4 ms·
When buying stuff online, either the credit card network temporarily foots the bill until the charge actually hits your bank, or your bank processes the transac
by makeitdouble 5y ago
When buying stuff online, either the credit card network temporarily foots the bill until the charge actually hits your bank, or your bank processes the transaction directly and money moves away by a bank to bank call. It needs to ne synchronous and connected.
With this new system I’d assume you transfer ownership of your money but it doesn’t need to have both banks connect directly, and there might be a chance to have it work offline as well.
- spullara 5y agoSo, debit cards?
- AlexanderDhoore 5y agoHYPE-based debit cards!
- nomdep 5y agoNo, digital cash
- dgfitz 5y agoAs far as I’m concerned 99% of my money is already digital cash. Unless I go through the effort of taking cash out via ATM/bank or at a grocery story etc, all I ever see are numbers in a browser/app get bigger or smaller. How is this different? It precludes me from __ever__ having a tangible form of currency?
- makeitdouble 5y agoYou are putting too much meaning on the “digital” (yes, I know, it’s a name but). The point is not the digitalness but the decentralized part. One of the main participant in this system is railroads, and they already introduced a money equivalent offline system (Suica/Pasmo) that is wildly used in lieu of cash. As worded in the article they want to take it a step further and convert their “points” to actual legal tender.
- dgfitz 5y agoSo it seems like what really should happen is a decentralized USD “blockchain” where the difference is transparent to the users. ACH exchanges just don’t take 3 days and investment transfers don’t have a settling period. This is where I see the actual value of digital currency. If Bitcoin were truly of value in and of itself, it would not be tied back to the dollar. The tech makes it valuable, the concept and the potential, not btc (or a mimic of it) by itself.
- hinkley 5y agoJust smile and back away slowly.
- makeitdouble 5y agoDebit cards ask your bank for your balance and request them to debit you. This system is decentralized (backed by banks but offline use is assumed)