This is amazing.
You don’t need a bank account to use this system, which is the biggest point. Merchants don’t need one, and customers don’t need one.
Because of that, no one has to pay an account monthly fee, unless you are rich enough and can afford to keep a minimum balance, which I don’t think $30 or even the average anual salary in El Salvador would cover. No more NSF fees because of ‘accidental’ preauthorized debits over the agreed amount. What’s that? You can dispute it? Sure take some hours out of your affluent lifestyle to call and followup.
Without a bank, you can’t have a freeze on your account for unknown reasons leaving it up to you to unravel by calling, then presenting yourself in person to prove you are who you say you are to the same bank you’ve been at for 10 years. If you’re rich, sure, you may have the 3 hours to take care of it, and see this as a non-issue.
The fees are practically non-existent with lightning, to the point where I believe the government may cover them if using it’s official wallet.
That means merchants no longer need to pay processors a percentage of their sales. Crucially, they don’t need to wait days for the payments to ‘settle’ They can pay employees and suppliers faster.
Customers don’t have to pay debit transaction fees (unless they were rich enough to have a bank account and have the fees covered by keeping some minimum balance)
Users can send money to their family abroad with the same system with negligible fees, which again may be covered by the government in some cases.
All the rent-seeking behavior just doesn’t fit there anymore. Industries that spent billions upon billions in getting adoption into their system are now fighting to stay relevant by bashing and shorting the ever living fuck out of bitcoin.
Frankly though, I would be too if I were one of these parasites. Easy street where I just skim the value of your labor if you try to store it, or where I skim some every time you transfer it, is over.
There is certainly a war going on. These parasites are fighting hard to keep their old way of life.