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fixed front matter and copied over bibliography from Zotero

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claims/is-better-payments.md
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---
title: "Crypto will provide cheaper, faster payment and remittance services"
description: "The claim being made here is that a.
cheaper and faster payment and remittance services are desirable, b. crypto can provide this, and c. the benefits of this would outway any negative externalities. We find this claim to fail on points b. and c. and to therefore be false."
title: Crypto will provide cheaper, faster payment and remittance services
description: The claim being made here is that a. cheaper and faster payment and remittance services are desirable, b. crypto can provide this, and c. the benefits of this would outway any negative externalities. We find this claim to fail on points b. and c. and to therefore be false.
category:
- claim: y
- featured: y
@ -29,15 +28,15 @@ Crypto can provide us with better payment rails - i.e. a better Visa, Stripe etc
## Examples of the claim being made
[BLOCKDATA. ‘Blockchain Is Disrupting the $700 Billion Remittance Industry’. Medium (blog), 7 March 2019.](https://medium.com/@blockdata_tech/blockchain-is-disrupting-the-700-billion-remittance-industry-b79a01a95a10.)
BLOCKDATA (2019) ‘Blockchain is disrupting the $700 billion remittance industry’, _Medium_, 7 March. Available at: [https://medium.com/@blockdata_tech/blockchain-is-disrupting-the-700-billion-remittance-industry-b79a01a95a10](https://medium.com/@blockdata_tech/blockchain-is-disrupting-the-700-billion-remittance-industry-b79a01a95a10) (Accessed: 13 September 2022).
[CMT, Bill Miller IV, CFA. ‘The Value Investor’s Case for... Bitcoin?!’ _Miller Value Partners_ (blog), 8 September 2015:]([https://millervalue.com/a-value-investors-case-for-bitcoin/](https://millervalue.com/a-value-investors-case-for-bitcoin/)
CMT, B.M.I., CFA (2015) ‘The Value Investor’s Case for... Bitcoin?!’, _Miller Value Partners_, 8 September. Available at: [https://millervalue.com/a-value-investors-case-for-bitcoin/](https://millervalue.com/a-value-investors-case-for-bitcoin/) (Accessed: 13 September 2022):
> The open ledger combined with the complexity of transaction data makes Bitcoin a very secure method of payment... One of Bitcoin’s biggest advantages over other payment networks like Visa (V) and MasterCard (MA) is minimal transactions fees. While other payments networks typically charge the greater of ~3% and $0.15, Bitcoin’s transaction fee tends to be a negligible fraction of the transaction, if any at all. Lower transaction fees not only enable buyers and sellers to transact at prices that are better for both parties, but they could enable micropayments in markets that are not otherwise compatible with a $0.15 surcharge on low-price, low-margin goods and services.
[Nakamoto, Satoshi. ‘Bitcoin: A Peer-to-Peer Electronic Cash System’, n.d.](https://www.ussc.gov/sites/default/files/pdf/training/annual-national-training-seminar/2018/Emerging_Tech_Bitcoin_Crypto.pdf)
Roger Ver, an investor in Blockchain.info, quoted in [COINTELEGRAPH. ‘Western Union Is Not yet Ready for Bitcoin International Transfer’. Cointelegraph, 1 November 2013:](https://cointelegraph.com/news/western_union_is_not_yet_ready_for_bitcoin_international_transfer)
Ver, Roger. quoted in COINTELEGRAPH (2013) _Western Union is not yet ready for bitcoin international transfer_, _Cointelegraph_. Available at: [https://cointelegraph.com/news/western_union_is_not_yet_ready_for_bitcoin_international_transfer](https://cointelegraph.com/news/western_union_is_not_yet_ready_for_bitcoin_international_transfer) (Accessed: 13 September 2022):
> I think we will know when bitcoin has reached prime time when it is transferring more value each day than Western Union or Money Gram... I think we may see that happen within another two years.
Nakamoto, S. (no date) *Bitcoin: A Peer-to-Peer Electronic Cash System*. Available at: https://www.ussc.gov/sites/default/files/pdf/training/annual-national-training-seminar/2018/Emerging_Tech_Bitcoin_Crypto.pdf
## Evaluation: False (high confidence)
@ -64,15 +63,27 @@ The costs present in most retail financial services have very little to do with
See industry analysts describe this proble in more depth: [Does Bitcoin/Blockchain make sense for international money transfers?](https://www.saveonsend.com/bitcoin-blockchain-money-transfer/)
## References
1. Plant, Luke. 2022. ‘The Technological Case against Bitcoin and Blockchain’. Luke Plant’s Home Page. 5 March 2022. https://lukeplant.me.uk/blog/posts/the-technological-case-against-bitcoin-and-blockchain/.
1. White, Molly. 2022a. ‘Blockchain-Based Systems Are Not What They Say They Are’. Molly White (blog). 9 January 2022. https://blog.mollywhite.net/blockchains-are-not-what-they-say/.
1. ———. 2022b. ‘Anonymous Cryptocurrency Wallets Are Not So Simple’. Molly White (blog). 12 February 2022. https://blog.mollywhite.net/anonymous-crypto-wallets/.
1. ———. 2022c. ‘Cryptocurrency Off-Ramps, and the Shift towards Centralization’. Molly White. 12 February 2022. https://blog.mollywhite.net/off-ramps/.
1. ———. 2022d. ‘Cryptocurrency’s Robinhood Effect’. Molly White. 17 February 2022. https://blog.mollywhite.net/cryptocurrencys-robinhood-effect/.
1. Cembalest, Michael. 2022. ‘The Maltese Falcoin: On Cryptocurrencies and Blockchains’. https://privatebank.jpmorgan.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/the-maltese-falcoin.pdf.
1. Weaver, Nicholas. 2018. Blockchains and Cryptocurrencies: Burn It With Fire. Berkeley School of Information. https://www.youtube.com/watch?v=xCHab0dNnj4.
1. Steele, Graham. 2021. ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’. Technology and Government, Emerald Studies in Media and Communications, Forthcoming.
1. Amato, Massimo, and Luca Fantacci. 2020. A Fistful of Bitcoins: The Risks and Opportunities of Virtual Currencies. Bocconi University Press. https://www.egeaeditore.it/ita/prodotti/economia/a-fistful-of-bitcoins.aspx.
1. Krugman, Paul. 2018. ‘Transaction Costs and Tethers: Why I’m a Crypto Skeptic’. The New York Times 21.
1. ———. 2021. ‘Technobabble, Libertarian Derp and Bitcoin’. The New York Times 21.
1. Stinchcombe, Kai. 2017. ‘Ten Years In, Nobody Has Come Up With a Use for Blockchain’. Hackernoon. 22 December 2017. https://hackernoon.com/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100.
Amato, M. and Fantacci, L. (2020) _A Fistful of Bitcoins: The Risks and Opportunities of Virtual Currencies_. Bocconi University Press. Available at: [https://www.egeaeditore.it/ita/prodotti/economia/a-fistful-of-bitcoins.aspx](https://www.egeaeditore.it/ita/prodotti/economia/a-fistful-of-bitcoins.aspx).
_Blockchains and Cryptocurrencies: Burn It With Fire_ (2018). Berkeley School of Information. Available at: [https://www.youtube.com/watch?v=xCHab0dNnj4](https://www.youtube.com/watch?v=xCHab0dNnj4) (Accessed: 25 February 2022).
Cembalest, M. (2022) _The Maltese Falcoin: On Cryptocurrencies and Blockchains_, p. 31. Available at: [https://privatebank.jpmorgan.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/the-maltese-falcoin.pdf](https://privatebank.jpmorgan.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/the-maltese-falcoin.pdf).
Krugman, P. (2018) ‘Transaction costs and tethers: Why I’m a crypto skeptic’, _The New York Times_, 21.
Krugman, P. (2021) ‘Technobabble, Libertarian Derp and Bitcoin’, _The New York Times_, 21. Available at: [https://www.nytimes.com/2021/05/20/opinion/cryptocurrency-bitcoin.html](https://www.nytimes.com/2021/05/20/opinion/cryptocurrency-bitcoin.html).
Plant, L. (2022) _The technological case against Bitcoin and blockchain_, _Luke Plant’s home page_. Available at: [https://lukeplant.me.uk/blog/posts/the-technological-case-against-bitcoin-and-blockchain/](https://lukeplant.me.uk/blog/posts/the-technological-case-against-bitcoin-and-blockchain/) (Accessed: 6 March 2022).
Steele, G. (2021) ‘The Miner of Last Resort: Digital Currency, Shadow Money and the Role of the Central Bank’, _Technology and Government, Emerald Studies in Media and Communications, Forthcoming_ [Preprint].
Stinchcombe, K. (2017) _Ten Years In, Nobody Has Come Up With a Use for Blockchain_, _Hackernoon_. Available at: [https://hackernoon.com/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100](https://hackernoon.com/ten-years-in-nobody-has-come-up-with-a-use-case-for-blockchain-ee98c180100) (Accessed: 25 February 2022).
White, M. (2022a) ‘Anonymous Cryptocurrency Wallets Are Not So Simple’, _Molly White_, 12 February. Available at: [https://blog.mollywhite.net/anonymous-crypto-wallets/](https://blog.mollywhite.net/anonymous-crypto-wallets/) (Accessed: 25 February 2022).
White, M. (2022b) ‘Blockchain-based Systems Are Not What They Say They Are’, _Molly White_, 9 January. Available at: [https://blog.mollywhite.net/blockchains-are-not-what-they-say/](https://blog.mollywhite.net/blockchains-are-not-what-they-say/) (Accessed: 25 February 2022).
White, M. (2022c) _Cryptocurrency off-ramps, and the shift towards centralization_, _Molly White_. Available at: [https://blog.mollywhite.net/off-ramps/](https://blog.mollywhite.net/off-ramps/) (Accessed: 25 February 2022).
White, M. (2022d) _Cryptocurrency’s Robinhood effect_, _Molly White_. Available at: [https://blog.mollywhite.net/cryptocurrencys-robinhood-effect/](https://blog.mollywhite.net/cryptocurrencys-robinhood-effect/) (Accessed: 25 February 2022).