Re: But why is this necessary?
VISA/Mastercard are not decentralised. They are central points of failure.
What is being proposed removes them from the equation, a proper digital "cash" will allow for a peer to peer digital transaction. I.e. when you go and buy something and you use your "digital cash", the cash will go straight to the place you're shopping in without bouncing through a third party. That is the key difference between digital banking now as we know it and what a decentralised digital currency could bring.
No banks to deal with, no monolithic payment gateways taking a percentage...just peer to peer digital cash.
It's a wonder nobody has thought about this sort of thing before. /s
Biting the hand that feeds IT
