Topic: Can blockchain be used for fiat money transfers or mobile payments? (Read 316 times)

That's also the first thing that comes in my mind after reading what he wrote there. There is no underlying technology because the product is already there, finished and now being used by the many but there might only be continuous improvement that we can witness as the time passes by. The news/article that you share is impressive. At first look, I thought it was Tron but Tron is also fast and I think it can also handle lots of transactions per second.

It's also impressive on how a new created crypto/blockchain called Ton have now surpassed Tron and other once leading crypto but let's see if they can continue this momentum because this might only be a hype that they are experiencing now. They still have a long way to go to prove their selves. Another thing that is impressive is that cryptos such as Ton can surpass the potential of famous payment systems like Master card. I hope many people will now not underestimate them and they might now consider them as an alternative or better as a replacement, only to try new and exciting things.

Like we said earlier, there are now CBDC's and stable coins, and a few or many of them have came from the government their selves, the only thing is that I haven't seen one of them that surpasses other cryptos in terms of TPS but many or a few of them can still perform better as on what is their intended use.

Blockchain is already been used for fiat money transfers and payments, all you need to do is to make payments with a digital cash like Bitcoin, it works like fiat when using it to pay for things. Traditional banks don't necessarily need to adopt the blochchain technology for people to experience it's advantages. Alternatively you can convert Bitcoin to stablecoins or your preferred fiat currency through p2p transactions and make payments with it. Aside from the financial sector, other sectors like agriculture are also benefiting from the Blockchain technology.

it is very possible to use blockchain technology for digital fiat transaction systems or banking, or anything that requires a ledger system for recording their transactions. because blockchain technology is not only developed for cryptocurrency systems, but more broadly than that, it can be used for transactions such as banking, cargo, etc.

but the question is whether this company or institution is ready to accept blockchain technology in their system? because to develop it means they need to develop their own system or collaborate with a third party, which means more costs or regulations that prohibit them from adopting blockchain technology in their system.

Have we not been doing that with cryptocurrencies? The blockchain technology was first applied to cryptocurrencies and now we have thousands of it with bitcoin on the top and still very much relevant and useful to many people.
Aside from financial uses, I think we should discuss how versatile blockchain tech actually is. It can be used in elections as a form of voting system ensuring transparency and many others

Blockchain is indeed a relatively new thing, maybe most people don't know it yet, but for this digital era I think people have started to know the information, although it is not yet widespread, in the future it will definitely be commonplace for everyone to use it, with this technology it can actually be accessed by anyone, easily without having to get approval from a party or institution, in this case everything takes time with more advanced thinking to change it.

what you described is either stablecoin or CBDC, they are ideal for this and the utilization of blockchain will further advance the underlying technology, right now some of the blockchain such as TON already surpass the TPS of centralized system like what mastercard is having by significant gap.



I think if some government out there will try to utilizes blockchain and create their own fiat backed digital currency, then they will leverage on the fastest blockchain technology that could handle massive amount of txs.

Definitely.
Some people are even familiar but still not convinced of this technology's potential, which is just fine. Let time help them to realize the advantages of this industry with regards to payments and daily transaction if ever things would be adapted by more countries, companies, wnd basically people. Indeed, this industry is still young despite its existence which is more than a decade already. There are still a lot of rooms for improvement and further developments concerning speed, cost, and overall efficiency of transactions. Right now blockchain technology and this industry in general is more used as means of digital investment to make profit from but it already has advantages over fiat based digital currencies as a mode of payment for more people to see in the future.

There are some places that does this already, and you can definitely assume that it will be quite common in the future as well. Not everyone accepts crypto as payment, but there are millions who would like to use crypto as payment. That means, if you can find a middle ground, which exists but not spread yet, where you spend crypto to buy something but the seller gets fiat, that means it can grow.

This now exists, there are places that does it, but we need bigger companies to do it. I think Binance would be perfect, imagine getting a "binance card" which works everywhere around the world, and you can spend your bitcoin, and they will use it to exchange and pay the shop.

Binance is big enough to buy a bank too by the way, so they could totally buy a bank in some smaller but financial nation, like let's say Malta. Could be some other nation too, doesn't really matter after all they spent billions just to pay a fine, if they spend some more billions they can buy a bank, and fill that bank with their cash too. In that situation, I am pretty sure that they are going to be an official bank that you have a card from, and you can spend it, and just pay with bitcoin to bank back, which binance would accept.

well blockchain is still a bit new to the ears of many people.

it is not like we can expect the blockchain technology to change the financial system overnight. it will take work and that work will be coming from us.

since there are not much people who are aware about blockchain tech just yet and does not have any idea how to navigate through it, it is not being used to its maximum potential by the right people just yet.

right now all people can do is speculate about how the blockchain tech can help us change or improve the system

When I read the topic, what comes to my mind is fiat but on the blockchain. What that means is that there’ll be a cryptocurrency baked by a particular country’s fiat currency, and the total supply would be just the same. Or even if it isn’t the same, it’s the same value as fiat, can be received and sent just like fiat, but is on the blockchain. I’m not sure but if this is what you mean, it is completely possible.

The option is out there and it exists already, just not liked by many to be fair. The fact that you could even get "crypto debit card" type of thing is also already out there, and can be bought with crypto, meaning you could literally live off crypto alone, but so far nobody big did it, and marketing sucks, so nobody really cares.

I think anything that connects financial worlds "spending" part with crypto, is not going to get much attention, not anytime soon anyway. It will become big eventually, but that will happen with a big trusted company for it. Crypto is mostly investment for people, it is not a currency anymore, it is an asset and because of that people end up seeing it as something to invest, not use for monetary reasons.

It can. Question is would it be used? Yes, I am aware that some wallets actively use crypto as an alternative, my native digital wallet also has a cryptocurrency section to it already but afaik, it's not decentralized lol. It's almost similar, or even a lot worse compared to centralized exchanges afaik, so yea, the decentralized nature is gone. Security? Probably the same, I mean it's not "your" wallet, it's the mobile apps wallet. Transparency is probably the only thing left.

And honestly it's not going to change much. It's still using phones and mobile cash apps to pay.

What mistakes?

Actually it's simple, every businessmen and government only need to accept stable coin, that's all. So, people will not afraid to pay using stable coin, as we know some people are skeptic with something that didn't promoted by the government.

But, I'm sure it will not gonna happen, if most people now use USDT, US will bankrupt since their citizen no longer use banks anymore.

If the question is really "can" then we could say that it "can", as simple as just USDT making a deal with global banks would solve that issue easily and you are done, it's literally that simple. But the real question should be, will it? That is the real question, and we should consider that as more important because I feel like we are not going to have that at all, we are going to end up with something much better.

We are not going to get it working that easily, things are not that simple, so we should definitely avoid making mistakes. I personally believe that it will not happen, it can happen but won't happen. Why? Because it would require a global network, and building one is near impossible and dealing with an existing one as crypto would be very tough.

I'm hoping we could see any decentralised one. Although, I've seen some replies here talking about Bitcoin payments and stuff like that. Thats decentralized but might be slower. Also, Is Bitcoin lightning payment decentralized or centralized?  I read about that lately.

Literally this is called as crypto currency, did you missed the basics while trying to get into the trends whether its ICO, Defi, NFT or whatever. Or you're asking is there any way to send the existing fiat money via blockchain?

If it's later that's what CBDC which is created by government, centralized but instead of bank it uses blockchain mechanism to send and receive funds but still you need bank account to redeem the CBDC to fiat or vice versa.

I heard of Telcoin too. They aim to enable users to send and receive money quickly and at a lower cost. They have even partnered with mobile operators and e-wallets globally to use their infrastructure, making financial services more accessible, particularly in underbanked regions. I saw on twitter that platforms like Bitget and some others support them.

Is this not already in play?

We have digital wallets which contain cryptocurrency with blockchain technology. Actually in my country, mobile payments are already very common but still it was through fiat not crypto.

Mobile payments with blockchain tech will definitely revolutionize the whole financial system. I personally like the idea of paying without having to share your information not even your name. And your receipt is basically on the blockchain if you wanted to check.

Many platforms offer these features that OP is asking about. PayPal is one, and I recently learned that Telcoin is another platform that provides efficient worldwide money transfers. Telcoin can be accessed on any mobile device and is registered in several countries.

https://x.com/TelcoinTAO/status/1801555367991673072?t=YdVQzWc2AT3bEh1SPfQKWQ&s=19

It can work definitely, actually there are projects that had been made for the sole purpose of solving financial problem by offering financial services that can be done on a blockchain but yeah, the projects that has this idea can't execute it right that's why we still don't have a famous project that offer this. Centralized platforms are the one reigning like paypal, apple pay, and other same services. Maybe sooner or later we will all adopt and regularly use a financial services that run on a blockchain regularly, I am saying majority of us crypto users that can be compared to the numbers of what CEX users has.