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It is ignored because for the vast majority of customers, the intermediary is not a problem. In fact, the intermediary is usually an asset. I know when I buy so

It is ignored because for the vast majority of customers, the intermediary is not a problem. In fact, the intermediary is usually an asset. I know when I buy something with my credit card or PayPal, that payment processor has me covered if the seller tries to screw me over. The people who hate the intermediaries are the sellers, because they don't like losing a small % of their sale to a payment processor. But sellers do not have the power to change this. They have to accept payment in whatever form customers are willing to provide it in. Customers aren't going to move away from PayPal and credit cards without a good reason, and so far crypto has failed to provide that reason.

judge2020 4y ago
> They have to accept payment in whatever form customers are willing to provide it in. Customers aren't going to move away from PayPal and credit cards without a good reason, and so far crypto has failed to provide that reason. In general this is just an illustration of the racket between banks and card companies, since customers really only seek to pay using the payment options their bank provides upon opening an account, although I guess that's not a surprise given Visa started out under Bank of America[0]. If banks provided a crypto wallet that had all the benefits of regular accounts like direct deposit and FDIC insurance, which they might eventually do[1], I doubt many would hesitate to use it. The only barrier would be if using the crypto wallet presented a fee that Visa and the rest of the card industry loves to keep a secret by charging the merchant instead, with the merchant passing on those costs to the customer in the form of higher MSRPs. 0: https://minesafetydisclosures.com/blog/2019/5/29/part-l-a-history-of-visa https://minesafetydisclosures.com/blog/2019/5/29/part-l-a-hi... 1: https://www.federalreserve.gov/faqs/what-is-a-central-bank-digital-currency.htm https://www.federalreserve.gov/faqs/what-is-a-central-bank-d...
- Breza 4y ago
  Cryptocurrency is too volatile to use as currency. Even with all the recent inflation in USD, the gallons of milk I earn per hour hasn't changed all that much in the past year. If my local dairy accepted Bitcoin, I'd have no idea how many gallons I could buy with an hour's labor next month.

judge2020 4y ago

> They have to accept payment in whatever form customers are willing to provide it in. Customers aren't going to move away from PayPal and credit cards without a good reason, and so far crypto has failed to provide that reason. In general this is just an illustration of the racket between banks and card companies, since customers really only seek to pay using the payment options their bank provides upon opening an account, although I guess that's not a surprise given Visa started out under Bank of America[0]. If banks provided a crypto wallet that had all the benefits of regular accounts like direct deposit and FDIC insurance, which they might eventually do[1], I doubt many would hesitate to use it. The only barrier would be if using the crypto wallet presented a fee that Visa and the rest of the card industry loves to keep a secret by charging the merchant instead, with the merchant passing on those costs to the customer in the form of higher MSRPs. 0: https://minesafetydisclosures.com/blog/2019/5/29/part-l-a-history-of-visa https://minesafetydisclosures.com/blog/2019/5/29/part-l-a-hi... 1: https://www.federalreserve.gov/faqs/what-is-a-central-bank-digital-currency.htm https://www.federalreserve.gov/faqs/what-is-a-central-bank-d...

Breza 4y ago
Cryptocurrency is too volatile to use as currency. Even with all the recent inflation in USD, the gallons of milk I earn per hour hasn't changed all that much in the past year. If my local dairy accepted Bitcoin, I'd have no idea how many gallons I could buy with an hour's labor next month.