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Then they will ask why nobody wants to use their payment cards (lemmy.world)
submitted 1 year ago by to c/memes@lemmy.world
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[–] 155 points 1 year ago (14 children)

Yep. Just because one side is bad, it doesn't mean the other is any good.

Cryptocurrency is still dependent of a pyramid scheme and criminals-enabling. Credit card companies are still a private owned government branch with no concern for human rights and criminals-enabling.

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  • [–] 73 points 1 year ago* (7 children)

    I learned recently FedNow is a payment processor ran by the Federal Reserve, with a fee of $0.043 per transaction. Making it much, much cheaper than every other payment processor out there.

    It just launched two years ago; I'm wondering if this might become more of a thing moving forward for digital payments.

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  • [–] 11 points 1 year ago

    It's also a heck of a lot quicker to process, (effectively instant) and works even on holidays.

    And of course, banks like Bank of America, Capital One, and tons of other financial institutions simply refuse to use it, because that would mean spending money on changing their infrastructure, and making it more convenient for people to also use accounts outside of theirs.

    Seriously, it's been ages, and they've refused to use it at all, even though it's purely a financial and technical upside for every user once it's implemented.

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  • [–] 2 points 1 year ago (3 children)

    You pay fees for transactions?

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  • [–] 0 points 1 year ago (2 children)

    Every digital payment has transaction fees, yes.

    Credit card transaction fees for vendors are generally 1-3%, for example.

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  • [–] 3 points 1 year ago (1 child)

    Every digital payment has transaction fees, yes.

    If you say so.

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  • [–] 1 point 1 year ago

    Which digital payment doesn't have transaction fees?

    Credit cards (vendor side), debit cards (vendor side), and crypto (consumer side) all have transaction fees. Paypal, venmo, etc all make their money from (vendor side) transaction fees as well. Is there a different type of digital payment you are using that doesn't have transaction fees?

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  • [–] 2 points 1 year ago

    Yep, but cryptocurrency isn't dictating what you can spend with it...yet at least. So if no government does anything to help us, then we must adopt a cryptocurrencies like Monero to fight back against censorship as nothing more than a private citizen.

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