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Cryptocurrencies are volatile specifically because they are used as a speculative investment rather than a means of exchange. It is a self-fulfilling prophecy.
by beeflet 1y ago
Cryptocurrencies are volatile specifically because they are used as a speculative investment rather than a means of exchange. It is a self-fulfilling prophecy.
>And that's not even getting into the issues of crypto UX as a form of common currency for the average person.
The conventional banking system is just as complicated and less secure, yet people have adapted to its flaws. What's the difference between FedWire and ACH? Why does it take time for checks to clear, and why does it show that I have a balance immediately? What are money orders? Why are banks only open on weekdays when the entire economy relies on them to function?
- disgruntledphd2 1y agoWhy do banks refuse to clear transactions over a weekend? There's lots of problems with current payment infrastructure, but I'm not convinced that crypto would solve them. For the thing in the OP though, some kind of crypto rail for these kinds of transactions probably would make a difference. The trouble is that Visa/MC don't just impose these restrictions for moral reasons, it's mostly because of higher charge-back rates and fraud.