3 - Banks making it really hard to do transfer large sums of money.
I can't solve 1, but I can tell you that crypto definitely doesn't solve it. Because making a mistake with crypto is irreversible. The money is just gone. Mom forgot her password because she's getting old? Well, too bad, now Mom is broke and her money is gone forever.
Two is a solvable problem and it's getting better over time. It used to be even slower.
But 3, I'm in favour of. I want it to be hard for me to transfer away my life savings. I want there to be many steps in which my ID is checked and people look me in the eye and verify that yes, this is the thing I want to do. Because I am an idiot, and if you give me a gun I will shoot myself in the foot. I don't want it to be easy to accidentally go broke.
You don't realize that the reason they are slow is because they are insecure. Why don't wires go on weekends? Because there is a possibility of an error, that a human clerk would need to sort out in his working time. Bitcoin can go on weekend because its mathematically secure.
1 - Banks can make mistakes.
2 - Banks can be slow.
3 - Banks making it really hard to do transfer large sums of money.
I can't solve 1, but I can tell you that crypto definitely doesn't solve it. Because making a mistake with crypto is irreversible. The money is just gone. Mom forgot her password because she's getting old? Well, too bad, now Mom is broke and her money is gone forever.
Two is a solvable problem and it's getting better over time. It used to be even slower.
But 3, I'm in favour of. I want it to be hard for me to transfer away my life savings. I want there to be many steps in which my ID is checked and people look me in the eye and verify that yes, this is the thing I want to do. Because I am an idiot, and if you give me a gun I will shoot myself in the foot. I don't want it to be easy to accidentally go broke.