@cmuratori I'm listening to the crypto interviews, currently Zac Burns. And from what this guy is saying, I get the impression that there is no online banking in America? Is that true?
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Replying to @MagpieMcGraw
There is online banking, but there is no support for efficient on-line transfers. It is currently extremely difficult to have a bank transfer money from your account to someone else's account. That is why services like Venmo are popular: because banks here suck at their job.
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Replying to @cmuratori
Wait, then how does online shopping work in America? Because here, many stores automatically generate a payment order in your bank, and you just login and click confirm. For small business you just manually make a bank transfer to their account.
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Replying to @MagpieMcGraw
That is how it _should_ work, but that is not how it works for most people. They have a credit card, and they use that to pay, which records a transaction but does not complete it. At the end of each month, the customer receives a list of all transactions...
1 reply 0 retweets 1 like
... they can then choose to go through and dispute one of the transactions if they believe it is fraudulent, otherwise, they are all settled. It's very bad, because the delay between fraud occurrence and detection can be literally 30 days, or perhaps even never!
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