Crypto Critics' Corner cover image

Why Crypto Will Never Fix Payments (Feat. Patrick McKenzie)

Crypto Critics' Corner

NOTE

The Traditional Model of Payments and the Problems with Cheques

In the past, payments involved making verbal promises to pay for groceries, which would be recorded on a piece of paper called a check. The check could be taken to the bank to exchange the promise for actual money. However, this process was inefficient and involved many couriers. Eventually, a clearing house system was developed to handle check processing electronically. Despite its convenience, the check payment method is flawed and vulnerable to fraud.

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