The paperwork part of the fiat world could be one of the best parts crypto world could get involved with the world without any trouble or challenge. I understand that if you compare "would you rather pay credit card or cash to pay a coffee or would you wait for a bitcoin transaction of 5 bucks and 40 minutes?" is not the land we want to die on, I understand that fiat is much better when you buy a cup of coffee right now, of course if we can scale bitcoin and have tons of apps on our phones that allow us to pay it with few cents and seconds we could compete with that but not right now.
However you could send 50 million dollars from one nation to another nation in 40 minutes for few bucks in crypto, which means if we can change our angle and make crypto something amazing internationally, we could grow so much bigger.
However you could send 50 million dollars from one nation to another nation in 40 minutes for few bucks in crypto, which means if we can change our angle and make crypto something amazing internationally, we could grow so much bigger.
if we're looking at the big picture, crypto has real advantages over fiat when you send large chunk of money from one place to another. but of course, many people will look at the level of buying coffee or their burger from a fastfood chain. and that right now, is not advisable to do because of the high fees that they will incur for small amount of transaction.
so i got your logic there, sending multimillion dollars from one place to another actually takes time and require paperworks and spending a hefty amount for it if youre using the traditional method. but when it is in the form of crypto, waiting time of 40minutes is like no big deal and yes, few bucks, no matter how huge your transaction is. that is what theyre missing here. and that i guess is what these traditional banks are afraid of, when people realize that they can transfer such huge amount without using their services and that will actually be easier when they have CBDCs
