Which crypto currency becomes the future payment system

bron.suchecki

bron.suchecki

Well-Known Member
"In this research, 32 crypto currencies, that have this wish, will be examined and investigated in the areas of Security, Availability, User-friendliness, Technical user aspects, Maintenance" https://medium.com/@aat.de.kwaasteniet/which-crypto-becomes-the-new-payment-system-69f95b2d2ec3

This is his ranked table based on his weightings of each area and points he awards each of them:

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Couple of comments I have:
  • "For a well-functioning economic system, a small amount of inflation is always required." Hmm, that is a very debated topic in economics which he just states like a fact.
  • "if crypto really wants to become a means of payment, the crypto world cannot escape regulation ... a privacy focused coin with -5 points is assessed" Physical cash is private, and when you transfer digital money to someone, while they may know which account number the money came from, that doesn't allow them to then query the history of your transactions on that bank account. I'd argue that privacy is crucial if something is to become "money".
 
Interesting article, but I don't give it much hope of being accurate... many of the measures are very subjective.

Also couldn't help but laugh at Gulden coming in (close) second, then googling the author to see he lists himself on Twitter and LinkedIn as a "Gulden promotor"... convenient results.

What about adding these measures:

Quality of team / foundation / developers
Likelihood of businesses to adopt (e.g. some are already exploring, testing and creating PoC's using some tokens and protocols)
Readiness of those developing to work with regulators & existing financial infrastructure (important if it's going to exist alongside other fiat currencies)
 
"if the website of the coin in question specifically mentioned that they wanted to be a means of payment, the coin was included in this investigation" - is Dogecoin really aiming to be a means of payment?
 
lol @ dash, go and have a look at the darkcoin premine, will probably be classified as a security by the sec. looks like the researcher missed some key fundamentals in the ranking system.
 
the currency that becomes the future payment system will be the electronic usd, once trump gets around to releasing one.
 
I didn't see Visa on the list.. that would get my vote.

dozerz said:
the currency that becomes the future payment system will be the electronic usd, once trump gets around to releasing one.
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Yes, but I don't see how that is a "crypto." That is simply PayPal, Visa, MasterCard, etc etc.... it doesn't need to be created when it is here right now.

bron.suchecki said:
He should have disclosed that, but then this is typical of crytpo.
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Yes, I've hardly ever seen a positive article on crypto that wasn't written by a pumper and/or a heavy investor.
 
SlyGuy said:
I didn't see Visa on the list.. that would get my vote.

Yes, but I don't see how that is a "crypto." That is simply PayPal, Visa, MasterCard, etc etc.... it doesn't need to be created when it is here right now.
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Visa will kill itself if it offers a crypto because the margins they earn is simply too ridiculous. Apmex charges 4% more when paying using CC. I've seen another dealer that charges 5%. Even SHIFT wire transfer is cheaper than Visa for larger orders.
 
Maybe none of the above options will be our new monetary/payment system. Satoshi/BTC = Rothschild/central bank experiment ??
Recent quote below from jsmineset.com . Time will give us the answer...... was it coincidence that BTC initially appeared after the GFC in 2008 ?

Posted November 15th, 2018 at 12:06 PM (CST) by Jim Sinclair & filed under General Editorial.
Dear All, Friends & Family,
I have been telling you ever since crypto currency entered into circulation that they were an experiment by the central banks looking towards a replacement for the US dollar as the sole reserve currency. It is also my reason for expecting that the second reset to take hold is in a very serious economic currency upheaval. The double transition will take place between June of 2019 and 2025. This is not positive to the US dollar nor terminal. This is positive to gold and gold shares which have been decimated. As it is not terminal to the dollar it is a cause for a gold rally, from which there will be no downside reaction. This is the coming realization of the basic concepts of “Free Gold.”
It cannot be stopped nor is there a long term will to continue to lean against gold, which will allow a bankruptcy in sovereign central banks as entities to be restored. Russia and China have known this, as has my family, which dates back to membership with the wealthiest Jewish families of Europe.
What is coming is not any of the crypto currency present now.
Those close to me and continuous daily readers know I got a call from my family on Bert Seligman’s side at $1058 that the bull market’s negative reaction in gold was over. This was posted on JSMineset at that time.
The resets are coming with an entire new role for gold.
Have an open mind to change because all you can be sure of is change in the financial and currency world.
Respectfully,
Jim
 
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sgbuyer said:
Visa will kill itself if it offers a crypto because the margins they earn is simply too ridiculous. Apmex charges 4% more when paying using CC. I've seen another dealer that charges 5%. Even SHIFT wire transfer is cheaper than Visa for larger orders.
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I'm not saying Visa will create a crypto. I'm saying it doesn't need to. They already dominate their industry. PayPal, MasterCard, etc etc are fine as they are.

The puzzle which payment crypto is trying to solve involves digital money transfer. There are already many methods which can do that with superior speed, reasonable transaction costs, fraud protection, and wide acceptance. Crypto payments are not at all necessary. They are trying to fill a niche which has been settled decades ago and improved upon ever since (Zelle, SquareUp, etc recently). Crypto as payments is like if I began training today to try to win an event in the 1988 Olympics... just not very logical.

Yes, the 3-5% some merchants charge on credit card orders is not fun, but that is reflective of the price that Visa or MasterCard or similar places get for their service of fraud protect, customer support, possibly lending, etc. The merchants can choose to pay that fee or pass it along to consumers... and consumers also have the option of paying with - or mailing - cash or money order to avoid the credit card fee (I just mail checks for bullion website PM purchases with no issues).
 
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Recently I read that Litecoin had purchased or was in the process of purchasing a bank. Also read that Litecoin will be accepted by Visa as a payment , if I recall correctly.

LTC seems to tick a l;ot of boxes.........
 
government backed usd crypto currency. visa is not a currency, its a company. seems to be a lack of understanding about what a currency is vs a company.
 
dozerz said:
government backed usd crypto currency. visa is not a currency, its a company. seems to be a lack of understanding about what a currency is vs a company.
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Perhaps, or one could simply read the thread title: "Which crypto currency becomes the future payment system."

Well, the future has already arrived, guys...
I have accounts filled with USD, and I bought a few things like food and gas and photo prints today using debit card MasterCard. I also did a few PayPal transactions. Some of my customers used their debit or credit cards too. It turns out that crypto isn't needed after all... perfectly fine currency and payment systems are already in place. I even have fraud and refund insurance on my purposes, and my accounts are insured in the event of fraud. Isn't the fuuuture a wild and crazy place? :D
 
SlyGuy said:
I'm not saying Visa will create a crypto. I'm saying it doesn't need to. They already dominate their industry. PayPal, MasterCard, etc etc are fine as they are.

The puzzle which payment crypto is trying to solve involves digital money transfer. There are already many methods which can do that with superior speed, reasonable transaction costs, fraud protection, and wide acceptance. Crypto payments are not at all necessary. They are trying to fill a niche which has been settled decades ago and improved upon ever since (Zelle, SquareUp, etc recently). Crypto as payments is like if I began training today to try to win an event in the 1988 Olympics... just not very logical.

Yes, the 3-5% some merchants charge on credit card orders is not fun, but that is reflective of the price that Visa or MasterCard or similar places get for their service of fraud protect, customer support, possibly lending, etc. The merchants can choose to pay that fee or pass it along to consumers... and consumers also have the option of paying with - or mailing - cash or money order to avoid the credit card fee (I just mail checks for bullion website PM purchases with no issues).
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Merchants require local cheque issues by a bank branch in the same country, so apmex will not accept foreign checks.

Actually, It is possible to bank in foreign check issued by an international bank like Citibank or hsbc or boa but the transaction cost is more than 5% and it will take 1 month to process.

Cryptos are a threat to visa and PayPal and any payment provider, but none of them to create a independent crypto that does not use their system. Perhaps Google, Facebook or Apple will create one I the future.
 
the payments systems, or now we have
Singtel Dash pay (App based - by Telecom company ), that can be use in the region, so they are in local currencies... (a little different from PayNow - bank ac based)
this cash wallet is in your mobile phone
they are virtual Visa
the same logic is using payment system outside of SWIFT (what China & Russia have done)
 
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sgbuyer said:
Merchants require local cheque issues by a bank branch in the same country, so apmex will not accept foreign checks.

Actually, It is possible to bank in foreign check issued by an international bank like Citibank or hsbc or boa but the transaction cost is more than 5% and it will take 1 month to process...
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Maybe the best idea would be to get a money order in USD from your bank? I'm sure there would be a fee at your bank for the MO, but that might be less than the international check or PayPal?

Online US bank account such as Ally with check writing privileges might also be an option. GL
 
sgbuyer said:
Merchants require local cheque issues by a bank branch in the same country, so apmex will not accept foreign checks.

Actually, It is possible to bank in foreign check issued by an international bank like Citibank or hsbc or boa but the transaction cost is more than 5% and it will take 1 month to process.

Cryptos are a threat to visa and PayPal and any payment provider, but none of them to create a independent crypto that does not use their system. Perhaps Google, Facebook or Apple will create one I the future.
Click to expand...

I think anyone who have money can set up bank ac in US, and give instruction to the bank to payout the cheque to say Apmex, (may be some bullion dealers are doing just that)

I used to collect cheque from HSBC for my client overseas who pay for his stuff, so it can be done.
 
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