It is easier for me to call my bank and initiate a wire transfer than it is to transfer money via USDC.
I think the assumption a lot of people in crypto make is that everyone has a crypto account/wallet setup.
I think the assumption a lot of people in crypto make is that everyone has a crypto account/wallet setup.
So the 'call my bank' option won't work here and wire transfer is no different to transferring money in crypto as they are both irreversible.
But I don't know how entering a .eth/.sol/etc address or scanning a QR code to send USDC over is harder than typing in the sort code, account number, IBAN number, etc to do a wire transfer.
Because I don't possess any USDC and acquiring some requires me to open an account with Coinbase or FTX or whatever, send them dollars, and then purchase USDC. And even though sending the USDC has a low fee, the exchange fee for purchasing USDC is nontrivial (1% at Coinbase).
How do I send USDC within 5 mins? I would have to 1) Open an account on a crypto exchange app
2) Go through the KYC process and hookup the same wells fargo account to buy USDC.
3) Purchase USDC, usually while paying a fee. And then still wait the day for the funds to be sent from WF to the exchange.
4) Send USDC to address, while also paying a fee.
There is a reason international remittances haven't worked as a use case, for ex Coinbase just closed down that entire project. How would immigrants who get paid in Cash buy USDC and how would their family in Mexico or El Salvador be able to convert that USDC into local spendable currency. I hate western union but it works better than any crypto money sending service.
Opened bank website, selected "Transfer Money", entered the recipient and confirmed the amount. Got an email notification, and when the wire transfer clears we will receive a second email. This is pretty standard for the major US banks.
It's like people in crypto have never actually tried to use existing money transfer methods and just make up problems that don't actually exist.