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> You already have banks doing the exact same thing for free, while insuring your money, you don't get hit 3% for transferring it into the bank, and there's interest accrued So much wrong with this statement. First, not many banks in the U.S. do "the exact same thing for free", actually almost none do. Most ACH transfers take 1-5 days, instead of ~10 minutes with Bitcoin or ~15 seconds with Ethereum. Yes, I know about Zelle, but not all banks support that, and clearXchange isn't always same day, even. Second, some services like Coinbase[1] insure your holdings, even while in crypto. Third, almost all services that use ACH, like GDAX (Coinbase), Gemini, etc. don't do a 3% transfer fee through ACH, it's actually free. But it's next business day, like most ACH, where as crypto would've been an hour at most. Lastly, some countries, like oh I don't know, Japan[2], have negative interest rates, so your money shrinks by the day instead of growing. [1]:https://support.coinbase.com/customer/portal/articles/166237... [2]:https://www.nytimes.com/2016/09/21/business/international/ja... |
Seems like instant liquidity confirmation has been solved with credit cards or Paypal for trivial amounts (third party willing to act as an intermediary) or wire transfers for larger amounts (banks engaging their backchannel comfirmation protocols for a measly $25 fee).
There are also debit card payments, admittedly not as widespread, but impressively fast when used through Square Cash or Facebook Messenger.
None of the existing solutions are perfect, but all seem to be "good enough".