of time. This reservation was obtained without any advertising.
It was not easy for cryptocurrency to come into mainstream adoption. There was a problem in actually with acceptance of Digital currency I making purchases. To ease these the globally recognized Visa has come in to solve the issue. The first Bitcoin Visa cards will be issued in Singapore. Singapore has been leading the acceptance of cryptocurrency. With its large acceptance, they were likely to make such a move.
When a company like Visa accepts trading with Bitcoins, people who were wary of the currency get some confidence. The Visa backed digital currency can be used in more than 44 million locations in the world.
Already Visa has approved some Cryptocurrency card issuers, therefore, building confidence in the brand. This actually shows that Cryptocurrency is the future and is getting the recognition it deserves. The acceptance does not, however, mean that digital currency has fully gone into the mainstream. There is still a lot of work that needs to be done to make Cryptocurrency fully acceptable in the world.
With big companies, however, investing in long-term Cryptocurrency deals, it shows that the currency is going nowhere. All they need to do is more advertising and enlightenment to make their currencies popular.