These payments settle instantly with finality. Just like sending USDC but without the high fees and huge delays of using a blonkchain.
Or as Europe calls it, 2008, but hey a win is a win.
Waiting a minute is also completely unacceptable. Imagine if you had to wait a minute every time you wanted to sue your credit card, grocery stores would grind to a halt.
And it actually goes directly into your bank account.
Further, Algorand isn't "from MIT" it was started by an MIT professor, and their actual transaction fee is a sum total of the direct fees (roughly zero right now) plus the block reward divided by total transactions in a block.
Most people are hard coding in the 0.001 fee.
When you say it confirms instantly that remains to be proven.
There’s no reason to think it wouldn’t be instant. SEPA payments are in Europe, Faster Payments are in the UK and Australia has one too. That’s not an exhaustive list.
I wouldn’t call it a “google AI” just because it was created by an ex employee who thinks it’s sentient. I wouldn’t call Nest an Apple camera just because it was founded by a group of Apple employees. If I did I’d surely be on the receiving end of a lawsuit seeking to clarify that point.
I'm sure if you looked at the actual on the ground implementations they are not all effectively instant for the consumer.
> I'm sure if you looked at the actual on the ground implementations they are not all effectively instant for the consumer.
They actually are. Not sure why its so hard to believe you can update a SQL database in a few milliseconds.