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You are referring to Google Pay/Apple Pay/VISA. This is correct and it is mostly what people use these days. But it isn't on a block chain and it isn't extens

You are referring to Google Pay/Apple Pay/VISA. This is correct and it is mostly what people use these days. But it isn't on a block chain and it isn't extensible. With our current digital cash I can not create NFTs and trade then around. It also doesn't allow for arbitrarily large transfers. It doesn't replace ACH or Interac. There are no public ledgers. I think that digital cash with the features I described above will come into existence, as parallel structures to the existing ones, but probably will see significantly more adoption. Right now we are seeing fracturing of the cash system with PayPal, Stripe, Venmo, etc. I think there could easily be a consolidation period around block chain official state currencies at some point.

__alexs 5y ago
> But it isn't on a block chain and it isn't extensible. It is very extensible. My bank has an API. > With our current digital cash I can not create NFTs and trade then around. I'd call that a feature rather than a bug. I am absolutely able to buy and sell items traceably with other people though. For example I recently bought a house. The transfer was facilitated by my solicitor and recorded in a central government registry. > It also doesn't allow for arbitrarily large transfers. Transactions of many millions of dollars are routinely made using existing digital banking technology. My personal account has a 10k/day cap due to money laundering rules but that seems fairly sensible. I can call them up and have it raised for one offs.
yashg 5y ago
Why does digital cash need to be on a blockchain?