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They spent one billion Australian Dollars to implement a national system for instant payments and have yet to convince banks to adopt it? And it forces users to
by TekMol 9y ago
They spent one billion Australian Dollars to implement a national system for instant payments and have yet to convince banks to adopt it? And it forces users to hand out their phone number or email to strangers?
Given that, Bitcoins $140B market cap does not seem too unreasonable. As it is international and gives users better privacy controls.
- nickonline 9y agoThe banks spent $1B dollars, What are you saying they've not adopted.
- drodgers 9y agoBitcoin: a bargain at $40 per transaction in fees! Edit: And several hours to clear
- TekMol 9y agoIt's true that Bitcoin's current setup is not suitable for a broader adoption. It's already at the limit with just 6 transactions per second. But the Lightning Network might be a solution to this. After reading quite a lot about it, I tend to think that it can work.
- gruez 9y ago>$40 per transaction in fees! https://bitcoinfees.earn.com/ https://bitcoinfees.earn.com/ what?
- QML 9y agoDon't focus on Bitcoin; focus on the general idea of cryptocurrencies: international, fast, secure, decentralized. That idea is magnitudes of order way more difficult to implement than a banking platform built on top of preexisting infrastructure.
- fiatjaf 9y agoThis is the anti-privacy, anti-Bitcoin system. And HN people are loving it!
- alehander42 9y agoAnd what is so private about Bitcoin? Cryptocurrencies have potential, but they're not really anonymous yet
- sseth 9y agoIt does not have to be violating your privacy. In India, we have IMPS as the immediate payment system. On top of this, the central bank has built UPI - which allows mobile numbers for payments. But it also allows the use of "dummy" or "virtual" ids which can be used to mask your identity from the payer. There is no reason why this cannot be done in Australia also.