WhatsApp Launches Instant Cryptocurrency Payments in the US
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Re: WhatsApp Launches Instant Cryptocurrency Payments in the US
#2> Users who are paid this way receive USDP, which can be withdrawn to a bank account in its equivalent value in US dollars.
I feel like I’m missing something. How is this system any different than a centralized system like PayPal or any other traditional payment system, where users have a USD balance and can withdraw it to their bank accounts?
If the company secretly removed the cryptocurrency backend and replaced it with a centralized database, would anything at all change for the users? Or would it be functionally identical?
Re: WhatsApp Launches Instant Cryptocurrency Payments in the US
#3> Users who are paid this way receive USDP, which can be withdrawn to a bank account in its equivalent value in US dollars. I feel like I’m missing something. How is this system any different than a centralized system like PayPal or any other traditional payment system, where users have a USD balance and can withdraw it to their bank accounts? If the company secretly removed the cryptocurrency backend and replaced it…
Paypal charges 3% and randomly bans accounts.
Re: WhatsApp Launches Instant Cryptocurrency Payments in the US
#4> Users who are paid this way receive USDP, which can be withdrawn to a bank account in its equivalent value in US dollars. I feel like I’m missing something. How is this system any different than a centralized system like PayPal or any other traditional payment system, where users have a USD balance and can withdraw it to their bank accounts? If the company secretly removed the cryptocurrency backend and replaced it…
Paypal charges 3% and randomly bans accounts.
Whatsapp sells my data for profit and allows ME to ban innocent accounts for 24 hours.
Re: WhatsApp Launches Instant Cryptocurrency Payments in the US
#5> Users who are paid this way receive USDP, which can be withdrawn to a bank account in its equivalent value in US dollars. I feel like I’m missing something. How is this system any different than a centralized system like PayPal or any other traditional payment system, where users have a USD balance and can withdraw it to their bank accounts? If the company secretly removed the cryptocurrency backend and replaced it…
Paypal charges 3% and randomly bans accounts.
PayPal fees are zero when money is sent as a “gift” and isn’t coming from a credit card. That seems to be equivalent to this model.
WhatsApp has to play by the same banking rules as PayPal, so they’re not automatically exempted from the same regulations around prohibited transactions. These rules are still enforced at the bank layer.
Re: WhatsApp Launches Instant Cryptocurrency Payments in the US
#6> Users who are paid this way receive USDP, which can be withdrawn to a bank account in its equivalent value in US dollars. I feel like I’m missing something. How is this system any different than a centralized system like PayPal or any other traditional payment system, where users have a USD balance and can withdraw it to their bank accounts? If the company secretly removed the cryptocurrency backend and replaced it…
Pick your middleman. Using a crypto layer internally means you can circumvent traditional payment rails which means if you're in American growth-tech where revenue isn't a thing you can just remove all fee's for a while. Paypal could do the same for sure but chose not to.
Disagree with the notion they won't be shutting people out of the network when needed, that's not grounded in reality.
Re: WhatsApp Launches Instant Cryptocurrency Payments in the US
#7> Users who are paid this way receive USDP, which can be withdrawn to a bank account in its equivalent value in US dollars. I feel like I’m missing something. How is this system any different than a centralized system like PayPal or any other traditional payment system, where users have a USD balance and can withdraw it to their bank accounts? If the company secretly removed the cryptocurrency backend and replaced it…
Pick your middleman. Using a crypto layer internally means you can circumvent traditional payment rails which means if you're in American growth-tech where revenue isn't a thing you can just remove all fee's for a while. Paypal could do the same for sure but chose not to. Disagree with the notion they won't be shutting people out of the network when needed, that's not grounded in reality.
> which means if you're in American growth-tech where revenue isn't a thing you can just remove all fee's for a while. Paypal could do the same for sure but chose not to.
PayPal doesn’t have any fees if you send money as a “gift” (that is, forgo any fraud protections) and you don’t use a credit card.
Re: WhatsApp Launches Instant Cryptocurrency Payments in the US
#8> Users who are paid this way receive USDP, which can be withdrawn to a bank account in its equivalent value in US dollars. I feel like I’m missing something. How is this system any different than a centralized system like PayPal or any other traditional payment system, where users have a USD balance and can withdraw it to their bank accounts? If the company secretly removed the cryptocurrency backend and replaced it…
Pick your middleman. Using a crypto layer internally means you can circumvent traditional payment rails which means if you're in American growth-tech where revenue isn't a thing you can just remove all fee's for a while. Paypal could do the same for sure but chose not to. Disagree with the notion they won't be shutting people out of the network when needed, that's not grounded in reality.
> Disagree with the notion they won't be shutting people out of the network when needed, that's not grounded in reality
Facebook is the only one with access to write to this chain correct? If so, they can shut people out of their chain by just disabling their Facebook, WhatsApp, or meta accounts. That’s grounded in reality
Re: WhatsApp Launches Instant Cryptocurrency Payments in the US
#9Is this jumping on the bandwagon or genuinely beneficial? I'm willing to give FB the benefit of the doubt here.
However, I'm a total rookie when it comes to crypto, blockchain etc. and giving a company that permabans via ai with no human fallback control of payments seems like a bad idea to me.
Re: WhatsApp Launches Instant Cryptocurrency Payments in the US
#10Why crypto? WhatsApp users are not particular tech-savvy, why not just use Fiat?
The use of crypto in here just makes it more difficult to understand for the end user, or am I missing something?