[SJC_Hacker]

> The real problem is we don't have a low-friction digital payment system that allows individuals to automate sending payment requests for small amounts of money to each other without requiring everyone to sign up for a merchant account with a financial bureaucracy.

Its called cryptocurrency

[AnthonyMouse]

First you have to make it low-friction. If I want Joe Average to send me $1 in cryptocurrency, how is he getting $1 in cryptocurrency to send me?

[nobody9999]

>First you have to make it low-friction. If I want Joe Average to send me $1 in cryptocurrency, how is he getting $1 in cryptocurrency to send me?

Absolutely. You're 1000% correct. Cryptocurrency is way too high friction for stuff like that. When I wish to spend crypto, I need to:

[If you don't have an exchange account already, you'll need the 0.x steps too!]

0.0 Create an account on an exchange which is legally allowed to operate in your state/country;

0.1 Provide all sorts of KYC/AML info including photos of yourself and your government ID;

0.2 Wait hours/days/weeks for the exchange to "validate" your KYC/AML info and allow you to purchase crypto;

1. Log in to an exchange which is actually allowed to operate in the place where one resides;

2. Purchase Bitcoin or other coin the exchange deems appropriate (leaving aside the hefty fee charged for using fiat currency/traditional credit card);

3. Wait days/weeks until the exchange allows you to transfer the purchased cryptocurrency out of your exchange-hosted wallet;

4. Transfer crypto to a wallet you actually control;

5. Convert the crypto purchased on the exchange to the crypto coin required for whatever your purpose may be;

6. Transmit the crypto to the destination wallet.

Total time (not including setting up the exchange account, which can take anywhere from 1-10 days): 3-10 days.

Much too high friction for small payments, IMHO.

[fragmede]

There is no shortage of apps to do that these days. Venmo and CashApp are pretty mainstream for people in the US.