> without the cryptocurrency or blockchain
If only we had a way to solve this problem using a solution other than the technology that already solves this problem.
If only we had a way to solve this problem using a solution other than the technology that already solves this problem.
Just like in 99% of the other use cases presented for it, crypto is useless here. Absolutely no need for it.
The one most people use. SWIFT.
And yeah, blah blah sanctions, Russia, Iran, like most of the world's business is happening there and like the crypto Ponzi schemers really care about the "under-banked".
How, pray tell, would a cryptocurrency help here? You have all the crypto disadvantages (either untested or slow or scams or boiling the planet...) plus the same issue with adoption. We already have banks and they already have bank accounts. We have SWIFT, SEPA, etc. They know how to talk to each other. Get them to modify an existing protocol or make a new one for microtransactions.
It's a super hard task but with crypto you still have that super hard task (adoption) plus crypto itself (a million drawbacks).
It's not scientific and it's not engineering.
You solve a problem with the simplest equivalent solution, no more.
Crypto is like God. It gets sprinkled over every discussion. There's a reason science doesn't go: "A equals B plus God" to prove anything.
A working standard could simply define "seller endpoints", "buyers bank endpoint", "supported payment protocol" and a message passing system and let the parties figure it out.
Not global, but few things are in the world of finance.
You put it better, just have any layer on top of IBANs. 0 need for crypto.
Perhaps if the user has multiple bank accounts linked, they would have to choose one, to avoid leaking to my bank that I'm making a crypto payment.
Of course, a crypto transaction has a significantly lower chance of being compatible since there's no foreign currency team working at the bank - if the website wants a payment in BitWhatsits and my primary wallet is in DOGEMONEY 20000!!!!! then it's up to the user or at least the extension to figure out the routing. Probably, the website would offer a different button to pay with each supported cryptocurrency, so the user would choose. They'll be accustomed to that, being a cryptocurrency and all.