31–36 of 36 posts
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Yes but they came shortly after Bitcoin with comparable fees. This is not a coincidence.
It’s a coincidence
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It’s a coincidence
As a person making a lot of cross-border payments I disagree. In my reality paying people in other countries with crypto is much easier if they can accept it. Accepting is challenging but mostly because of regulations, not crypto itself.
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At the end of the day, web3 is just the web with a new payment processor (a blockchain) That payment processor just has no support, no UX team, no security team, and nobody to hold accountable. It’s actually a more trust based system than what we have. Instead of trusting a single payment provider, you need to trust a wallet extension, the website you’re on, and the contract you’re interacting with. Any failure in ju…
...and the crypto it's based on. ...and it's implementation. I can't wait for the biggest bank heist in history due to an exploit in a crypto algorithm.
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 hedg…
Also in the 2010s: The EU introduced the Single Euro Payments Area; Wikipedia tells me that the UK participates for transfers denominated in EUR.
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or 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.
Yes but they came shortly after Bitcoin with comparable fees. This is not a coincidence.
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Web3 is more than that because some people genuinely thought the future was running actual code on the blockchain and using that as part of the backend. Of course that works reasonably well as long as your code is terse, straightforward, trustworthy, easy to read, bug-free and you have no performance requirements for execution speed or deployment speed.
So almost never?