From this description it sounds like just name resolution that still uses the regular banking system.
The name resolution is just part of it (though the most visible part); there's also a new message exchange protocol, over the national inter-bank network, which does the instant transfers (before this new protocol, inter-bank transfers were only instant during banking hours, not on nights/weekends/holidays).
Fascinating, this is the first time I've heard of Pix. Can you own the private key? Can you create an account without having a bank account?
Re:Bitcoin is a disaster
by ignoramous on Friday January 01, 2021 @12:17AM
(#25601072)
Can't talk for Pix, but UPI, a similar system implemented by Indian banks, wouldn't accept "private keys" or not having a bank account. No international payments either.
UPI is more like venmo on steroids, but it is no crypto-currency replacement.
Re:Bitcoin is a disaster
by luizparreira on Friday January 01, 2021 @08:03AM
(#25602962)
No, PIX is directly tied to your Bank Account. You need to have a bank account opened with an institution that connects your account to PIX.
Re:Bitcoin is a disaster
by biolurker1 on Friday January 01, 2021 @04:03AM
(#25601865)
Can you get banned from Pix?
Re:Bitcoin is a disaster
by luizparreira on Friday January 01, 2021 @08:05AM
(#25602971)
Thats a good question. PIX is directly tied to your bank account, so I imagine if your bank decides to ban your account, you won't be able to use PIX through that account/bank anymore. But, I suppose you could open another account in another bank, move your previous PIX keys to it or create new ones.
Re:Bitcoin is a disaster
by biolurker1 on Friday January 01, 2021 @08:28AM
(#25603103)
Not how it works.. One banks bans you and you are screwed for life. That's the value proposition of bitcoin
Re:Bitcoin is a disaster
by luizparreira on Friday January 01, 2021 @11:45AM
(#25604482)
Oh, didn't know that. Can you point out where it says that? From what I understand of PIX, it is tied to your transactional bank account. If you have multiple bank accounts and you are banned by one bank, your account on the other banks are not automatically banned and you can still transact with it, I would imagine PIX would still work.
So assuming my email was [email protected], and I had asked my bank to map the Pix key "[email protected]" to my bank account, anyone could "send cash" through Pix to my [email protected] email; the cash would arrive at my bank account nearly instantly (even during weekends and/or holidays).