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by medo-bear 809 days ago
What parts of the world? In non developed countries bank fees are actually higher than in the West.

In Bosnia a most basic bank account costs about $3 per month, or 60 Ethereum transactions (most people usually have 10 - 20 transaction per month). For paying bills banks usually charge a commission fee of 1%. And if you want to send money to someone 50 kms away but across the border the fee is $20 with few days wait for money to be received.
2 comments
searchableguy 809 days ago
Most major developing countries in Asia have p2p instant payments and bank accounts for free or with minimum balance requirement.

UPI (Indian market) launched cross border support with a couple countries starting this year. 118 billion transactions happen via UPI annually.

I do think there is some niche market where ethereum payments will shine but hard to beat free and instant systems already in place at far bigger scale.

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arandomusername 809 days ago
Which is great when sending to someone in the same country, but we live in a globalized world. Sending between countries (except within EU) is best done using crypto.
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danpalmer 809 days ago
In many parts of the world people are basically cash-only and don't pay fees for handling money most of the time. The "unbanked". This is the market Ethereum wants to serve.

Also I'd challenge 10-20 transactions per month. I think in many near cash-less societies it might be closer to 5 per day.

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SideburnsOfDoom 809 days ago
> The "unbanked". This is the market Ethereum wants to serve

M-Pesa got there first, and without the taint of cryptocurrency. It's a real, deployed, working system at scale, and has been for years. The idea that a "hope to serve" after a bit more crypto tech innovation will open an untapped market ... well, I wouldn't take it seriously. It's wishful thinking at both ends of the supply and demand equation.

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thisgoesnowhere 809 days ago
You can't invest in M-Pesa tho so it's obviously very bad /s
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medo-bear 809 days ago
Bosnia and eastern and most of europe in general is certainly not cash-less nor do most people desire that
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justwool 809 days ago
5 per day?

My budget is $20 dollars a day.

Lmao people are so out of touch with reality.

5 transactions a day? For what? Honestly can I get off this train.

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