It may be possible to make Bitcoin transactions using Mastercard in the future, thanks to a new patent awarded to the company earlier this week. The U.S. Patent and Trademark Office published a document approving Mastercard’s patent for a “method and system for linkage of blockchain-based assets to fiat currency accounts”.
Just like other credit cards, Mastercard currently only allows transactions involving traditional fiat currency. However, the company is recognizing the fact that interest in transactions using digital currency is rising significantly, in particular from those who “value anonymity and security“.
Additionally, Mastercard claims that there are customers who want to use cryptocurrencies but are having difficulties understanding blockchain and how it works, especially “in relation to well-known and understood traditional fiat currencies and accounts.”
Another concern is that blockchain transactions can take longer than traditional ones. Case in point: a credit card purchase can be practically instantaneous while a crypto purchase may take minutes.
Hence the need for a setup where transactions and storage for both fiat and digital currencies come together.
While the specific details of this potential solution aren’t clear yet, the patent offers a promising glimpse into the future wherein cryptocurrency is used by more consumers and merchants alike.