Ideas to debunk:
- Bitcoin is expensive <-> Fiat is cheap
- Bitcoin payments are hard <-> Fiat ones are easy
Now on Main Stage, after Hackathon Expo, at nostr:npub1dwah6u025f2yy9dgwlsndntlfy85vf0t2eze5rdg2mxg99k4mucqxz7c52 Lightning++ Edition: nostr:npub1sfhflz2msx45rfzjyf5tyj0x35pv4qtq3hh4v2jf8nhrtl79cavsl2ymqt of @fundwithflux with "The Fiat Payment Stack".
Discussion
Banks have a cost of capital when being a member of the FED, since they need to have capital reserves inside the FED. This is not cheap nor free.
When a person makes a payment to a merchant, in the fiat system there are around 32 steps between different actors (FED, VISA, banks, Square, etc.) that need to be satisfied.