How does FedNow compare to cryptocurrencies?
07/21/2023 •
FedNow is seen as a superior alternative to cryptocurrencies. — Most opinions highlight that FedNow is seen as a solution to problems caused by cryptocurrencies, despite skepticism about its implementation and the lack of integration with crypto. Many consider it as a secure system, potentially reducing the relevance of cryptocurrencies.
Stats
| 79% | 154 | |
| 13% | 25 | Hacker News |
| 6% | 12 | 4Chan |
| 3% | 5 | Bluesky |
| 51% | Negative |
| 37% | Neutral |
| 12% | Positive |
| 40% | 😃 Joy |
| 30% | 😡 Anger |
| 23% | 😱 Fear |
| 6% | 😯 Surprise |
| 2% | 😢 Sadness |
| 0% | 🥰 Love |
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Story
- FedNow is seen as a superior alternative to cryptocurrencies. People believe that it fixes problems caused by cryptocurrencies and could lead to the downfall of Bitcoin.
- Some individuals are skeptical of cryptocurrencies over existing payment apps. They believe if FedNow enables instant transfers from banks to exchanges, it could speed up transactions involving cryptocurrencies.
- There is a concern about the lack of cryptocurrency integration in FedNow. Comments highlight that there is currently no crypto involved in it.
- Some comments express doubts about the trustworthiness and stability of cryptocurrencies, stating that they are assets and not true currencies. They do not trust stablecoins either.
- FedNow is seen as a system designed primarily for bank-to-bank settlements and not for regular consumers.
- Some commenters believe FedNow is a response to the functionality introduced by cryptocurrencies. They argue that it could lead to the development of a central bank digital currency (CBDC) in the future.
- Individuals have shown skepticism towards FedNow and its implementation. They believe that governments often fail in their attempts to respond to crypto.
- FedNow is viewed by some as a threat to existing systems like ACH Clearinghouse and is questioned for its effectiveness compared to such systems.
- FedNow is regarded as a tool to paint cryptocurrencies as insignificant, with a belief that it will benefit specific cryptocurrencies like XRP, and that the entire monetary system will eventually run through centralized ledgers.
- A perception exists that banks are not interested in using cryptocurrencies themselves but rather want to utilize smart contracts to speed up their business processes. FedNow is seen as a separate payment system from crypto but with potential integration between FedNow payments and blockchain technology.
- People are concerned about the lack of consumer protections in FedNow compared to existing systems like ACH and credit card transactions.
- It is believed that FedNow is primarily designed for instant retail payments and not credit transactions, causing skepticism about its widespread adoption.
- Some individuals speculate about potential competition from FedNow for existing payment processors like PayPal, especially if businesses start accepting payments through it.
- There is a general belief that FedNow could replace credit cards for cashless payments where chargeback or actual credit isn't necessary.
- There are differing media opinions regarding FedNow and cryptocurrencies. The Wall St. Journal portrays cryptocurrency as being for criminals, while CNN highlights the benefits of FedNow.