The payment giant Mastercard has applied for a patent for systems with a partial banking cryptocurrency reservation, which would reduce the time for conducting transactions to fractions of seconds.
In patent application # 20180308092 Mastercard describes a system where cryptocurrency assets and Fiat are tracked — in fact, an online wallet for cryptocurrency and regular accounts. The company describes a cryptocurrency credit card network:
There is no doubt that Mastercard is really better at handling transaction processing so far: it may take as long as 10 minutes to confirm a bitcoin transaction. Conducting transactions in a fraction of a second would contribute to the massive adoption of the main cryptocurrency, despite the problems of a partial bank reservation.
However, partial bank reservations are one of the problems that the creators of Bitcoin were trying to solve. In general, the crypto community opposes currencies based on the credit system.
Also, the provision of a key to a traditional financial institution is radically different from the philosophy of supporters of Bitcoin and other cryptocurrencies, because of which, for example, Coinbase was heavily criticized.
Also, partial banking backups allow financial institutions, like Mastercard, to control the demand for derivatives, which can cause an artificial increase in the number of bitcoins in circulation and lead to lower prices, as has happened on the gold and foreign exchange market for many years. It is for this reason that many Bitcoin supporters oppose the ETF, BAKKT promises to offer physically supported bitcoin futures.