Binance - Just launched Binance pay - which does exactly the same thing as nash pay / nashlink

Binance - Just launched Binance pay - which does exactly the same thing as nash pay / nashlink. CZ said they are throwing lots of resources at it and no doubt advertising.
Do we have any comments from the nash team.
What are we doing?
A worried investor ?

Honestly it’s not suprising Binance is interested in this vertical. Besides they need to reinvest all that money they’re earning. Also, remember that if they’re ready today, the idea was in the works for months.

I agree, anything Binance launches is intimidating. And as for any industry, when the leader launches a competing product, you better be confident about yours.

But I do notice some differences:

  • CZ said merchants can be paid in stablecoins. This is a major difference and one of the perks of being compliant is that Nash can pay merchants in Euros. Stablecoins are nice, but what if you want to buy a house or pay your kid’s school. I’m sure they are still scary to most merchants compared to good ol’ fiat.
  • We don’t know anything about what fees they’ll be charging. I’m pretty sure they will try to hit hard by having very low fees, but as we all know NashLink is 0% fee. It’s hard to do better.
  • Lastly there’s the fact that Nash is non-custodial. Even if it might not be a game-changer, it’s still an nice feature to have.
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How this isn’t a game-changer in the world of heavy censorship and in the time we are witnessing the Robinhood scandal is beyond me. I recommended Nash to many of my contacts and they often don’t care about the non-custodial approach which is the holy grail of security and censorship resistance. Their primary focus is to have lot’s of coins to buy and an all in one platform. It’s a shallow approach but it works. The benefits of Nash are not obvious and require some explaining and even then most don’t care.

Sorry for the offtopic rant but this really caught my eye.

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The Reality is people don’t care about non custodial wallets.
What they do care about is

  • Trading the latest hype coins
  • Low gas fees
  • A secure walled with 2FA
  • Simple to use with good UX

Maybe businesses need something different - non custodial, complaint etc etc

What is our market - whats the product market fit. does anyway know ? if so please help me understand.

I also advise friends wanting to get into Crypto to download the Nash wallet, problem is sepa transfer takes a number of days in the UK and we are used to faster payments which takes seconds to arrive. also no way to buy wit debit which i can see, but it does advertise this on the site and no direct GBP payments Euro only.

Thanks in advance for any responses - especially regarding product market fit and what we are offering. (long term holder and staker)

Im sure others are wondering the same things.

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Most of what you pointed out is already in the works :ok_hand:

Three of the four points you bring up are in our control, low gas fees you should speak with Vitalik about. For the three that are under our control, we will provide an update when we release our Strategy for 2021

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Great. Patiently looking forward to this update! Thanks Kellogg

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I am genuinely excited and hyped about the 2021 strategy!

I am not too worried about Binance pay as a Nash Link competitor since Nash Link has some clear comparative advantages over Binance pay, it’s just a better (cheaper) and safer product both in terms of tech (due to non-custodial approach) and in terms of regulatory compliance (key feature that Nash has over Binance and that could win over mainstream merchants).

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if nash manages to stay on the market and can offer non-cusdital services, i don’t see any problems for the common digital world currencies. the way is the line