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I mean, if I want to send you some money, and let's say you are just in Canada (I am in the United States), my options are limited and many are super expensive.
by saurik 5y ago
I mean, if I want to send you some money, and let's say you are just in Canada (I am in the United States), my options are limited and many are super expensive... and almost all of them take forever. The only cheap, easy, and fast way is PayPal (or their subsidiary Venmo), which I don't think anyone truly likes (evidence for which is easy: find literally any thread on Hacker News about them that isn't using their existence to defend why cryptocurrencies are unnecessary).
Other than PayPal, Bitcoin (or Ethereum and Avalanche or what have you) is much easier than all of these systems, and while it currently may or may not be as cheap, it was frankly a "first draft": the subsequent protocols the community is using are all (incrementally) cheaper and the ecosystem has even been succeeding at improving the overall scalability. If you tell me your Bitcoin address--no matter where you are in this increasingly global world--I can reliably send you money.
- pg_bot 5y agoThe best case scenario I can see is that cryptocurrencies push the US banking system to adopt something like the British "Faster Payment Services". If anyone begins to gain adoption they will be outcompeted by incumbent banks. It has never been the case that banking has been limited by technology for quicker and cheaper transactions in the US.
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