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by eddsh1994
1228 days ago
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Ever tried to work for multiple countries with multiple banking systems? Total nightmare. When I was in England invoicing a US client required me to have a US bank account for them to pay (I ended up having to use an umbrella corp to make the payments easier as they had existing infra for a cut). Now I'm in the US when I invoice European clients payments take ages (2-3 days), when I invoice UK companies they tend to want to pay local bank accounts, and when I invoice Asia it's almost always a nightmare. USDC is instant, I can withdraw to my account in minutes, and the fee is lower. I know remittance payments from places like US to Nepal is far easier than trying with normal banking options. Even Wise still takes days instead of minutes for some transactions. |
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Okay, but the Nepal client still has to remit payment/receive payment with some source in their traditional payment system, so this doesn't really solve the issue unless they decide to operate all in USDC.
It's not a terrible burden coming from the US, but you've likewise offloaded the problem of having a US bank account onto me, where I now have to transfer my USD into USDC to pay you. It's not hard because I already have a Coinbase account, but it would take a few days for added funds to be released so I can send them to you. It's certainly not easier than something like Zelle.
Ultimately, nations aren't going to give up control of their money systems: China, for example, might use blockchains for a digital Yuan, but you can bet they will be holding the validator keys. Problems bridging between blockchains are as bad, if not worse, than problems bridging between traditional financial systems.
Point is, you're seeing a localized benefit from USDC because you've offloaded the problem of bridging between systems onto your clients, but that doesn't fundamentally fix that there are bridging problems. And even if every system moves onto blockchains in the future, that won't solve those bridging problems--in fact, it will almost certainly make them worse in the short run.