Brazil's government-run payments system has become dominant

I've been living in Brazil for the last 20 years.

Pix revolutionised the way we transact in Brazil. I've used Pix to pay for things that cost only cents, and I have a friend who bought her house using Pix. The system just works for any transfer amount. And it's so easy to use.

Its speed is truly baffling, and so is its reliability. Never have I failed to make a Pix payment because of downtime. I never cease to be amazed by how fast money arrives in my Brazilian account when I make a withdrawal directly from my EUR wallet on Wise. I receive a push notification from my Brazilian bank before Wise finishes running the animation of confirmation of withdrawal. It's like magic.

And it's so widespread that nowadays I don't even question whether someone accepts Pix. When I get in a taxi, no matter how old the driver is, it's certain that they take (and prefer) Pix.

I've even had homeless people ask me for Pix instead of change on multiple occasions.

Cryptocurrencies don't stand a chance.

> Cryptocurrencies don't stand a chance.

Now, try to use Pix outside of Brazil - it's not even used in other Mercosur countries, what's the chance of having that adopted in other countries... And, that's problem #1.

How much do you trust your government with your money? A system like Pix don't stand a chance to get a worldwide adoption - maybe people are naive but governments won't unify to adopt a common system controlled by just a single entity / country.

What we may however end up with, are dozens of systems like Pix, one for each country, union, etc. Still cryptocurrencies as-is remain relevant (see point 1)

You have bizarre logic here. For example, in a topic discussed about GPUs, someone would say that it's not possible to run databases on GPUs, so GPUs don't have any chance of succeeding.

> How much do you trust your government with your money?

Do you trust crypto companies? Mt. Gox, FTX, Bybit…

Do you know that crypto companies must follow government rules, regulations, and laws? Russians were banned from using many crypto exchange platforms. China has strict rules for its citizens. You can buy and sell crypto in Brazil, but you must use only Brazilian reals.

Pix isn't global, but no one government person outside of Brazil can block this system.

MasterCard, Visa, Amex, and UnionPay work worldwide, but only a few countries regulate them, can block their usage, and can use data for tracking and statistics.

Pix is free to use, so no one needs to pay an additional "tax" to MasterCard and Visa (it's about 3%).

Google and Apple cannot say that if you want to pay, you must use only our devices.

> Now, try to use Pix outside of Brazil

Now, try to buy ice cream from street vendors using any crypto coins.