this post was submitted on 13 Nov 2024
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Intermediary free monetary transfer, lack of trust, transparency
How do you transfer money without an intermediary through blockchain?
By sending it to an address of the recipient's wallet from your wallet? I'm not sure what you're asking. Bitcoing transactions don't involve intermediaries by default unless you're using an exchange of some kind. You can even transfer between cryptocurrencies using atomic swaps.
Granted you'd have to buy crypto for fiat currency to begin with and because of unfortunate regulatotions you have to often go through a KYC process with some banking institution, but that's a fault of glowies getting greedy for data, not the tech.
So, instead of my bank sending money to your bank, I use my bank to send money to a bitcoin broker, then I send the bitcoin, and then their broker sends money to their bank, adding two more middlemen.
You've got it backwards. Instead of sending bitcoin to an exchange, selling it for dollars, doing a bank transfer, and then the recipient buying bitcoin, you can just send bitcoin from one person to another.
You should read my comment again, that's not what I said.
I said that in order to send money through the blockchain, it takes more middlemen than just sending money via other systems.