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Australia too has instant and fee free transfers, so American staples like venmo just simply don’t exist here. People just send money to and from each other’s b
by jama211 1y ago
Australia too has instant and fee free transfers, so American staples like venmo just simply don’t exist here. People just send money to and from each other’s banks directly instantly and for free. So why would we need another service?
Crypto here would similarly make very little sense.
- jama211 1y agoAs an aside, if banks in other countries also worked like this because we as a global society regulated them better then people in those countries could enjoy similar rewards.
- nikcub 1y agoIt's not about the domestic use case - that is solved by regulation in stable economies. Try paying someone in Pakistan from Australia. Business is global now.
- jama211 1y agoI seem to have no issue purchasing goods online from stores operated in other countries.
- wholisticguy 1y agoYou do so at the pleasure and convenience of duopoly of credit card payment processors (Visa and MasterCard). And occasionally, they will withdraw that service for arbitrary and capricious reasons https://news.ycombinator.com/item?id=44685011 https://news.ycombinator.com/item?id=44685011 Crypto stablecoins running on blockchain rails provide an alternative to that network.
- jama211 1y agoI believe the duopoly is bad, but the solution to that is market regulation, not crypto.