
Why Crypto Will Never Fix Payments (Feat. Patrick McKenzie)
Crypto Critics' Corner
Limitations of Cryptocurrency for Payments
In a discussion about cryptocurrency, the speaker argues that a new spell in the Harry Potter universe, allowing instant and low-cost money transfers, would not necessarily outcompete traditional payment methods like credit cards. They highlight the importance of features like rewards, refunds, subscription capabilities, and the friction introduced by stored payment methods. They suggest that businesses may still prefer to support traditional payment systems despite the allure of a free magic wand.
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