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Visa Hardware Failure – Highlighting Cryptocurrency Strength

· 04 Jun 2018 in Crypto News, Home
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Visa, one of the most important financial networks around the world, has suffered a massive network outage that affected Europe, including the United Kingdom. The problem was apparently caused by a ‘hardware failure.’ Situations like this one show how important and valuable virtual currencies and bitcoin can be.

Visa Outage Highlights Bitcoin Features

Visa experienced an important hardware failure that left people everywhere around Europe without paying for their purchases. Malls, supermarkets and other shops have been affected because of this situation.

The company explained about what happened:

“The issue was the result of a hardware failure within one of four European systems and is not associated with any unauthorized access or cyber attack. Our goal is to ensure all Visa payments work reliably 24 hours a day, 365 days a year. We fell well short of this goal today and we apologize to all of our partners and Visa account holders for any inconvenience this may have caused.”

There were some individuals that were not able to pay to shops and stores in many different countries. For example, a Twitter user known as Jamie (@donttakethepeas) explained that he was at a bar in Vienna when the system went down and he couldn’t pay for his consumption. But the funny (or irritating!) fact was that after it, a Visa commercial appeared on the TV at the pub.

With Bitcoin and blockchain the situation is completely different. They do not rely on one centralized server that controls everything. Instead, Bitcoin operates in a completely decentralized manner that helps avoiding similar problems that Visa had.

Additionally, Bitcoin keeps operating at all times, 24 hours a day, and since 2009, it has never been offline. It is interesting to mark that some companies, including American Express – an important credit card provider – have been working with blockchain technology so as to improve their services.

Visa itself is exploring different uses of blockchain technology for international B2B (Business to Business) payments. Another important player in the market, MasterCard, has filed different blockchain patents that embrace distributed ledger technology.

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