The US Patent and Trademark Office has approved a patent filed by Mastercard allowing customers to link cryptocurrencies to fiat accounts . Mastercard filed a patent application last May to allow cardholders to store cryptocurrencies equivalent to fiat currency in a bank account as well as fiat currencies. However, readers should note that the company's turnaround was quite sudden. Say no to plagiarism. Get a custom essay on “Why Violent Video Games Should Not Be Banned”?Get the original essay In December, when the cryptocurrency market was at its highest level, Mastercard was one of the companies that said that they would charge transaction fees from their customers to buy cryptocurrencies. However, it wasn't the only credit card company to do so. Banks such as Goldman Sachs, JP Morgan and other credit card companies such as Visa and Citi had also displayed a similar anti-crypto stance. Additionally, in May, during its poor first quarter results, Mastercard blamed cryptocurrency wallets for its dismal performance. At the time, a senior official said: “This is due to the recent decline in crypto wallet funding.” Following this, they presented a soft stance, stating that the company was fine with cryptocurrencies as long as they were supported. by a regulator. To be fair, since then one of the main US regulators, the Securities and Exchange Commission, has stated that it does not consider bitcoin to be a security. Can Mastercard Control “Faster Transaction Time” on Blockchain? Mastercard also plans to attract more customers by “speeding up transactions” and “ensuring beneficiary security.” For a layman with a slight interest in cryptocurrencies, this seems rather attractive. However, someone who has been in the cryptocurrency market for a while may wonder how accurate the claim about “accelerating transactions” is. Since transaction speed depends on the type of cryptocurrencies and the blockchain it uses, it raises a red flag. Expanding on its argument, a company representative said: “Consumers and merchants accustomed to fast transaction times are often either forced to wait a significant amount of time before a blockchain transaction is completed, or the beneficiary must rely on the good faith of the payer so that his transfer is valid. expert writers.Get a Custom EssayInterestingly, this patent is different from the blockchain network the company is currently working on. The company promises to keep several factors in mind while developing the decentralized ledger, such as privacy, flexibility, scalability, ease of use, and most importantly, it is committed to being a partner of trust..