Banking · Payments

How do I learn every technical thing about money?

Daniel Birowsky I design, develop and argue.

Last updated on September 23rd, 2017

Literature? Sites? Courses? I wanna understand the ins and outs of how money travel. All the fees and currencies manipulations in-between.

I’m finally down on materializing an idea which aims to support payments from any currency to any other currency and in any country. The goal is to have users pay as little fees as possible irrelevant of the effort required on my side. Is Paypal and Stripe enough? Do I need to partner with local banks? Do I need to create a bank? How far exactly do I need to go?

I don’t believe you can answer this question in a paragraph, so handing me the material references and directions that would help me answer all this myself is going to be more than helpful.

Chandni Khosla NED | Advisor | Mentor | Investor | Partner for success

September 29th, 2017

You want to learn how the financial system operates. Well not even the G20 representatives would be able to succiently answer that. You need to narrow down you focus. What is that you wish to achieve from the info you need.

Joseph Wang Chief Science Officer at Bitquant Research Laboratories

September 23rd, 2017

1) Start with google and quora. The answer is that you can't learn everything about money, but part of the effort involves trying to figure out what you need to know. You might want to google for "Faisal Khan" payments.

2) One way of learning is to just go ahead with your idea. You will very quickly find that it will not work, and you will find *why* it won't work. One way that I quickly learned about payments is that I ended up trying to do a coffee business between Kenya and HK, and you very quickly figure out that things will not work.

One problem that you will run into is the "wall socket magic" problem. You talk to someone and you don't understand why it's so hard to get electricity, because you can just plug something into a wall socket.

3) Something that you should be aware of is that payments is extremely fragmented. There is no payments industry. There are a thousand little industries which involve moving money from A to B in amount C for purpose D. In particular, every currency is different, and every country is different.

4) If you live in the US, it is very extremely likely that you will not be able to operate a payments business for legal reasons. In order to get all of the necessary licenses, will easily cost you over one million USD.

mazeen mahfal Passionate techie turned marketer

September 29th, 2017

Chandni answered your question brilliantly. I couldn't articulate it any better.