The reason you have to jump through tons of hoops for fiat payments is that laws and regulations require that payments be traceable and reversible, which requires a whole system of middlemen and arbitraging of credit risk. To the extent that crypto does not require these things yet, it's only because not enough grandmothers are using it to pay for their groceries. But make no mistake: no matter how much crypto people insist that transaction irreversibility is a feature, the general public thinks it's a bug and will demand change when the elderly get scammed out of their retirement savings with no recourse possible. Crypto cannot both a) remain free of these hoops and b) get used for mainstream payments; you have to pick one.
Not to mention most crypto transactions are so ludicrously computationally expensive that they could not scale to the volumes the credit card networks handle.
I don't mean "it would be uneconomical", I mean the level of power required would present national infrastructure challenges if not be outright impossible.
wish there was some way to split it out into non-easily reversible payments and insurance to make you whole for fraud
at least to incentivize people through premiums to make it a little harder for their information to be stolen so that we as a society don’t have to pay higher fees collectively
Yep. Anyone peddling cryptocurrencies as a legitimate replacement for traditional State-controlled fiat currencies WITHOUT a meaty protection layer on top is at this point delusional. You think that you’re selling a technological replacement but you’re actually selling a whole suite of financial deregulation that frankly society hasn’t been begging for, and these people will more often than not take it as a given that the general public agrees with their libertarian view.
