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Perhaps more accurately, crypto can solve this problem. Right now it's hard, but if you want a solid permanent solution to this problem, crypto's a better long
by jrm4 1y ago
Perhaps more accurately, crypto can solve this problem. Right now it's hard, but if you want a solid permanent solution to this problem, crypto's a better long term bet than "let's hope the banks become less prudish."
- chistev 1y agoDoes Crypto have a webhooks kind of thing? To make it scalable? Say someone pays for something via crypto, do you have to manually confirm each time before giving them the product/service?
- jrm4 1y agoHmm, it could? From a fundamental POV, all the technology can do is act as a public ledger, executing and confirming transfers of money from one "account" to another. There's a whole lot of stuff being experimentally built on blockchains, so what you're looking for is possible. I will say -- "immutability" isn't necessarily the horror that people make it out to be. Which is to say, oh $500 gets transferred from A to B incorrectly. The fact that you literally can't "undo" that doesn't much matter -- you just transfer 500 from B to A on a 2nd transaction.
- omoikane 1y agoI am afraid history would repeat itself, where: 1. Some new or existing payment company helps merchants to transact in cryptocurrency, because it's difficult for the merchants to do it themselves. 2. This payment company now becomes the new target for attacks, and the only change is from fiat currency to cryptocurrency. An obvious answer to #1 is for merchants to process cryptocurrencies themselves, but that implies that all the problems in dealing with fiat currency (fraud detection, accessibility, scalability, etc.) is somehow easier with cryptocurrency, and I am not sure that is the case.