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> Why does paypal/stripe have a fixed minimum fee of $0.30 for doing a database update? That's Visa + Mastercard's network fee. ------ Y'ever noticed how no-
by DaiPlusPlus 5y ago
> Why does paypal/stripe have a fixed minimum fee of $0.30 for doing a database update?
That's Visa + Mastercard's network fee.
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Y'ever noticed how no-one has ever actually disrupted the online payments industry? It's because Visa and Mastercard own the very substrate of e-commerce through their private inter-bank networks. You cannot get anything done without going through them - and their minimum fees.
- gurumeditations 5y agoThat’s the problem that cryptocurrency originally tried to solve, but of course that comes with its own set of drawbacks and shortcomings. The fundamental problem is that the US Dollar was not designed for digital transactions. When bank networks came into existence, they stopped trading physical bills and just started flipping bits in their privately owned databases. What needs to happen is the Federal Reserve needs to create a digital Dollar system that is secure, is accepted everywhere, and can be transacted quickly with zero fees. Erase the bank networks and turn banks into customer service centers who are given custodial powers (credit, chargebacks, rewards, etc) over your wallet in return for fees. The government could even levy taxes over the entire US economy this way. No more tax dodging and loss of trillions in public funds. No more TurboTax.