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Even with all cryptocurrencies prices roller coaster and continuous scams they are 100x times better still than traditional banks - less paperwork, everything a

by xvilka 4y ago

Even with all cryptocurrencies prices roller coaster and continuous scams they are 100x times better still than traditional banks - less paperwork, everything automated as much as possible, often even faster. No COBOL and online clients from 1990.

nradov 4y ago
How is it better? I can't buy anything that I actually want with cryptocurrency. There's no paperwork for my traditional bank accounts and everything is already automated and fast. The programming language they use on the back end is utterly irrelevant to customers, we never see it. Nothing wrong with COBOL anyway, it still works fine.
- xvilka 4y ago
  > There's no paperwork for my traditional bank accounts and everything is already automated and fast. I have completely different experience with many different banks in Asia and Africa.
Comevius 4y ago
I can buy a pizza with my credit card or send $5 to my friend using his email address. It's all automated, instant, and can be done using third party clients thanks to open banking.
acdha 4y ago
What bank do you use which requires paperwork or interacting with COBOL? The only transactions I have which take longer than seconds are the wire transfers for things like buying my house where the extra delay to confirm the transaction is both not a problem and desirable given the sums involved.
makoz 4y ago
Do you mind expanding why as an end-user paying in cryptocurrencies is easier than signing up for a credit card and paying with that? To sign up for a credit card (in USA), I just provide my personal information to some banking website and they mail me the credit card in a week or so that I can start to use.
- xvilka 4y ago
  It gets more complicated once you start using it for services outside the country, international transfers, or you decide to work overseas, or just retire overseas.
babypuncher 4y ago
Also no fraud protection

by xvilka 4y ago

nradov 4y ago

How is it better? I can't buy anything that I actually want with cryptocurrency. There's no paperwork for my traditional bank accounts and everything is already automated and fast. The programming language they use on the back end is utterly irrelevant to customers, we never see it. Nothing wrong with COBOL anyway, it still works fine.

xvilka 4y ago
> There's no paperwork for my traditional bank accounts and everything is already automated and fast. I have completely different experience with many different banks in Asia and Africa.

Comevius 4y ago

I can buy a pizza with my credit card or send $5 to my friend using his email address. It's all automated, instant, and can be done using third party clients thanks to open banking.

acdha 4y ago

What bank do you use which requires paperwork or interacting with COBOL? The only transactions I have which take longer than seconds are the wire transfers for things like buying my house where the extra delay to confirm the transaction is both not a problem and desirable given the sums involved.

makoz 4y ago

Do you mind expanding why as an end-user paying in cryptocurrencies is easier than signing up for a credit card and paying with that? To sign up for a credit card (in USA), I just provide my personal information to some banking website and they mail me the credit card in a week or so that I can start to use.

xvilka 4y ago
It gets more complicated once you start using it for services outside the country, international transfers, or you decide to work overseas, or just retire overseas.

babypuncher 4y ago

Also no fraud protection