Federal Reserve launches FedNow instant payment service - page 4.

pooya87

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Quote from: larry_vw_1955 on July 24, 2023, 01:30:24 AM

Quote from: pooya87

Do you seriously not understand the difference between centralized fiat (and its alternatives) and decentralized money that is bitcoin after 2 years of being in this forum? Or are you just joking around with this?

So I guess that means you get paid in bitcoin while most people get paid in fiat. They don't care about how much bitcoin their paycheck is worth they care about what it can buy them at the grocery store or somewhere else.

These are entirely different and irrelevant arguments involving bitcoin price which has nothing to do with the decentralized versus centralized subject. When you use centralized currency you are still at the mercy of the centralized authority, if they want to charge back the money you received they can do it easily, if they want to shut down your account they can do it in a blinking of an eye, if they want to put their hands in your pocket and take some of your money they can do that too, and a lot more. They can't do any of it when you use decentralized money.

Quote from: larry_vw_1955 on July 24, 2023, 01:30:24 AM

Having bitcoin is nice but let's be honest, it's not convenient to use. You can't even use it on ebay and why would you want to?

You should not want to do that because ebay is centralized and it doesn't mix well with decentralized money. There is already alternatives such as openbazar that are more decentralized and are suitable.

DaveF

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It looks to also be a big FU from the government to shitty banks. All banks suck, some are worse then others. And other merchants play games.
Send a payment from your checking account to pay a bill. You sent it at 3PM, the cutoff for being late was 6PM. Your bank says they sent it at 3PM the other people say they got it the next day, so here is your late fee. And then you either waste time and money trying to get it taken care of or just pay the late fee.

Here, the US government says you got it at 3:01 PM, go ahead and call them a liar and charge a late fee, see how that works for you.

-Dave

pakhitheboss

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We have the same instant money transfer in our country known as UPI. It has been in existence for a few years now and has been a big success. The only issue is that we still cannot use it for international money trasfer. The reason being other countries need to upgrade thier banking technology. Do you think other countries would be ready to do it? Obviously not and this why Bitcoin cannot be ignored. It will always remain important untill the government of every country agrees to one currency and payment network.

Doan9269

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Quote from: larry_vw_1955 on July 23, 2023, 10:41:23 PM

Seems like this could be a good thing for people living in the USA. If I could send money using this thing internationally to anyone why would I need bitcoin?

I hope it's never too late for you to realize their plan to redivert your trust and interest on a decentralized digital network (bitcoin) to ensure they get you convinced they can offer you better and seemless service through their traditional fiat system through the introduction of their own digital version of central bank digital currency, anything aside bitcoin is not worth going for, CBDC is not cryptocurrency and the people were after cryptocurrency and not CBDC, anything that has to do with government regulations and control over your financial assets should be kicked against, don't wait till it becomes too late for you to realize they have censorship over anything coming under their authority, except you don't need freedom, bitcoin is the best currency and asset s at today and beyond.

LoyceV

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Quote from: larry_vw_1955 on July 23, 2023, 10:41:23 PM

The U.S. Federal Reserve has launched a long-awaited service which will aim to modernize the country’s payment system by eventually allowing everyday Americans to send and receive funds in seconds, 24 hours a day, seven days a week, the central bank announced on Thursday.

It took them long enough. Europeans have been doing that for many, many years!

Outhue

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Quote from: yudi09 on July 24, 2023, 02:09:57 AM

Only for American citizens, if the FedNow service is considered it can be a convenience.

Quote from: larry_vw_1955 on July 23, 2023, 10:41:23 PM

Seems like this could be a good thing for people living in the USA. If I could send money using this thing internationally to anyone why would I need bitcoin?

Come on bro. You have to learn again to distinguish between Bitcoin and fiat.
Many great people in the world recognize the ease of transacting with Bitcoin.
Bitcoin is not the same as fiat currency. Learn how fiat currency systems and functions, don't just use it.

FedNow service is not related to a digital currency? Noted, but when people start using FedNow service and CBDC join the chain this will open the eye of many into Bitcoin, something stats obviously better than FedNow and CBDC combined.

FedNow will be eye-opening to decentralization, it looks like it's not going to favor crypto right now but it will eventually because some people who keep their distance from everything apart from Banks will start getting curious.

Dictator69

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I think the rank on this platform doesn't mean it will represent the level of knowledge one has. Because me as a newbie think that i better understand why we needed BTC and why we don't need fednow service. One of the many reasons are:

BTC is decentralized and not managed by some single entity or governments thus cannot be stopped by them while FedNow can be stopped by government.
BTC provides you full ownership without showing your personal identity while on FedNow you have to fill forums and have to integrate with Banks
Banks always manipulate your money whether you use their service FedNow to send from one place to another, the transaction could be used too, For bad purposes. But BTC transactions cannot be manipulated.
You have a limit on sending and receiving money through FedNow while if you are going to send or receive money on BTC core wallet or any SPV wallet then you have no limits.

I think these facts are enough to remind you why we need BTC and why we don't need some instant payment service.

sesterceshop

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The FedNow service may be a good thing for people living in the USA, but it is not a substitute or a threat to Bitcoin. Bitcoin is more than just a payment system; it is a revolution in money, society, and technology, which FedNow is most definitely not.

yudi09

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Only for American citizens, if the FedNow service is considered it can be a convenience.

Quote from: larry_vw_1955 on July 23, 2023, 10:41:23 PM

Seems like this could be a good thing for people living in the USA. If I could send money using this thing internationally to anyone why would I need bitcoin?

Come on bro. You have to learn again to distinguish between Bitcoin and fiat.
Many great people in the world recognize the ease of transacting with Bitcoin.
Bitcoin is not the same as fiat currency. Learn how fiat currency systems and functions, don't just use it.

Latviand

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I'm basing my opinion on the OP and the article, this sounds like a good thing especially for fiat because now you don't need a bank open to deposit or withdraw your money. Maybe if there's a way where they can demonstrate how it works and how to use it, so it becomes easily adopted by their people. What worries me though is that there's no transaction fee which means that they haven't found a way to make sure that banks continue using the system, I hope that the transaction fee system would come from the Federal Reserve and not be shouldered by banks which is going to make it complicated since different banks will definitely do different systems.

Charles-Tim

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Quote from: larry_vw_1955 on July 23, 2023, 10:41:23 PM

Seems like this could be a good thing for people living in the USA. If I could send money using this thing internationally to anyone why would I need bitcoin?

There are people that hold bitcoin, it is not used for only payment. There are people that use bitcoin for trading too. There are people that will use bitcoin for payment, which can even be cheap, depending on the mempool congestion. Some people sending using lightning network with zero fee or very low fee and the payment is very fast.

Quote from: larry_vw_1955 on July 24, 2023, 01:30:24 AM

Having bitcoin is nice but let's be honest, it's not convenient to use. You can't even use it on ebay and why would you want to? I would use a credit card that has some type of cash back reward, not something that is going to COST me to use...

Not convenient to use but miner are confirming thousands of bitcoin transactions in each block mined. Also bitcoin lightning payment is increasing. You should not be have self-centered opinion about this. There has been many platforms that I have seen bitcoin payment, at least I have even used it directly before for payment.

larry_vw_1955

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Quote from: buwaytress on July 23, 2023, 11:22:05 PM

Come on, OP, you can ask better questions.

There is no question to asking. Just some observations. i already understand FedNow is not for international transfers. But if it was then I really wouldn't see the use of bitcoin unless someone is just an investor like gold.

Quote from: Faisal2202 on July 24, 2023, 01:13:34 AM

You shared a good piece of information but it's little bit rusty (old). But still, this topic need no discussion but dear OP, your query do need some answers. Because this service is only available in USA not in other countries so this is the first reason for us to use BTC. Second reason is centralization and decentralization.

How does one come to the conclusion that they first had fiat which was centralized and can't be trusted but all the sudden they turned it into something called bitcoin that is not centralized and can be trusted? Did they suddenly break the bonds of the government just by sending their US dollars to Coinbase and clicking on the "buy bitcoin" button? I doubt it. If anything, they're going to be scrutinized and monitored even more than someone that just keeps their money in a good old bank account. How is something decentralized when you have to report every single transaction you did where you sold some bitcoin? It's not.

If bitcoin wasn't encumbered so heavily by the IRS I might have a better feeling about it. Shocked

ololajulo

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I sense your unease with this information, and it's essential to remember that we are dealing with government-related matters. Unlike Bitcoin, the primary purpose of this particular currency is not for transactions. Instead, if you choose to transact with it, be aware that your activities will be closely monitored, even across international borders. Additionally, the currency being traded lacks the ability to experience significant price fluctuations, and there are no returns on holding it.

Faisal2202

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Quote from: larry_vw_1955 on July 23, 2023, 10:41:23 PM

The U.S. Federal Reserve has launched a long-awaited service which will aim to modernize the country’s payment system by eventually allowing everyday Americans to send and receive funds in seconds, 24 hours a day, seven days a week, the central bank announced on Thursday.

Seems like this could be a good thing for people living in the USA. If I could send money using this thing internationally to anyone why would I need bitcoin?

You shared a good piece of information but it's little bit rusty (old). But still, this topic need no discussion but dear OP, your query do need some answers. Because this service is only available in USA not in other countries so this is the first reason for us to use BTC. Second reason is centralization and decentralization.

There are plenty of topics made on how Banks and Cryptocurrency are two different financial pathways. Even recently, i wrote an article in which i tried to tell the potential of BTC over Banking sector. --> To Understand the Potential of BTC, What we Must Know?. Well, other than this there are plenty of differences in which BTC away the competition with Banks.

But still if you think Fednow service will not be manipulated by government and will be dealt as decentralized (which will not). Then you must check the maximum limit they are offering according to the article link you aforementioned.

Quote

At the outset, FedNow will have a maximum payment limit of $500,000, but banks can choose to lower that cap if need be.

And i hope you better now there is not limit in BTC transactions.

avikz

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Quote from: larry_vw_1955 on July 23, 2023, 10:41:23 PM

https://www.nbcnews.com/business/consumer/federal-reserve-launches-fednow-instant-payment-service-bypass-venmo-p-rcna95380

The U.S. Federal Reserve has launched a long-awaited service which will aim to modernize the country’s payment system by eventually allowing everyday Americans to send and receive funds in seconds, 24 hours a day, seven days a week, the central bank announced on Thursday.

Seems like this could be a good thing for people living in the USA. If I could send money using this thing internationally to anyone why would I need bitcoin?

Yes! It is very similar to the system used in India called UPI. The only difference here is that, US will use E-doller to make this system work. From what I understand, it will bring in revolution in the digital payments in US which wouldn't need intervention from your bank. Payments will become cheaper and faster. But along with all the facilities, Americans will loose another layer of financial privacy.

Bitcoin is made for a different reason. It is made to keep your financial privacy intact. So the introduction of a faster payment system, has no impact on bitcoin.

Flexystar

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I will say it’s just good for the Americans. Their government is welcoming new way of transacting within their country so yeah that’s good for them. I don’t think it has got any negative impact on the Bitcoin usage or crypto as whole. It’s just a payment system for their people, that is all. It will be limited to their own people, hardly think it will get out of USA. If it does then there is no difference between so called traditional banking and fednow system. India also has UPI for that matter, but it doesn’t mean people started using UPI and stopped Bitcoin. Both the ends are just opposite. I don’t know why it’s being compared with Bitcoin. The Bitcoin properties are unmatched by all means.

pooya87

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Quote from: larry_vw_1955 on July 23, 2023, 10:41:23 PM

If I could send money using this thing internationally to anyone why would I need bitcoin?

Do you seriously not understand the difference between centralized fiat (and its alternatives) and decentralized money that is bitcoin after 2 years of being in this forum? Or are you just joking around with this?

rikybrosh

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it can't safe us from inflation. if government keep printing money as they want, then value of our money will keep decrease. even I am not sure that our fiat money is backed by gold, if its backed by gold why gold price keep rise?. for me I still need bitcoin whether as currency or investment. fast transaction is only one of many bitcoin advantages. I just feel that Bitcoin is safe me from the government arbitrary action in economy. I am okay to use fiat money because I still need it for my daily life, but have some amount of bitcoin will make my life happier.

Agbe

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Bitcoin has force countries to use cashless transaction which brought about the use of CBDC. But one thing I know is, the aims of these centralized cashless transaction platforms from the State Governments are different from bitcoin, they are not for the benefits of the people but for the State while bitcoin is for the people and not for the State but if the state decide to participate in bitcoin they are free. The launched of FedNow can not over shadow the uses of bitcoin in USA because the aims and goals are not the same. People will still use bitcoin there. I think Fiat Banks also use instant payment methods. If care is not taken, Fiat Banks payment is even faster than bitcoin, because I have seen and experienced instant transfer and received alert instantly from Fiat Banks. And op what you are saying is only for Nation (USA) and not to another country but remember, bitcoin transaction is to cross boarders.

buwaytress

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You answered yur own question without really realising. It's a national payment service, for USD. North America catching up to LatAm, Africa and Asia in terms of fintech.

But all of these regions who've been using SMS or QR code payments for over a decade now still find use for Bitcoin. Think bigger: sanctioned people and governments, individuals, businesses and states that the US and its allies have excluded from money/economy.

Iranians have this instant payment system. But they still have a need for Bitcoin (US dollar sanctions). Argentinians have similar but still need Bitcoin (hyperinflation).

Come on, OP, you can ask better questions.

Topic: Federal Reserve launches FedNow instant payment service - page 4. (Read 507 times)