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Ask HN: Practically accepting cryptocurrency for businesses without middlemen?

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Re: Ask HN: Practically accepting cryptocurrency for businesses without middlemen?

#111

Post by dQw4w9WgXcQ »

PretzelPirate wrote: post #108
dQw4w9WgXcQ wrote: post #103

I would recommend something like Algorand for receiving payments. Stable network (zero fork), fast settlement times, extremely low fees + carbon usage. Circle has a full API for receiving USDC payments on top of Algorand here: https://www.circle.com/en/usdc-multichain/algorand https://developers.circle.com/docs/getting-started-with-the-... USDC can of course all be swapped across various chains. Probably the cleanest…

I’m not sure I’d want to accept payments on Algorand since they have centralized relay nodes that can shut down the chain.

That's fine, you can accept payments elsewhere. The Circle API on top of Algorand has been extremely easy to integrate and move USDC around.

Re: Ask HN: Practically accepting cryptocurrency for businesses without middlemen?

#112

Post by nprz »

matheusmoreira wrote: post #38
apalmer wrote: post #19

Amazing how their is a currency who's been rising for 10 years that you actually have to 'solve' for how to spend it.

Bitcoin is a failure. It promised privacy, low fees, decentralization, lack of censorship and sanctions. We ended up with a transparent centralized expensive block chain whose tokens are not fungible. It's just a memecoin now. It just happens to be the biggest memecoin on the market. It's the one everyone knows about.

If it's entirely useless how do you explain the adoption of BTC by people living in developing nations[0]?

[0] https://www.theguardian.com/technology/2021/jul/31/out-of-co...

Re: Ask HN: Practically accepting cryptocurrency for businesses without middlemen?

#113

Post by throwawayay02 »

SQueeeeeL wrote: post #107
exo762 wrote: post #104

Earlier quoted context omitted.

> If a currency fluctuates in value This is why you want to use stablecoins. There is plenty to choose from.

This just sounds like cash with extra steps

I don't know if there are any, but I can see value in a stablecoin representing a basket of different currencies.

Re: Ask HN: Practically accepting cryptocurrency for businesses without middlemen?

#115

Post by Butller »

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Re: Ask HN: Practically accepting cryptocurrency for businesses without middlemen?

#116

Post by SQueeeeeL »

throwawayay02 wrote: post #113
SQueeeeeL wrote: post #107

Earlier quoted context omitted.

This just sounds like cash with extra steps

I don't know if there are any, but I can see value in a stablecoin representing a basket of different currencies.

That also sounds like money, except with a lack of fluctuation in exchange rates

Re: Ask HN: Practically accepting cryptocurrency for businesses without middlemen?

#117

Post by krageon »

q1w2 wrote: post #93

I don't have a recommendation - I just want to make you aware of a major issue other stores have... > We do not intend to convert to traditional currency unless needed. This is a big risk due to cash flows. Most stores operate on a margin on merchandise that is under 10%, with a turnover on goods averaging months. If a currency fluctuates in value more than ~10% over several months, this can easily drive an otherwise…

> Most stores operate on a margin on merchandise that is under 10%

Tell that to the literally hundreds of "shops" that dropship goods for ~50x the buying price.

Re: Ask HN: Practically accepting cryptocurrency for businesses without middlemen?

#118

Post by krageon »

itake wrote: post #18

I used https://electrum.org/ for accepting btc payments and it worked fine. The bigger issues I had that I am skeptical any self-hosted options have is protecting your wallets from being poisoned by 'black' bitcoin. Coinbase (and maybe others?) keeps a blacklist of banned wallets (stolen or associated with crime or gambling[0]). If a customer pays you from a black address, you may end up poisoning your entire crypto…

> poisoning

Did something apocalyptic happen to the many coin mixing services around?

Re: Ask HN: Practically accepting cryptocurrency for businesses without middlemen?

#119

Post by arcticbull »

doomroot wrote: post #101
arcticbull wrote: post #92

Earlier quoted context omitted.

They definitely aren't. They're using Chivo which is a centralized custodial wallet solution. Transfers are just updates to their MySQL store - as they should be. Chivo only uses Strike's private LN nodes nobody else is allowed to peer with when facilitating an international transfer -- between two of Maller's own accounts. Chivo is not crypto. And that's what most folks there are being forced to use by the local dic…

Forbes is reporting[0] that they are using BitGo. FYI Salvadorians are not required to use chivo at all. The interoperability is the exciting part not chivo. [0] https://www.forbes.com/sites/jonathanponciano/2021/09/07/el-...

BitGo being another centralized custodial wallet antithetical to the white paper? I mean, my dollars are interoperable with every bank in America and that really doesn't excite me. They're also interoperable with the banks in El Salvador since both use the USD.

Re: Ask HN: Practically accepting cryptocurrency for businesses without middlemen?

#120

Post by arcticbull »

arcticbull wrote: post #88
folli wrote: post #79

Earlier quoted context omitted.

so much for decentralization...

1 BTC = 1 BTC, how much USD each one is worth varies due to its inherent lack of fungibility. 1 BTC is better thought of as a booster pack of 100,000,000 NFTs.

Curious the downvotes, the thread is discussing how the prior history of a bitcoin can cause it to be worth less in some contexts. The different value of the same asset based on its history is the definition of non-fungible in the classical sense. If one satoshi can be "tainted" by its history it is not equivalent to any other satoshi. Lack of equivalence = non-fungible. Now Zcash and Monero would be fungible.
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