Hi everyone! I’ve been following the digital payments revolution and I’m particularly impressed with India’s UPI system, which enables instant bank transfers via mobile devices. I’m curious to know if this trend of instant payments is truly becoming global. Which other countries or regions have implemented similar instant payment systems? And how are cryptocurrencies positioning themselves in this landscape of fast and efficient payments? I’d appreciate any insights you can share!
Mainland China.
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Ecuador implemented a system like this in 2014 and it was discontinued in 2018:
Dinero Electrónico: The rise and fall of Ecuador’s central bank digital currency
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Here in Brazil we have Pix. Instant payments via QR Codes (or an email addresses, mobile number, a CPF or a random unique Identifier key).
It’s one of the most popular means of payment nowadays around here.
On it’s first year alone, Pix had a transaction volume of $682 billion dollars.
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In Argentina we have Cuenta DNI from a State bank and works seamlessly, it’s articulated with discounts and subsidies from state programs and you can send money to another user just with their ID number or an alias.
It’s pretty popular, easy to use and available to everyone from 14yo onwards
The private sector most popular one is MercadoPago. The QR codes are universal and compatibility between apps for payment is required by law
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Apparently this trend is global
Are governments implementing an etherium-based cryptocurrency?
With the end of paper money, people will better understand how cryptocurrencies work. Will adoption of cryptocurrencies grow?
I don’t think we’ll ever see the end of paper money just like we’ve never seen the end of riding horses, or listening to music on vinyl.
I think there is another decade ahead for further de-cashization of daily/ common transactions though. Inevitably, this trend will favor cryptocurrency network growth/ adoption!
Long long ago, I spent a few hundred dollars worth of BTC (valued around $500 a coin back then) for some goods and services.
What a horrible decision that was. Bitcoin (and Zcash) are designed to function like superior versions of Gold/ Copper/ Silver. They are scarce assets (BTC and ZEC are hard capped) which have novel utility use cases, but their most valuable trait is the capability to Store/ grow relative value compared to government fiat currencies (digital or physical, it doesn’t matter).
For something to function as cash it must have an ever expanding supply, that is needed because it incentivizes the holders of cash today to spend, rather than save. BTC (nor ZEC) should be thought of like cash because they don’t have uncapped supplies.
People are paid in fiats because fiats are how local goods/ services are priced, and fiats are jurisdictionally mandated which makes them the easiest to rely on. After receiving a wage in fiat, the individual must chose to either spend for daily cost of living goods/ services, or if they’ve got the luxury - they chose to invest in assets (things like stocks, real estate, crypto assets), The luxury of investing in assets, is that the individual can take their fiat “wealth” today, and defend it against time/ perpetual inflation.
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Zcash has not yet shown consistent growth, but I believe this is due to regulatory pressure. I believe that Grayscale will be the first to create the Zcash ETF, when that happens, the government should start regulating privacy cryptocurrencies and we will be honored, as Zcash is the only one that meets the government’s requirements, we have the possibility of have transparent transactions that can be used to show the government when to send coins to brokers signaling sale or purchase, showing that we are not evading taxes.
the day the government shows the population that it has total control, knowing everything we do when using instant payments, even more so if the government makes the mistake of confiscating money when someone owes the bank or some company that has no relation the bank account where you have money saved, at that moment the population will begin to understand the usefulness of cryptocurrencies.
I think I’m becoming a libertarian. I’m not here to do wrong things, I pay my taxes with pleasure, I just want the government to not have power over my money, letting me keep, use, have freedom and the security that no bank or government can confiscate my coins .