Quote:
Originally Posted by Jason14h
However, heres just one use case as an example of where Crypto can disrupt in Canada - Buying anything P2P online or even in person
Think of how many scams are online when trying to sell anything. Even using a service like Paypal allows the buyer to pull back the funds pretty easy (By design, it is there to protect the buyer)
Even accepting money in person is risky. Selling a car - Counterfeit $$ and fake bank drafts are an issue. What if its the weekend or a holiday and the bank is closed?
You don't have a point of sale machine just ready to accept a credit card in these instances. (The companies who make single person POS systems are all investing heavily in crypto as they know distributing CC POS to every individual is crazy)
NOTE * - Using Phone as POS machines will solve this issue when it happens and is why Apple is investing so heavily in it and announced last week and the fintech stocks all took a hit.
With Crypto I can send you the $$ and you know it is real, and in your position almost instantly.
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But that already exists for smaller amounts with Interac e-transfers (or things like Venmo in the US). And it would be trivial to implement for larger amounts if financial institutions felt any real threat from people switching to cryptocurrency for those types of transactions. The only real risk right now with accepting those kinds of payments when you're selling something is that the funds are stolen or proceeds of crime, and crypto doesn't solve that. And the risk for the buyer is fraud if you pay with something that can't be reversed, which again, is a problem that crypto doesn't solve.