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Comment by xvilka | Hacker News Reader

Even with all cryptocurrencies prices roller coaster and continuous scams they are 100x times better still than traditional banks - less paperwork, everything automated as much as possible, often even faster. No COBOL and online clients from 1990.

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How is it better? I can't buy anything that I actually want with cryptocurrency. There's no paperwork for my traditional bank accounts and everything is already automated and fast. The programming language they use on the back end is utterly irrelevant to customers, we never see it. Nothing wrong with COBOL anyway, it still works fine.

> There's no paperwork for my traditional bank accounts and everything is already automated and fast.

I have completely different experience with many different banks in Asia and Africa.

What bank do you use which requires paperwork or interacting with COBOL? The only transactions I have which take longer than seconds are the wire transfers for things like buying my house where the extra delay to confirm the transaction is both not a problem and desirable given the sums involved.

Do you mind expanding why as an end-user paying in cryptocurrencies is easier than signing up for a credit card and paying with that?

To sign up for a credit card (in USA), I just provide my personal information to some banking website and they mail me the credit card in a week or so that I can start to use.

It gets more complicated once you start using it for services outside the country, international transfers, or you decide to work overseas, or just retire overseas.

I can buy a pizza with my credit card or send $5 to my friend using his email address. It's all automated, instant, and can be done using third party clients thanks to open banking.

Also no fraud protection

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