A large Mastercard outage that occurred last week has put a hold to a large number of transactions on a global level. This is where crypto users united to point out that cryptocurrencies are not affected by such unfortunate events.
Mastercard Outage Affects Users Globally
Due to a glitch in the Mastercard payment system, the company’s users from around the world started complaining that they cannot make card payments, as reported on July 12. As soon as the issues started, the card giant’s customers flooded the social media with reports and complaints, not really hiding their frustration.
Eventually, the issue got taken care of, and the service was back to its usual, effective routine. Many would expect for this story to end there, but not this time. This time, the incident had some additional consequences, and Twitter’s crypto community was all too happy to react.
We are aware there may have been some issues in processing a limited number of transactions earlier. The situation has been resolved and those transactions are now working as normal.
— Mastercard News (@MastercardNews) July 12, 2018
The incident, while on a global scale, could have still gone relatively unnoticed due to Mastercard’s fast reaction and quick fix to the issue. However, the crypto community, which has seen their beloved coins bashed by pretty much everyone with a connection to traditional financial industry, was not going to let this opportunity go by.
Soon enough, the company’s Twitter account was filled with crypto enthusiasts’ and supporters’ tweets, with all of them pointing out that this is not something that happens within the crypto world. The question on everyone’s mind was soon asked, and Mastercard had to figure out an answer to why are they still avoiding to employ Bitcoin. Some users even pointed out that BTC has the most reliable payment system that exists.
Bitcoin has never had a service interruption.
— reivanen (@reivanen) July 13, 2018
Would the Use of Blockchain and Cryptos Make a Difference?
Despite the fact that the company has been exploring and testing blockchain technology and its potential applications, they are still relatively hesitant to go crypto. Even though there were reports that Mastercard is working on getting patents for the crypto use, they seem to still be far away for actually employing a digital currency.
Mastercard outage has even seen a lot of arguments regarding the company being rivaled by Bitcoin, Ethereum, or some other crypto if they do not join in on the trend soon. Even some of the specific crypto supporters, like Ripple’s (XRP) community, soon joined in on the arguments.
That wouldn’t happen using ripple technology
— David Henderson (@davehendo69) July 13, 2018
Soon enough, another question emerged, and this one was even more difficult to answer. The question was whether the use of cryptos or blockchain technology would actually make a difference, and would it prevent such an incident?
Bitcoin and other crypto currencies are immune to this issue lol
— Alts Anonymous (@Alts_Anonymous) July 22, 2018
There were many attempts to answer this, and David Cox, a well-known journalist, has even stated that the blockchain technology in its current state might be infeasible for the needs of the firm like Mastercard.
Despite this, the crypto community still continued to point out that crypto users are unaffected by the incident. Eventually, Mastercard outage ended up serving as one of the biggest crypto promotions lately.