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Are you being purposely disingenuous here? Perhaps crypto is an improvement over some archaic US banking standards but in the UK transactions will clear basica
by short_sells_poo 5y ago
Are you being purposely disingenuous here?
Perhaps crypto is an improvement over some archaic US banking standards but in the UK transactions will clear basically immediately and cost nothing. A money transfer is asymptotically just updating a couple of database records in a transaction. Execution speed is a technical problem, and one that is not solved efficiently by cryptos.
Finally, most western countries offer an analogue of FDIC for bank accounts. Countries which don't have such a scheme in place need to install one, again its not something that cryptos solve in any (novel) way.
Same goes for half a dozen countries in Europe that I had the fortune to live in.
- imagineerschool 5y agoThey are being serious. Crypto financial services are a huge step forward in environments with broken banking systems. The US is one such place. You're living in comfort and wealth in a civilized nation with modern regulated banks, so your perspective is narrow.
- deleted 5y ago[deleted]
- doggosphere 5y agoIronically, the only times I've wired money internationally was so I could deposit fiat to a crypto exchange. Canada to Japan, Canada to Poland. Each time it takes more than 2 weeks to arrive or be accessible in my account. Whenever I "wire" crypto, it shows up in my account and is accessible in hours.
- arcticbull 5y agoThis is due to AML/KYC. The only reason you can do that with crypto is it's got the safety off.
- hanklazard 5y agoNo, I'm not being disingenuous. I'm telling you that it can take a number of days (4 if a weekend is involved) for retail transfers between American bank accounts to clear. I'm very aware that this is a matter of updating a simple database record--that's why it's so frustrating and why many people are bypassing this system entirely with stablecoins.