Hello,
I have been researching about blockchains and stuff and it all seems like a big scam. It’s not sustainable and can be replaced by a simple database.
is there any legitimate use cases of blockchains or it is all just a big scam?
Hello,
I have been researching about blockchains and stuff and it all seems like a big scam. It’s not sustainable and can be replaced by a simple database.
is there any legitimate use cases of blockchains or it is all just a big scam?
Using it as a currency which requires no third party for transactions is a legitimate use case. See current payment processors vs Steam conflict for why it may be a good idea. There are a lot of times when it’s not a good idea either.
However the price must be reasonably stable and transaction cost low. Don’t think any of the major CCs qualify.
Swift exists though? There is really no need for Credit cards or other payment processors.
Why can’t I use swift to buy anything of eg steam? I genuinely don’t know but there has to be a reason.
SWIFT is pretty low-level, e.g. a bank transfer you start in your bank app could be processed through SWIFT. But Valve probably doesn’t want to deal with reconciliation of manual transfers, so they either use payment methods running on SWIFT or other options.
Doesn’t that bring in a lot of fees
Not really, SWIFT fees are pretty low. Lower than MasterCard and Visa generally charge afaik. For individual customers banks often offer it for free.
Good question why corporations turned to payment processors when we were simply able to wire money from our bank accounts to others.
Reconciliation is a big reason, people suck at copying a reference for their manual transfers.