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I wonder how much banks are the problem here. I am not sure if payments of a few cents can be realized online without loosing money on fees to payment providers
by heinrichhartman 6y ago
I wonder how much banks are the problem here. I am not sure if payments of a few cents can be realized online without loosing money on fees to payment providers or banks.
AFAIK, this is the "micropayment" problem, that people were hoping bitcoin would solve.
- octoberfranklin 6y agoThe banks are 100% of the problem. Bitcoin solved it, and then AML/KYC made it illegal to not have bank-like overhead costs.
- notahacker 6y agoMiners don't do AML/KYC, they just charge higher transaction fees than Visa etc al on small payments.
- sokoloff 6y agoBitcoin didn’t “solve” the micropayment problem. Compared to Visa, Bitcoin solved micropayments only if micro refers to the daily transaction volume.
- jimmydorry 6y agoVisa settles at the end of financials days with revocation possibly up to 80days out. Bitcoin settles every 10mins with revocation possible up to 1 hour out. To keep the comparison accurate, you can transact many times within an “accounting block”. Bitcoin has the shorter accounting block and tier 2 systems laid on top of it seem to scale Bitcoin well beyond any accounting block maximum transaction cap. The GP is probably not referring to speed of settlement though. Bitcoin solves KYC and trust and allows frictionless micro-payment.
- rswail 6y agoAML/KYC is not the problem. Companies can issue gift cards that are entirely anonymous, paid for in cash, redeemed anonymously for cash.
- zozbot234 6y agoBitcoin is only economical for very large transactions - the energy cost of even a single btc transaction is huge. It doesn't solve the micropayments problem at all.