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Ok then how about if people went back to writing checks? Eliminates both of those issues without the additional finance charges. That would however provide pers
by jb775 7y ago
Ok then how about if people went back to writing checks? Eliminates both of those issues without the additional finance charges. That would however provide personal information to the retailer, unless the check was somehow de-identified (like an on-demand money order or something). Also, in my opinion I'd think that businesses would prefer to make more money if the only downside is figuring out how to manage physical cash in the registers.
- Reelin 7y agoPrivacy preserving electronic transfers of some sort would be amazing (not Bitcoin, I mean in native currency and via my bank). I'm not really sure what that would look like in practice though - neither the bank nor the retailer is likely to want to give up their data streams at this point, and money laundering regulations will result in a strict upper bound on privacy regardless.
- jb775 7y agoI'm assuming there would be costs for the bank once you get into electronic transfers. (or did we just think of the next unicorn payment startup idea??) As a simpler solution, what if banks offered checks that didn't have any identifiable info on them and didn't require a signature, etc. And instead of account/routing number it have a hex value that is decrypted by the bank?