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With the possible exception of "privacy", that use case is already solved by bank transfers all over the world - in particular, check out India's UPI: https://

• thomasikzelf 5y ago
  Interesting blog! Bank transfers using the same bank are free here. Even the most used payment method used here in the Netherlands is pretty cheap (Ideal). But the question is if this can be scaled to a global scale. A lot of parties have to come to an agreement for that to happen. It can also come in the form of something like paypal. Paypal could reduce their rates to almost zero. If everybody then uses paypal we achieved our goal. But for that to happen paypal needs to become a monopoly, and once it is it has no incentive for low prices. Note: I meant privacy as in private for consumers. With bitcoin everybody can see all transactions. I (and most people) don't really care that the government can see your transactions for tax and anti-fraud purposes.