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All these banks and financial institutions launching digital currencies miss the whole point: FRICTIONLESS transactions. Right now you have layers upon layers o
by bitxbit 7y ago
All these banks and financial institutions launching digital currencies miss the whole point: FRICTIONLESS transactions. Right now you have layers upon layers of network companies nickle and diming you. This is literally someone taking a penny from everyone’s account except it is a lot more than that. There’s absolutely no reason for Mastercard and Visa to even exist in 2020. They’re sitting on top of some obsolete imaginary network collecting rent.
- tjoff 7y agoSeems like this is exactly what we need then?
- lutorm 7y agoIsn't that the point though -- that the issuer of currency should manage the system? It should simply be part of the currency just like physical cash is.
- pjc50 7y agoThe issuing banks provide credit and insurance, and quite a lot of effort in the system goes to anti-fraud. Especially for online payments.
- bitxbit 7y agoIt used to be that way but with all the data available to us now, managing fraud isn’t as difficult as it used to be. Definitely not to the tune of 3-4% both ways combined in many cases.
- pjc50 7y agoEU fees are capped at 0.2 per cent of the transaction value for debit cards and at 0.3 per cent for credit cards. Americans presumably are getting ripped off for the usual "free market" reasons. (Not counting Amex cards, which take 3% off the merchant and hand most of it back to the customer)
- gruez 7y agoIsn't SEPA free for retail bank customers?