I know I am harsh on some of the cryptocurrency claims, but I would like to point out something very positive: the crypto API structure of push payments instead of the absurd credit card structure of pull payments is a massive step forward in several ways.
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I also love that. And of course by "love" I mean "am disgusted by".
End of conversation
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Or maybe the governments will force crypto (or its intermediaries) to work like pull payments. Govs want to know every single transaction that happens in an economy, there are valid reasons to do so (preventing illegal activity and tax avoidance). But the implications are grim
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It already happens that a lot of crypto transactions managed by exchanges are not actual transactions in the blockchain Crypto could go two ways: everyone has their wallet ID, everyone's wallets is managed by a gov or company (and probably won't map to a blockchain wallet)
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Take a look at UPI. It's a push based payment system based in India. There was an rfc for payto scheme built into web. Pretty cool if it catches on.
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In Brazil we already have something like that. It’s called PIX. And we are using more and more each day, so much that I think credit card transactions will become obsolete in the near future.
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Great observation Casey. Have you found a way to "push payments" from crypto to billers such as credit card payments? I'm working on a related project and trying to learn how crypto people use their idle cash
in between "real world" bills.Thanks. Twitter will use this to make your timeline better. UndoUndo
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