> Thats's nice, but so do Square Cash, Venmo, Paypal, etc... and they currently do it cheaper.
With the difference that your wallet and means of transferring funds is centralized; you can't transfer money from your Paypal wallet without using Paypal's services. With crypto all you need is a connection to the network and your private key.
> How do we define borders? They're just arbitrary demarcation lines regulated by governments, so wouldn't the developing regulations in South Korea and China be creating borders for bitcoin?
They are, plenty of countries where crypto tech is not officially allowed. Or well, they can block the exchanges; in theory, using a VPN service people could still get on the network. But that too can be blocked. So you have a point there, while transferring coins is a global thing, there will be countries without an open internet where it won't be possible.
Re: fraud protection, that's a tough one indeed. I think that implies that you can't get hit by a malicious bank? I'd argue it's more insecure than regular currencies, and like you said, official banks and currencies have a guarantee system, that is, if e.g. a bank gets hacked, or even when, due to your own fault, you get scammed, banks and credit card companies will reimburse you, often backed by national / global banks and systems.
With the difference that your wallet and means of transferring funds is centralized; you can't transfer money from your Paypal wallet without using Paypal's services. With crypto all you need is a connection to the network and your private key.
> How do we define borders? They're just arbitrary demarcation lines regulated by governments, so wouldn't the developing regulations in South Korea and China be creating borders for bitcoin?
They are, plenty of countries where crypto tech is not officially allowed. Or well, they can block the exchanges; in theory, using a VPN service people could still get on the network. But that too can be blocked. So you have a point there, while transferring coins is a global thing, there will be countries without an open internet where it won't be possible.
Re: fraud protection, that's a tough one indeed. I think that implies that you can't get hit by a malicious bank? I'd argue it's more insecure than regular currencies, and like you said, official banks and currencies have a guarantee system, that is, if e.g. a bank gets hacked, or even when, due to your own fault, you get scammed, banks and credit card companies will reimburse you, often backed by national / global banks and systems.