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0 pointscwkoss8y ago0 comments

I think you're right.

I think a lot of people hear "Digital Currency" and think 'something like Apple Pay', when Bitcoin's competition is closer to ACH/wire transfers.

It's not a tech that everyone needs to use, and most people will pay an expert to use it for them. But if successful, could be a valuable medium for receiving payments from low-trust entities.

For example, if a stock exchange accepted Bitcoin for funding accounts, you could get your account up, funded and ready to trade in less than an hour. Most stock exchanges now take several days for funds to clear.

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amenghra8y ago

The reason things take days to clear is not because the underlying money moving rails are slow.

If/when your stock exchange starts accepting bitcoins, they may still continue to take days to clear things.

cwkossOP8y ago

For what reason do you think a stock exchange would want to add artificial delay to Bitcoin deposits?

I could see holding a portion as 'pending' until many confirmations, or perhaps until the Bitcoin can be liquidated on the market, but both of those seem like they could still resolve an order of magnitude faster than the 'competition'.

amenghra8y ago

The very same reasons they have delays right now. Institutions are able to move money pretty quickly and cheaply between themselves.

The reason you don’t get that as an end user is because of compliance, fraud, etc.

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0 pointscwkoss8y ago0 comments

I think you're right.

I think a lot of people hear "Digital Currency" and think 'something like Apple Pay', when Bitcoin's competition is closer to ACH/wire transfers.

It's not a tech that everyone needs to use, and most people will pay an expert to use it for them. But if successful, could be a valuable medium for receiving payments from low-trust entities.

0 comments

amenghra8y ago

The reason things take days to clear is not because the underlying money moving rails are slow.

If/when your stock exchange starts accepting bitcoins, they may still continue to take days to clear things.

cwkossOP8y ago

For what reason do you think a stock exchange would want to add artificial delay to Bitcoin deposits?

amenghra8y ago

The very same reasons they have delays right now. Institutions are able to move money pretty quickly and cheaply between themselves.

The reason you don’t get that as an end user is because of compliance, fraud, etc.

1 more reply

j / k navigate · click thread line to collapse