Can blockchain be used for fiat money transfers or mobile payments? - page 2.

avikz

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Quote from: Cryptoababe on June 14, 2024, 04:36:53 AM

Blockchain's decentralized nature, transparency, and security have proven valuable in DeFi, NFTs, and gaming. AAnd this have made some organizations prefer use it.
Perhaps it can also change how we send money, pay with phones, and use some financial services?

Let's discuss and see if blockchain can work for these uses.

The scope of blockchain is much much bigger! Think about any area where the chain of data needs to be preserved, blockchain can be used. So payments is only a very small area that blockchain can transform. The actual possibility is much bigger.

It can be used in medical records, land records, taxation and what not! Some government has already started using blocks and technology to maintain land records and for issuing birth certificate. Do a little Google search and you will get those details.

Solosanz

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Quote from: Cryptoababe on June 14, 2024, 04:36:53 AM

Blockchain's decentralized nature, transparency, and security have proven valuable in DeFi, NFTs, and gaming.

What do you need to know is not all blockchain has decentralized nature, transparent and secure.

Binance Smart Chain is the example of centralized blockchain because they only have 21 validators.

Monero is the example of private blockchain, there's no way to track which address send the coins or which address received the coins if you don't know the public address.

Many network have been hacked, check it by yourself.

Dunamisx

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Quote from: Cryptoababe on June 14, 2024, 04:36:53 AM

Blockchain's decentralized nature, transparency, and security have proven valuable in DeFi, NFTs, and gaming. AAnd this have made some organizations prefer use it.
Perhaps it can also change how we send money, pay with phones, and use some financial services?

Let's discuss and see if blockchain can work for these uses.

Blockchain already has many applicable uses and i don't see anything wrong in achieving making payment by using this same technology, we only should realized that mostly the privatized industries and companies may have much interest on this than the government because the only one the governments can support for now is from the use of CBDC and this is nothing than the same fiat currency in a digital form, while blockchain technology can be incorporated into many other services by the private sectors.

moneystery

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the idea of the central bank to launch cbdc is that they want to maximize the function of blockchain to be used on the fiat architecture and allow it to be used across digital platforms. because the nature of blockchain is that it allows all transactions to be recorded and executed safely and transparently, and that makes the government interested in using blockchain technology to counter the dominance of cryptocurrency on people's transactions globally. and when this is further developed, it will be very likely that banking will adopt blockchain as the architecture on their platform and make more people feel the benefits of using blockchain in their daily lives.

bluebit25

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Quote from: Cryptoababe on June 14, 2024, 04:36:53 AM

Blockchain's decentralized nature, transparency, and security have proven valuable in DeFi, NFTs, and gaming. (...)

It is not necessarily because of its features that it receives attention from organizations. Most of us here talk about financial speculation stories, only a small part talks about the technology that this field provides. However, it is also a part of this field, although at the current stage the acceptance is more common, but we should also recognize the fact that we see increasing prices as a more desirable thing, organizations /investment funds/ individuals all see it as an opportunity to increase assets.

While I also really love blockchain technology as I have to be frank with the fact that the hype is going on, it exaggerates more than it actually solves things, things are still the same popular financial playground.

livingfree

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Quote from: Cryptoababe on June 14, 2024, 04:36:53 AM

Blockchain's decentralized nature, transparency, and security have proven valuable in DeFi, NFTs, and gaming. AAnd this have made some organizations prefer use it.
Perhaps it can also change how we send money, pay with phones, and use some financial services?

Let's discuss and see if blockchain can work for these uses.

I think you're missing the use case of Bitcoin. It's money and it's being used to send, receive and do it with the comfort of your phone.

And that's what the other crypto projects are being done. They're almost having the same use case as with the banks, they have savings, deposit products and other interest products.

That's why I'm thinking you're missing a lot already or you're something new to this, if so then welcome.

GideonGono

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I've used Bitcoin to buy food, load and also to pay for my bill before.
There are also shops that accepts crypto now, so mobile payment through blockchain or crypto has been possible for couple of years already.

TastyChillySauce00

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Quote from: Cryptoababe on June 14, 2024, 04:36:53 AM

Perhaps it can also change how we send money, pay with phones, and use some financial services?

Blockchain can be used to pay everything as long as there is 3rd party who will able to create a bridge between merchant stores to the blockchain. Binance has made it happen. You can spend your crypto balances to pay in the merchants stores that have been partnered with binance.

Crypto has been changing the way people to send their money at this moment. The financial service will be available as long as there is a company that is supporting it.

This totally needs cooperation from the centralized exchange site to make it happen.

shinratensei_

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I thought paypal already did exactly this, allowing to automatically deduct for payment or transfer, though its more likely to be region locked but they've done this, moreover, if you wanna send fiat, just use stablecoin its as convenient as using bank just need a step to convert it from stablecoin to real fiat to your bank account but I think its pretty much solves the concerns that you mentioned above.

so yes, crypto in general can be used for all the things above, even I also remember crypto credit card, which deduct your money as well https://beincrypto.com/learn/best-crypto-credit-cards/
so basically it is as convenient as you make it to be.

Cryptoababe

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Blockchain's decentralized nature, transparency, and security have proven valuable in DeFi, NFTs, and gaming. AAnd this have made some organizations prefer use it.
Perhaps it can also change how we send money, pay with phones, and use some financial services?

Let's discuss and see if blockchain can work for these uses.

Topic: Can blockchain be used for fiat money transfers or mobile payments? - page 2. (Read 316 times)