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the majority of crypto is being held in non custodial wallets, not exchanges. a better way to frame your comment: why does the world use Stripe and PayPal when
by web4 4y ago
the majority of crypto is being held in non custodial wallets, not exchanges.
a better way to frame your comment: why does the world use Stripe and PayPal when you can just go to your bank and ask them to setup a multi day long wire process from bank A to B for less fees?
- thehappypm 4y agoPeople do both, every day, what is your point?
- web4 4y agothe point is that Stripe achieves some features for certain users that a wire does not. and crypto achieves some features for certain users that Stripe does not.
- KennyBlanken 4y agoThe 'wire process' is not "multi-day-long", plus a huge number of banks now participate in Zelle, which can be used for instantaneous fund transfers with zero fees. The biggest problem with Zelle is that it looks and feels like a circa-2002 web application.
- web4 4y agomany wires will be multi days long, encumbered by weekends, holidays, business hours, international checks, and occasional bounces (ask any company their experience with wires for international contractors). Zelle is between US banks only. some people live outside of the US, surprisingly.
- dmitriid 4y agoThe EU has now mandated fast transfers between banks in the EU. So, for EU (23 countries) it's not a problem either. Sending money between banks is both a technical and a regulatory issue (and crypto is discovering why regulations exist at great cost to crypto users). However, "instant money transfer between banks" is not an unsolved issue.
- web4 4y agolarge (> 10K) bank and wire transfers within UK and EU are still in the order of days, not seconds. the last large bank transfer I did took 5 days without any way for me to track this transfer. the same amount I was able to transfer within crypto networks in 30 seconds and the transaction progress and it’s validation status was visible for the entire duration. the EU and UK banking system is far better than the US but still it is not a global payment processor network and API, hence why the web even in EU and UK relies on Stripe, visa, Apple Pay and PayPal and their corporate and centralized infrastructures. building an alternative infra that is not based on a single corporate entity is net positive for the world long term
- dmitriid 4y ago
- web4 4y agoit always comes back to the same argument: crypto is bad because a couple centralized companies handle this all for us just fine, and people in some countries already have great interbank transfers. also please lose the ad hominem, it is not needed.
- dmitriid 4y ago> it always comes back to the same argument: crypto is bad because No it always comes to the same argument: crypto bros argue that traditional finance is bad and their claims get refuted again, and again, and again, until they fall back to the same old tired "but what of the unbanked?!" No. Crypto will not save the unbanked. > also please lose the ad hominem, it is not needed. There was literally no ad hominem.
- mutatio 4y agoThis isn't true for transfers within the UK using Faster payments - upto £250K, near instantaneous.
- whimsicalism 4y agoYou could Zelle your friend in Ukraine? Doubt it.