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The delays have little to do with technology, and a lot to do with regulations and bureaucracy. Largely put in place to combat money laundering, fraud, terroris
by nwah1 9y ago
The delays have little to do with technology, and a lot to do with regulations and bureaucracy. Largely put in place to combat money laundering, fraud, terrorist financing, etc etc. Yes, there's some small banks that have horrible APIs and shoddy servers, but for most transfers the delays come down to things that if cryptocurrency were ever mainstreamed would be tacked onto it.
That is why it takes time to get approved on coinbase and other exchanges that try to follow the law.
- hyprCoin 9y agoThere is literally no place to tack on a middleman with nano/btc. Yes it will take some rethinking of how we combat what society conceives as improper use of funds.
- dragonwriter 9y ago> There is literally no place to tack on a middleman with nano/btc. BTC is just a widely distributed set of middlemen imposing delays and costs (both mining rewards and transaction fees are costs to everyone holding or using BTC that run from holders/users to miners.)
- s73v3r_ 9y agoSo the people I have to go through to convert my crypto to real money aren't middlemen?
- hyprCoin 9y agoI plan on only accepting crypto for consulting this year, it filters out clients and I have limited time. At some point I will exchange to USD to pay whatever I owe in taxes and to pay any vendor that does not take crypto. I imagine if I were an unscrupulous actor I would skip the tax step and avoid vendors that don't accept crypto.
- s73v3r_ 9y agoGood for you. I have rent to pay, so I need to be paid in USD. That brings us back to my original question: Are the people I have to go through to exchange crypto to USD not middlemen?
- hyprCoin 9y agoThat was an example of how to avoid conversion to 'real money' through spending and accepting only crypto.
- nrhk 9y agoWhy can't you build on top of these protocols, nothing is stopping them from being underlying technology that new banks and financial institutions can be built on top of.