Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.
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1 sat \ 0 replies \ @TheBTCManual 10 Apr 2023
We also trust them to have liquidity to match withdrawals while they lend long, its a house of cards, always has been
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0 sats \ 0 replies \ @blockguard 10 Apr 2023
It's not your money in the bank.
... It's not money in the bank.
... Also the government is stealing from us.
Thank god there's bitcoin.
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0 sats \ 0 replies \ @ek 10 Apr 2023
Isn't this a quote from Satoshi?
This reads familiar..
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0 sats \ 0 replies \ @JuTeng25 10 Apr 2023 freebie
I used to be trust the Banks, but now I preferred to be my own bank.
0 sats \ 1 reply \ @AJ1992 10 Apr 2023
Uh, disagree respectfully with the last part. Cashapp you can send as low as $1 USD to someone, and I believe PayPal has no minimum amount to send funds... Also, you can micropay with your bank issued debit card as well. And now, most banks have a free peer to peer transfer option to another user with an account within the same bank. For instance, chime and SoFi both let you send $ to anyone who has a chime account and SoFi lets you do the same with anyone who has a SoFi account. Also, Zelle is a service where if your bank enrolls into Zelle's network, you can send directly from your bank account to any other user with Zelle and it goes instantly into their bank account. I believe the minimum amount is only $5 USD but don't quote me on that. Also, it is feeless.
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0 sats \ 0 replies \ @ek 10 Apr 2023
Depends on what we mean with micropayments.
I would say if you can't send the lowest possible denomination of a currency to someone, there are no micropayments.
Also, I think what other services built on top of the banking system (like PayPal) can do doesn't change the fact that the underlying system can't handle them because of the overhead.
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