> Why use traditional nation-backed money when you can click a button on your phone instead?
Wait, you can't do that with your nation-backed currency? In Australia, I can literally open my bank app and send money to any Australian account with just a phone number and they receive it in 30 seconds or so with no fees...
Yeah, international transfers are a little harder, but for domestic transfers it's super easy.
Here in the US, moving money is a huge PITA. Unless you both bank at the same bank, money usually takes days to move. And banking at the same bank is no guarantee it will happen faster.
Private party transactions up into the thousands of dollars (say, buying a used car) generally require cash.
It's not like there isn't already tons of innovation in the fast-international-transfers space. PayPal is one and has been around for years. TransferWise is newer and direct-to-your-account.
Wait, you can't do that with your nation-backed currency? In Australia, I can literally open my bank app and send money to any Australian account with just a phone number and they receive it in 30 seconds or so with no fees...
Yeah, international transfers are a little harder, but for domestic transfers it's super easy.