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0 pointshocuspocus5y ago0 comments

Call me when a blockchain-backed remittance service reaches even a small fraction of the customer-base of companies like Transferwise or CurrencyFair.

If it was an efficient way to cut on fees, everyone would do it. Yet almost nobody does.

0 comments

bjoernw5y ago

What's your number? That's exactly what Ripple is working on - replacing SWIFT. https://ripple.com/ripplenet

justusw5y ago

And how many years have they been at it? My impression in 2019, trying to add it to an Android app, was badly documented or deprecated libraries. And then there is the whole debacle with XRP, the currency, and Ripple, the underlying tech, being used interchangeably and confusing everyone. Banks aren’t even interested in XRP.

And bank adoption hasn’t been exactly smooth so far either: https://www.reuters.com/article/us-blockchain-ripple-idUSKBN...

bjoernw5y ago

That article is from 2018 :) Check out the mobile wallet XUMM for a solid approach.

Karunamon5y ago

That strikes me as more of an implementation detail. Day-to-day cryptocurrency use still requires a level of technical sophistication my grandma isn't comfortable with.

Ar-Curunir5y ago

Bitcoin has been around for 12 years. The UX around cryptocurrencies is still crap.

hocuspocusOP5y ago

It is. So why don't remittance services do it behind the scenes?

notahacker5y ago

Because the converting currency X to crypto to currency Y is certainly not going to be cheaper or less volatile than a remittance service's existing forex setup which skips the middle bit, and it introduces a risky counterparty in the form of crypto exchanges.

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bravoetch5y ago

Some do, for certain cases.

j / k navigate · click thread line to collapse

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bjoernw5y ago

What's your number? That's exactly what Ripple is working on - replacing SWIFT. https://ripple.com/ripplenet

justusw5y ago

And bank adoption hasn’t been exactly smooth so far either: https://www.reuters.com/article/us-blockchain-ripple-idUSKBN...

bjoernw5y ago

That article is from 2018 :) Check out the mobile wallet XUMM for a solid approach.

Karunamon5y ago

That strikes me as more of an implementation detail. Day-to-day cryptocurrency use still requires a level of technical sophistication my grandma isn't comfortable with.

Ar-Curunir5y ago

Bitcoin has been around for 12 years. The UX around cryptocurrencies is still crap.

hocuspocusOP5y ago

It is. So why don't remittance services do it behind the scenes?

notahacker5y ago

1 more reply

bravoetch5y ago

Some do, for certain cases.

j / k navigate · click thread line to collapse