Payment Systems: Visa vs Bitcoin

On June 1st, Visa experienced a major malfunction, which resulted in thousands of users across Europe being cut off from the largest international payment system. Holders of credit and debit cards, as well as representatives of various businesses, could not send or receive payments between 2:30 PM and 10:00 PM. According to the Financial Times, the official cause of the failure was a system malfunction of the hardware that the company has yet to report of to the Parliament of Great Britain. In light of this incident, the crypto community again stressed the vulnerability of centralized systems, noting that such crypto exchange payment networks as Bitcoin have been working without failures since their launch. We examined the key principles of the operation of the two payment systems, Visa and Bitcoin, and learned whether the world is ready for the transition to decentralized solutions offered by cryptos.