Introducing Snapcash! https://www.youtube.com/watch?v=kBwjxBmMszQ
Send Money to Friends in Messenger
151–160 of 293 posts
Re: Send Money to Friends in Messenger
#152Earlier quoted context omitted.
So you think bitcoin is harder than: 1. Learning how to open a bank account (requires tons of personal information) 2. Learning how and why to use a debit/credit card (insecure) 3. Signing up for (requires e-mail) facebook and tying your credit card to it to send money ?
The point is that 95% of adults have already done #1 and #2 and half of #3, and they have experience giving their credit card info to other websites. Maybe if you were starting tabula rasa with eleven year old children who'd never had a bank account or used a website before, maybe then bitcoin would be easier (provided they didn't get hacked and have their coins stolen[0]). [0] https://twitter.com/Coinapult/status/57…
Incompetence is payment-system-agnostic:
http://www.bloomberg.com/bw/articles/2014-03-13/target-misse...
Re: Send Money to Friends in Messenger
#153"Need a ultra-secured phoned with 2 level authentication on messages "
What happens if I lose my phone , someone adds himself and send money , oh crap ! But Facebook knows where we are sending money , will it be helpful enough to nab a thief ?
Re: Send Money to Friends in Messenger
#154Earlier quoted context omitted.
The points are that you don't need 1. a bank account 2. a debit/credit card 3. facebook messenger in order to send money instantly.
You just need a bitcoin balance and the recipient needs a bitcoin address. Which practically seems like way more friction than the three items you listed.
Not to mention the fact that the recipient needs a bank account anyway if they want to convert their bitcoin into something that they can actually spend outside of the dark web. Worse, the recipient also needs a bitcoin exchange account to even make the conversion possible, then they have to wait two days for the exchange to ACH the money into their bank. This all assumes the exchange will even do business with them following their extensive KYC checks.
I've never had a bank require that I OAuth with Facebook or give them copies of my passport in order to get an account. Bitcoin is just not the solution to this problem.
Re: Send Money to Friends in Messenger
#155Earlier quoted context omitted.
So you think bitcoin is harder than: 1. Learning how to open a bank account (requires tons of personal information) 2. Learning how and why to use a debit/credit card (insecure) 3. Signing up for (requires e-mail) facebook and tying your credit card to it to send money ?
The hard part of bitcoin is keeping all the devices you use it on perfectly uncompromised and backed up.
The hard part about using a credit card is trusting the merchant to be perfectly secure.
Re: Send Money to Friends in Messenger
#156The old jwz quote: "Every program attempts to expand until it can read mail. Those programs which cannot so expand are replaced by ones which can. "
And the Cargill corollary: "Every social media company attempts to expand until it can become a bank. Those companies which cannot so expand are replaced by ones which can. Here a bank is defined as some entity that stores and records transactions between people "
Re: Send Money to Friends in Messenger
#157Earlier quoted context omitted.
At least Gmail & Facebook are pretty widely used already though
But with both Google and Facebook essentially being advertising companies a notable amount of people are hesitant to give them access to personal data. That could be a real hindrance to them becoming ubiquitous payment providers.
Honestly, if said data is used to generate some demographic profile in order to show me less irrelevant ads while still paying for these incredibly useful services, I don't terribly mind. Advertising has been around for a while but being able to guess what might apply means less reliance on sheer volume in order to get the same value from the "ad space". I completely understand the ways this can backfire (shadowy three-letter agencies stealing that profile info, leaks that reveal info that someone figures out how to tie to your identity, etc) but those things are already distinct possibilities with credit card companies, email providers, loyalty cards, medical records, and a host of other things. Leveraging information to create valuable services that would otherwise not be possible is probably not going away anytime soon. At least this way it's easy to split bar tabs or cab rides.
Re: Send Money to Friends in Messenger
#158Earlier quoted context omitted.
The hard part of bitcoin is keeping all the devices you use it on perfectly uncompromised and backed up.
The hard part about using a credit card is trusting the merchant to be perfectly secure.
The difference is that stolen bitcoin equates to a permanent loss of funds while a stolen credit card number equates to a customer service phone call.
Re: Send Money to Friends in Messenger
#159Earlier quoted context omitted.
You just need a bitcoin balance and the recipient needs a bitcoin address. Which practically seems like way more friction than the three items you listed.
Not to mention the fact that the recipient needs a bank account anyway if they want to convert their bitcoin into something that they can actually spend outside of the dark web. Worse, the recipient also needs a bitcoin exchange account to even make the conversion possible, then they have to wait two days for the exchange to ACH the money into their bank. This all assumes the exchange will even do business with them…
>Not to mention the fact that the recipient needs a bank account anyway if they want to convert their bitcoin into something that they can actually spend outside of the dark web.
I guess you've never read https://en.bitcoin.it/wiki/Trade
Re: Send Money to Friends in Messenger
#160Earlier quoted context omitted.
It's bizzare that our financial sector is the largest area of the economy and yet has not managed to produce any innovation in this regard. Shouldn't banks be giving us easy ways to transfer money? Isn't this their function? Financial services?
Here in Canada, I can do an email money transfer to virtually any financial institution. All the recipient needs to do is bank with one that supports it and use online banking. I don't know how innovative it is, but it works relatively well. https://www.interac.ca/en/interac-etransfer/etransfer-detail
Yes, Canada is ahead. On the other hand that email money transfer incurs a transaction fee from most banks.
What pisses me off is that we have a nearly ubiquitous way to send money in the physical world--a cheque. Yet, in the digital world we stumble to achieve the same.
I blame the profit driven corporations as each solution incurs a transaction fee and/or a proprietary solution with no interop with other systems.
My experience doing B2B money transfers: For those out of country I paid a $25-50 fee to do a wire transfer. Meanwhile bank transfers within Canada required a cash withdrawal (or bank draft), followed by a trip to the other bank to perform the deposit. Sigh.