4 ms·
I'd imagine fraud checks, regulation, monitoring, fee collection etc
by ctrlaltdestroy 9y ago
I'd imagine fraud checks, regulation, monitoring, fee collection etc
- mhluongo 9y agoIf Bitcoin can do it in 10 minutes globally, we can do it faster in a centralized system. Edit: ... Not to mention many other developed nations' banking systems. Edit: Not sure about the downvotes, but really- please don't pretend sending money instantly within one country is rocket science. The reason we're in this mess is mostly banks wanting to hang onto float, and legacy. Both our neighbors to the north and south have much speedier internal banking systems than we do, as do countless other countries.
- Animats 9y agoTry to get anything out of a Bitcoin exchange in 10 minutes.
- mhluongo 9y agoI do it for a living.
- zaroth 9y agoHow do you query the card balance and transfer the funds? Do you actually get cash out of the card, or do you have to resell it as a store credit to someone else?
- mhluongo 9y agoLong story, and it very much depends on the brand. Re: cashing out, we do both transfers and resale, depending on the user risk profile.
- andirk 9y agoTo fiat that'll take a while, but moving it around the space cash world is often very quick, on GDAX anyways.
- JoshTriplett 9y agoAlmost all of those checks tend to happen after the fact and lead to transactions getting rolled back, rather than being checked in advance. (Whether that's a desirable approach is a reasonable question, but that's already a thing that happens today. The only thing that needs checking in advance is "is there enough money".)
- seanp2k2 9y ago"Get an approval to buy a home or refinance your mortgage in minutes." https://rocket.quickenloans.com/ https://rocket.quickenloans.com/ If they can do it for buying a house ...
- kerkeslager 9y agoCan you give an example of a fraud check that needs to take an hour?