High intermediary fees in legacy payment systems make transacting economically viable only at higher transaction volumes, thereby creating barriers to entry that decentralized payment systems do not impose.
Source quote, verbatim
The fees make it only economically viable for higher volumes of transactions, creating barriers to entry in the process.
Wulf A. Kaal, How Decentralized Systems Can Upgrade AI (2021). SSRN: https://ssrn.com/abstract=3808867
Holds when
centralized legacy fiat payment systems relying on banks and payment processors
Classification
failuresupport: arguedfailure: Fee driven barriers to entry in legacy paymentsfamily: inequality-and-access-dividerisk-and-incentivesdecentralization
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