In Australia, we have instant transfers between bank accounts.
I imagine the US will get to that point soon in which case there is no benefit to crypto for this use case.
I don't think Venmo will die since there is a need for app to provide nice interface. But Zelle has been lobbying against FedPay since it will destroy them.
That's at least two decimal orders of magnitude away from being a global payment solution. It's a joke.
Vitalik gave goals of 1.33 MB per second in blob space, and a compressed tx size of 25 bytes. This gives around 50,000 transactions per second, which seems like a worthy goal.
Each L2 is its own chain that uses its own sequencer/s. The blocks from this chain are then compressed into a single blob of data with a ZK proof that the transactions are valid. The validators on L1 only need to verify that ZK proof matches the hash of the submitted data, which can be done in a few ms even if the L2 did 1M+ transactions.
When someone taps, 99% of the time the payment processor is not waiting for the funds. It’s all trust and calculations of acceptable risk (that’s why the tap limit).
Crypto can adopt that approach as well.
Yes, CCs/debit went through a period (as did cheques) where that trust was wildly abused and it’s likely any trust layer on top of crypto would have to go through the same period of abuse, but solutions [c|w]ould be implemented fairly quickly since it’s all tech.
As to your last point: credit card fraud is still rampant and hardly anyone accepts checks outside of contractual b2b transactions. The issues with those technologies are technical in nature. Sending a crypto transaction doesn't allow someone to fraudulently charge your account like those technologies do. Whether chargebacks should even exist in a secure transaction system by default is debatable. I personally don't think that kangaroo court service is worth the fraud + global ~3% fees. Think about all the chargebacks you've made in your life that weren't related to credit cards just being insecure. I'm certain they are not worth 3% of your total spending.
Half the point of a digital cash is that you never need a wire transfer because you can just exchange the digital cash directly. Effectively the same as handing someone an envelope full of physical cash.
The currency exchange step needed to convert that BTC back into real money is probably more annoying than just dealing with a wire transfer. And that is essentially my point. If you send someone USD, they can use that directly to pay for expenses like food or rent. If you send someone BTC, they need to first convert that into a real currency before they can use it. That is what I am referencing when I say "The 'Killer App' for a cryptocurrency would be the ability to use it as a currency".
You do realize crypto currencies have transaction fees, right?
Yes, I'm willing to pay for goods and services.