New Bitcoin Unlimited Service Accepts Visa Payments To Accelerate BTC Transactions

By March 5, 2017Bitcoin Business
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New Bitcoin Unlimited Service Accepts Visa Payments To Accelerate BTC Transactions

Bitcoin Unlimited supporters will go to great lengths to proclaim their scaling solution is the only one that matters. This highly controversial topic has been kicked around the curb so many times, most people stopped caring a while ago. A new tool promoted by BU supporter Roger Ver lets users speed up their bitcoin transactions by paying a higher fee with their credit card.

Why Would You Use A Credit Card?

That should be the primary question on people’s minds right now. There is an available transaction accelerator, created by the ViaBTC pool. It comes at no extra cost, yet the service can only process 100 transactions per hour. That is an annoying limitation, yet the team doesn’t want to charge users money to use the service. It comes as quite a surprise to find out not everyone who supports Bitcoin Unlimited thinks along those same lines.

Roger Ver, the so-called ‘Bitcoin Jesus”, has been advocating the implementation of Bitcoin Unlimited for quite some time now. While it is true SegWit may be far from perfect, BU is not without its flaws or risks either. The scaling debate has gone on for quite some time, yet it remains to be seen if either solution will get activated on the network in the first place. Until then, network congestion will be a very real problem for everyone.

To solve this problem, Ver is spreading the word about a new concept. It is now possible to accelerate bitcoin transactions and pay a higher fee. However, instead of using bitcoin to pay said higher fee, they created a credit card payment gateway. As a result, anyone with a Visa card can now accelerate their bitcoin transaction in exchange for a fee paid with the payment card. This seems like a very odd scheme, to say the least.

It is important to keep in mind people advocate bitcoin usage to get rid of credit card fees. In this case, Bitcoin Unlimited advocates want people to actually spend money through a credit card to speed up a bitcoin transaction. This seems to be taking five steps backward to move an inch forward. There is no valid reason why anyone would use a Visa to achieve this goal. Moreover, the chances are they would pay even more in fees to get the transaction completed, depending on their card issuer.

Moreover, there is the topic of how this new tool will collect sensitive personal information. It literally exposes financial data to third parties who are not transparent about how they will use this information in the first place. It seems evident Bitcoin Unlimited supporters will gladly come up with new ways to drive up transaction prices They even go as far as driving people back to traditional finance, by the look of things. A very controversial service that will be subject to quite a few arguments between bitcoin users, that much is certain.

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

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