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The democratisation of access to financial markets has had some beneficial knock-on effects like much cheaper cross-border payments. Prior to 2010, banks were
by willtemperley 2y ago
The democratisation of access to financial markets has had some beneficial knock-on effects like much cheaper cross-border payments.
Prior to 2010, banks were charging around 5% for a GBP-EUR transaction.
This is a benefit we all see - banks now can't get away with ripping people off like they used to, when I could make a cross border payment for less than 0.5% using a crypto exchange.
Also having the ability to hedge against quantitative easing has been a life-saver for many people.
- victorbjorklund 2y agoor it could be fintech startups like Revolut and Wise. You know stuff people actually use that is actual competition for banks. A normal person does not use crypto just to exchange money from GDP-EUR for a vacation trip.
- willtemperley 2y agoYes but they came shortly after Bitcoin with comparable fees. This is not a coincidence.
- jncfhnb 2y agoIt’s a coincidence
- victorbjorklund 2y agoWise was launched in 2011. No one had heard about Bitcoin back then.
- rcxdude 2y agoIndeed. Crypto is actually very fee-heavy in my experience, from exchange fees to transaction fees and so on. It's got quite a high-friction interface to the existing financial system. As a means of doing forex for the average person I doubt it'd be competitive with even old high-fee banks.
- ttepasse 2y ago> Prior to 2010, banks were charging around 5% for a GBP-EUR transaction. Also in the 2010s: The EU introduced the Single Euro Payments Area; Wikipedia tells me that the UK participates for transfers denominated in EUR.