Bitcoin Forum

Blockchain's decentralized nature, transparency, and security have proven valuable in DeFi, NFTs, and gaming. AAnd this have made some organizations prefer use it.
Perhaps it can also change how we send money, pay with phones, and use some financial services?

Let's discuss and see if blockchain can work for these uses.

I thought paypal already did exactly this, allowing to automatically deduct for payment or transfer, though its more likely to be region locked but they've done this, moreover, if you wanna send fiat, just use stablecoin its as convenient as using bank just need a step to convert it from stablecoin to real fiat to your bank account but I think its pretty much solves the concerns that you mentioned above.

so yes, crypto in general can be used for all the things above, even I also remember crypto credit card, which deduct your money as well https://beincrypto.com/learn/best-crypto-credit-cards/
so basically it is as convenient as you make it to be.

https://i.postimg.cc/15YqRRxs/Bageg.png

Blockchain can be used to pay everything as long as there is 3rd party who will able to create a bridge between merchant stores to the blockchain. Binance has made it happen. You can spend your crypto balances to pay in the merchants stores that have been partnered with binance.

Crypto has been changing the way people to send their money at this moment. The financial service will be available as long as there is a company that is supporting it.

This totally needs cooperation from the centralized exchange site to make it happen.

I've used Bitcoin to buy food, load and also to pay for my bill before.
There are also shops that accepts crypto now, so mobile payment through blockchain or crypto has been possible for couple of years already.

I think you're missing the use case of Bitcoin. It's money and it's being used to send, receive and do it with the comfort of your phone.

And that's what the other crypto projects are being done. They're almost having the same use case as with the banks, they have savings, deposit products and other interest products.

That's why I'm thinking you're missing a lot already or you're something new to this, if so then welcome.

It is not necessarily because of its features that it receives attention from organizations. Most of us here talk about financial speculation stories, only a small part talks about the technology that this field provides. However, it is also a part of this field, although at the current stage the acceptance is more common, but we should also recognize the fact that we see increasing prices as a more desirable thing, organizations /investment funds/ individuals all see it as an opportunity to increase assets.

While I also really love blockchain technology as I have to be frank with the fact that the hype is going on, it exaggerates more than it actually solves things, things are still the same popular financial playground.

the idea of ​​the central bank to launch cbdc is that they want to maximize the function of blockchain to be used on the fiat architecture and allow it to be used across digital platforms. because the nature of blockchain is that it allows all transactions to be recorded and executed safely and transparently, and that makes the government interested in using blockchain technology to counter the dominance of cryptocurrency on people's transactions globally. and when this is further developed, it will be very likely that banking will adopt blockchain as the architecture on their platform and make more people feel the benefits of using blockchain in their daily lives.

Blockchain already has many applicable uses and i don't see anything wrong in achieving making payment by using this same technology, we only should realized that mostly the privatized industries and companies may have much interest on this than the government because the only one the governments can support for now is from the use of CBDC and this is nothing than the same fiat currency in a digital form, while blockchain technology can be incorporated into many other services by the private sectors.

What do you need to know is not all blockchain has decentralized nature, transparent and secure.

Binance Smart Chain is the example of centralized blockchain because they only have 21 validators.

Monero is the example of private blockchain, there's no way to track which address send the coins or which address received the coins if you don't know the public address.

Many network have been hacked, check it by yourself.

The scope of blockchain is much much bigger! Think about any area where the chain of data needs to be preserved, blockchain can be used. So payments is only a very small area that blockchain can transform. The actual possibility is much bigger.

It can be used in medical records, land records, taxation and what not! Some government has already started using blocks and technology to maintain land records and for issuing birth certificate. Do a little Google search and you will get those details.

It can work definitely, actually there are projects that had been made for the sole purpose of solving financial problem by offering financial services that can be done on a blockchain but yeah, the projects that has this idea can't execute it right that's why we still don't have a famous project that offer this. Centralized platforms are the one reigning like paypal, apple pay, and other same services. Maybe sooner or later we will all adopt and regularly use a financial services that run on a blockchain regularly, I am saying majority of us crypto users that can be compared to the numbers of what CEX users has.

Many platforms offer these features that OP is asking about. PayPal is one, and I recently learned that Telcoin is another platform that provides efficient worldwide money transfers. Telcoin can be accessed on any mobile device and is registered in several countries.

https://x.com/TelcoinTAO/status/1801555367991673072?t=YdVQzWc2AT3bEh1SPfQKWQ&s=19

Is this not already in play?

We have digital wallets which contain cryptocurrency with blockchain technology. Actually in my country, mobile payments are already very common but still it was through fiat not crypto.

Mobile payments with blockchain tech will definitely revolutionize the whole financial system. I personally like the idea of paying without having to share your information not even your name. And your receipt is basically on the blockchain if you wanted to check.

I heard of Telcoin too. They aim to enable users to send and receive money quickly and at a lower cost. They have even partnered with mobile operators and e-wallets globally to use their infrastructure, making financial services more accessible, particularly in underbanked regions. I saw on twitter that platforms like Bitget and some others support them.

Literally this is called as crypto currency, did you missed the basics while trying to get into the trends whether its ICO, Defi, NFT or whatever. Or you're asking is there any way to send the existing fiat money via blockchain?

If it's later that's what CBDC which is created by government, centralized but instead of bank it uses blockchain mechanism to send and receive funds but still you need bank account to redeem the CBDC to fiat or vice versa.

I'm hoping we could see any decentralised one. Although, I've seen some replies here talking about Bitcoin payments and stuff like that. Thats decentralized but might be slower. Also, Is Bitcoin lightning payment decentralized or centralized?  I read about that lately.

If the question is really "can" then we could say that it "can", as simple as just USDT making a deal with global banks would solve that issue easily and you are done, it's literally that simple. But the real question should be, will it? That is the real question, and we should consider that as more important because I feel like we are not going to have that at all, we are going to end up with something much better.

We are not going to get it working that easily, things are not that simple, so we should definitely avoid making mistakes. I personally believe that it will not happen, it can happen but won't happen. Why? Because it would require a global network, and building one is near impossible and dealing with an existing one as crypto would be very tough.

What mistakes?

Actually it's simple, every businessmen and government only need to accept stable coin, that's all. So, people will not afraid to pay using stable coin, as we know some people are skeptic with something that didn't promoted by the government.

But, I'm sure it will not gonna happen, if most people now use USDT, US will bankrupt since their citizen no longer use banks anymore.

It can. Question is would it be used? Yes, I am aware that some wallets actively use crypto as an alternative, my native digital wallet also has a cryptocurrency section to it already but afaik, it's not decentralized lol. It's almost similar, or even a lot worse compared to centralized exchanges afaik, so yea, the decentralized nature is gone. Security? Probably the same, I mean it's not "your" wallet, it's the mobile apps wallet. Transparency is probably the only thing left.

And honestly it's not going to change much. It's still using phones and mobile cash apps to pay.

well blockchain is still a bit new to the ears of many people.

it is not like we can expect the blockchain technology to change the financial system overnight. it will take work and that work will be coming from us.

since there are not much people who are aware about blockchain tech just yet and does not have any idea how to navigate through it, it is not being used to its maximum potential by the right people just yet.

right now all people can do is speculate about how the blockchain tech can help us change or improve the system

The option is out there and it exists already, just not liked by many to be fair. The fact that you could even get "crypto debit card" type of thing is also already out there, and can be bought with crypto, meaning you could literally live off crypto alone, but so far nobody big did it, and marketing sucks, so nobody really cares.

I think anything that connects financial worlds "spending" part with crypto, is not going to get much attention, not anytime soon anyway. It will become big eventually, but that will happen with a big trusted company for it. Crypto is mostly investment for people, it is not a currency anymore, it is an asset and because of that people end up seeing it as something to invest, not use for monetary reasons.

When I read the topic, what comes to my mind is fiat but on the blockchain. What that means is that there’ll be a cryptocurrency baked by a particular country’s fiat currency, and the total supply would be just the same. Or even if it isn’t the same, it’s the same value as fiat, can be received and sent just like fiat, but is on the blockchain. I’m not sure but if this is what you mean, it is completely possible.