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A comment on El Salvador’s new Bitcoin wallets could cost Western Union $400M a year. Parent comment

Re:El Salvador’s new Bitcoin wallets could cost Western Unio... by grey-area on Thursday September 09, 2021 @09:49AM (#28469653)
If you were going to design a standardised protocol for transactions, I wouldn't start from bitcoin, which makes all the wrong choices around identity, authority, anonymity, where to place the load, how to verify transactions etc etc.

Open banking is a much better approach to federated banking.

[ Parent | on HN ]
Re:El Salvador’s new Bitcoin wallets could cost Western Unio... by ethbr0 on Thursday September 09, 2021 @01:04PM (#28471931)
Obviously, but Open Banking has been pushed instead of pulled.

For a lot of markets, that isn't ever going to fly given regulatory capture.

Consequently, any standard has to also offer a compelling feature over the status quo.

[ Parent | on HN ]