Quote:
Originally Posted by Azure
Payment transactions, speed, and reduced fees are one of the bigger benefits that everyday businesses should see with the adoption of blockchain technology.
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I can see the desire from the business end to reduce the transaction fee cut, and perhaps expedite the timeframe of receiving all funds.
It still has an uphill battle against society’s addiction to credit. Even for those that clear the full balance at every statement, Visa/MC still paid for my coffee today not me.
For it to overtake outside of the regulated financial world it would require people to get paid earnings in a crypto, and have the price be relatively stable so it’s not 12.5291 XLM for my coffee one morning and 16.3291 the next. Asking people to convert their regular stream of “cash” into crypto to make a transaction doesn’t easily turn into adoption. Paying people in crypto won’t take hold for regular employment because the government won’t allow under the table pay and no employer is going to convert CAD to a crypto. They would need to be receiving the majority of their income in crypto to begin with. Chicken & Egg circle of low traction.
Merchants will never drop their current payment methods. They’ll just add additional options to send crypto to them for payment but will it ever reach high spread adoption if everyone worldwide will have a few out of thousands of different types of crypto. However, the banks will slide in there too with a similar option where you can hold crypto alongside your chequing/savings. The wallet will sit inside the banking app and you can pay with your crypto by tap or barcode directly from the app instead of debiting your chequing.
Apparently Wealthsimple has added the ability to buy Shiba. The only reason to buy Shiba is because you believe someone will want to buy it from you for more $ later. Yet, the only reason they’ll buy it from you later is because they believe someone will buy it from them for more $ later. … repeat. It’s fine to exist, put your money where you want, but if that’s where all of the world’s financial minds focus their attention, tracking #### coins, real investments are screwed.