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Blockchain already transformed economy; it brought fast international payments with small fees.

• isubkhankulov 9y ago
  dollar for dollar, traditional money transfer companies are faster and cheaper. unless the user is trying to conceal the source of funds or is evading capital controls.
• ceejayoz 9y ago
  You could claim the blockchain will transform the economy some day, but to claim it has is plainly false. It's still a niche system, and Bitcoin's seeing rapidly rising transaction fees (https://bitinfocharts.com/comparison/bitcoin-transactionfees.html https://bitinfocharts.com/comparison/bitcoin-transactionfees...) because of the block size issue right now.
• rb808 9y ago
  One of the reasons there are fees for international payments is to comply with the legal requirements set up by governments to monitor and control such transactions. The cost of transferring FX wholesale is near zero. If a bitcoin based processor implements the controls, the costs will be the same as a regular payment provider. So bitcoin can only become cheaper than tradition payments if you bypass the legally required controls.
  • qqg3 9y ago
    While you're not wrong, the fees for international payments vary wildly depending on how you do it, which service or bank you use, how much you transfer etc. Which makes it hard to sell the "its about governance" line for justifying those fees.
• NeutronBoy 9y ago
  Yes, as long as you don't want to convert your crypto currency into fiat currency at either end.