51–60 of 72 posts
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It does, but in the not so distant future most smaller transactions will be on its 2nd layer wallets (lightning). Close to no fees and close to instant. Its steadily growing.
Smaller transaction fees are always in the future with crypto. It was a design goal in the beginning and still hasn't happened in 12 years (age of Bitcoin network).
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If you want a service that does all of the VAT admin on sales, including reporting and remittance to government authorities in all relevant jurisdictions, you might want a "merchant of record" service. You mentioned Paddle, who seem to be popular and getting positive reviews among my network, though they aren't the only MoR available now. Given how much pain governments are increasingly inflicting in this area, and t…
> If you want a service that does all of the VAT admin on sales, including reporting and remittance to government authorities in all relevant jurisdictions, you might want a "merchant of record" service. You mentioned Paddle, who seem to be popular and getting positive reviews among my network, though they aren't the only MoR available now. That was my understanding after becoming aware of this, and Paddle seems to b…
When I was working on a pre-launch SaaS for a different business recently only the new generation of payment services where we could outsource everything were being seriously considered. My existing companies basically treat the split responsibility model used by PayPal, Stripe and similar services as legacy technology now and our plan is to phase it out completely when the opportunity arises. Everything will be either direct funds transfers from a client's bank account to ours, for high value clients who are worth the effort, or completely outsourced, which means again we just see one large transaction from time to time that is easy to account for.
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> Will this fare better than their ripple partnership where the SEC intervened? Why not ask MoneyGram? Maybe they can give you a better answer than I or anyone else here could. > Still, this doesn't address the fact that the op will lose a lot of business with solely crypto. Solely? I don't think that is what you said originally, was it? [0] From [0] > That's not doable in practise. > - You would immediately take a h…
OpenSea is not products. Buyers think they will earn money from it and are prepared to put their HODL coin in it to earn more. It's one big piramid scheme. Rarible is similar. It's not comparable to e-commerce. NFT's in it's current state is literally the perfect product for HOLD'ers if you think about it. As said before, this all happened in the past. Woocommerce, Steam, Amazon, Stripe, ... All added it and removed…
So OpenSea and Rarible don't qualify as 'e-commerce' because they sell 'NFTs' and domain-names are not products bought and sold on online marketplaces? You are splitting hairs once again.
> As said before, this all happened in the past. Woocommerce, Steam, Amazon, Stripe, ... All added it and removed it. Only square kept it.
First of all, we are in late-2021. Before I ask you to find citations for the reasons behind those removals, all these cases have cited towards the properties of Bitcoin payments and its unsuitability for that purpose, which is my whole point for businesses to use USDC on other cryptocurrencies like Stellar if they were to accept cryptocurrency payments; hence MoneyGram. We are not stuck in 2017 or whatever year you are trapped in.
> Either way, this topic is about lowering transaction fees.
So from "lowering transaction fees" to someone saying "Take payment in crypto" to you saying "That's not doable in practise" and me replying "USDC stablecoin sitting on cryptocurrencies like Stellar" and it ends up with you in denial, moving goal posts, splitting hairs until you now want to go back to "lowering transaction fees" which I already answered?
Where did I mention in my original comment to use Bitcoin for payments? It seems that it is only you having a very hard time ignoring Bitcoin, Look at this constant rambling from you:
> There's currently a lot of FUD. But it's all going away when BTC drops again.
> It only took a pandemic previous time to reverse Bitcoin from a multi-year decline.
Either way, my answer already has addressed the topic and your previous 'claims' regardless of you being unable to cite your claims or stay on topic. Your whole comment sounds more of a complaint about cryptocurrencies and NFTs than a substantiative argument at this point. Maybe that is what has changed here.
When are you going to realise that your complaint is going round in circles?
Earlier quoted context omitted.
OpenSea is not products. Buyers think they will earn money from it and are prepared to put their HODL coin in it to earn more. It's one big piramid scheme. Rarible is similar. It's not comparable to e-commerce. NFT's in it's current state is literally the perfect product for HOLD'ers if you think about it. As said before, this all happened in the past. Woocommerce, Steam, Amazon, Stripe, ... All added it and removed…
> OpenSea is not products... Rarible is similar. It's not comparable to e-commerce. So OpenSea and Rarible don't qualify as 'e-commerce' because they sell 'NFTs' and domain-names are not products bought and sold on online marketplaces? You are splitting hairs once again. > As said before, this all happened in the past. Woocommerce, Steam, Amazon, Stripe, ... All added it and removed it. Only square kept it. First of…
On a normal site, how many % of visitors do you think will/can pay with USDC on stellar?
The example purchase is a computer screen worth 250$, found on a new e-commerce shop ( = you didn't have any purchases yet there)
Note: Most people don't have crypto.
So some basis for estimates:
Let's say that 16 % of Americans have ever bought crypto. Let's be positive and say that halve of them are willing to use it for a purchase instead of considering it as an investment. So 8% - https://www.pewresearch.org/fact-tank/2021/11/11/16-of-ameri... .
Spread of the holdings are taken from an article:
> And it’s true that it is by far the most popular cryptocurrency with 66.7% of crypto investors owning Bitcoin. However, other crypto currencies are catching up with 28.6% of crypto investors holding the popular “memecoin” Dogecoin and 23.9% of investors holding Ethereum.
https://www.finder.com/how-many-people-own-cryptocurrency
A raw guess is fine ofc.
My guess: 0.001% of visitors. I'll explain why after your guess.
( It's possible that i missed something. I don't do these guesses often and I'm not exactly sure how many of those can pay with USDC on stellar even, but that shouldn't matter for the estimate)
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> OpenSea is not products... Rarible is similar. It's not comparable to e-commerce. So OpenSea and Rarible don't qualify as 'e-commerce' because they sell 'NFTs' and domain-names are not products bought and sold on online marketplaces? You are splitting hairs once again. > As said before, this all happened in the past. Woocommerce, Steam, Amazon, Stripe, ... All added it and removed it. Only square kept it. First of…
Let's simplify it, to explain what "not doable in practice means": On a normal site, how many % of visitors do you think will/can pay with USDC on stellar? The example purchase is a computer screen worth 250$, found on a new e-commerce shop ( = you didn't have any purchases yet there) Note: Most people don't have crypto. So some basis for estimates: Let's say that 16 % of Americans have ever bought crypto. Let's be p…
- You would immediately take a hit, because crypto payments are not popular.
- Currency/btc conversion fees are more expensive than any transaction fee.
Many ecoms added support in 2017 and removed that functionality again.
There's no interest for buying things that isn't part of the "pump and dump" scheme. NFT's are probably the only thing, since they hope to resell it for more money.
Throughout this whole thread. You are saying to everyone here, I cannot open a Shopify / WooCommerce account right now and accept USDC on whatever cryptocurrency like Stellar and accept payments, worldwide and not just in the US or with Bitcoin which your entire comment(s) are assuming.
Have I just proven and caught you changing your complaints once again about 'what you really meant' in [0], since you knew how incorrect you were, rushing to comment and still avoiding all of my questions?
It is evident that you are finding it harder and harder to cope and ignore cryptocurrencies in general and have to resort to changing definitions, meanings, etc to continue to hold up your complaints.
Earlier quoted context omitted.
Let's simplify it, to explain what "not doable in practice means": On a normal site, how many % of visitors do you think will/can pay with USDC on stellar? The example purchase is a computer screen worth 250$, found on a new e-commerce shop ( = you didn't have any purchases yet there) Note: Most people don't have crypto. So some basis for estimates: Let's say that 16 % of Americans have ever bought crypto. Let's be p…
You already explained about what you 'really' meant by 'That's not doable in practise' . No need to change it again or repeat yourself before I commented. Let me remind you before you forget again: - You would immediately take a hit, because crypto payments are not popular. - Currency/btc conversion fees are more expensive than any transaction fee. Many ecoms added support in 2017 and removed that functionality again…
--
The OP is not a crypto only business.
You're examples are similar to crypto investments, which is almost the only thing people would spend their crypto on.
It's not shifting when showing that you're answer would not even be applicable to 0,1% of his customers.
It's actually showing that your answer was useless in the first place.
You think/suggest 'USDC on stellar' even matters, i don't. They all have the same fundamental mistakes.
And it's not solely:
> high transaction fees, unstable price fluctuations and slow transfers
But please give me a realistic estimate for how many people your answer would be useful for the op.
If all your customers are local to your own country then yes you can engage a merchant e-commerce solution usually provided by a local major bank. These were popular before Stripe arose. You can save fees BUT the application process is often much more manual and long. Also don’t expect add-ons like having a good API or strong reporting or analytics.
We had such an account before Stripe and Braintree were in existence. The rates weren't significantly better than what Stripe or Braintree offered, which is why we switched. I assume that's still the case...?
The pricing is competitive as the currently charge a flat monthly fee which comes up much cheaper than stripe.
I know as I’m integrating stripe into the new member site im building for our client and they’ve come back saying the old option is much cheaper.
AUD $300-400/month flat fee from the top of my head.
It’s missing many of stripes features though as I said earlier, which I’m now having to try to sell the client on as the benefit of additional automation and reporting coming at additional cost.
Stripe is not straight up cheaper in this case.
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You already explained about what you 'really' meant by 'That's not doable in practise' . No need to change it again or repeat yourself before I commented. Let me remind you before you forget again: - You would immediately take a hit, because crypto payments are not popular. - Currency/btc conversion fees are more expensive than any transaction fee. Many ecoms added support in 2017 and removed that functionality again…
Solely is because the op wants lower transactions. Giving an answer that would be applicable for 0,01% or less of the cases is just a useless answer. -- The OP is not a crypto only business. You're examples are similar to crypto investments, which is almost the only thing people would spend their crypto on. It's not shifting when showing that you're answer would not even be applicable to 0,1% of his customers. It's a…
>> Say you’re running an online store, selling something digital or physical.
>> Is it practical to completely avoid the fees of payment processing companies like Stripe?
> You're examples are similar to crypto investments, which is almost the only thing people would spend their crypto on.
..buying a blockchain domain name on OpenSea, Rarible for low fees is 'not practical' then? So I can't make my own marketplace using Shopify's NFT store then? Nor does any of that qualify as 'selling something digital' either in regards to the OP.
So Shopify is not 'e-commerce' because they allow you do sell NFTs?
So buying limited edition NFT shoes from an online store doesn't count either and they are not 'products'? [0]
Given that, is that why you knowingly edited and deleted your comment about the extremely narrow existence of an popular e-commerce business that solely accepts cryptocurrencies for physical products except for the dark web to make a fallacious point that cryptocurrencies are not ever 'practical' for avoiding 'expensive transaction fees' because 'ecoms added support and removed that functionality again' and that means 'There's no interest for buying things' using cryptocurrencies?
At the end of this day, week, month and year, these companies have still have not given up on it, Stripe included. Maybe you should desperately ask how OpenSea, Rarible, Shopify, Circle.com etc are still able to do this, since you are having a very difficult time in ignoring it whenever another user asks a crypto-related question on Ask HN.
Earlier quoted context omitted.
Solely is because the op wants lower transactions. Giving an answer that would be applicable for 0,01% or less of the cases is just a useless answer. -- The OP is not a crypto only business. You're examples are similar to crypto investments, which is almost the only thing people would spend their crypto on. It's not shifting when showing that you're answer would not even be applicable to 0,1% of his customers. It's a…
Just a reminder in case you have forgotten what the OP said: >> Say you’re running an online store, selling something digital or physical. >> Is it practical to completely avoid the fees of payment processing companies like Stripe? You: > You're examples are similar to crypto investments, which is almost the only thing people would spend their crypto on. And how does that not count? Because you think it is for 'crypt…
There's literally no sense in buying anything with crypto when you have to give up the protection that you have as a consumer : chargebacks.
You are ignoring why eg. PayPal became popular: 180 days chargeback.
It's also the supplier who pays the transaction fee. The regular consumer doesn't care anything about paying anything with crypto..
I can ask 1000 people here that i meet and no one will know about USDC on stellar. That won't change either.
You should ask HN if there is any business owner that cares, lol.
Earlier quoted context omitted.
Just a reminder in case you have forgotten what the OP said: >> Say you’re running an online store, selling something digital or physical. >> Is it practical to completely avoid the fees of payment processing companies like Stripe? You: > You're examples are similar to crypto investments, which is almost the only thing people would spend their crypto on. And how does that not count? Because you think it is for 'crypt…
Oh no, the most popular product to pay with crypto is gift cards. Which is also popular with fraud. There's literally no sense in buying anything with crypto when you have to give up the protection that you have as a consumer : chargebacks. You are ignoring why eg. PayPal became popular: 180 days chargeback. It's also the supplier who pays the transaction fee. The regular consumer doesn't care anything about paying a…
This is the same 'protection' that is open to abuse by users through chargeback fraud or 'friendly fraud' on both Stripe and PayPal in which the merchants will get chargeback fees and their accounts getting closed with tons of fraudulent chargebacks by users, having to fight fraudulent disputes and waiting months for the money to be unlocked by Stripe or PayPal.
> I can ask 1000 people here that i meet and no one will know about USDC on stellar. That won't change either.
This is the problem. Here. on HN. Even when they still care to continue to ask more cryptocurrency questions. Like yourself.
Were you the same person that asked about whether if users on HN knew about cryptocurrencies in 2011? Or if you were to ask a generation born in 1910 if they know about how to use the world wide web in 1990?
This is exactly the same thing here. You and many others have made it clear that you won't use it. The next generation certainly will. Perhaps this is why several HNers are somewhat out of touch of recent trends these days.
> You should ask HN if there is any business owner that cares, lol.
I don't need to, the interest speaks for itself. For example on the front page of HN 31st of December 2021:
Decent (YC W22) Is Hiring a Senior Full Stack Web3 Engineer
[0] https://www.ycombinator.com/companies/decent/jobs/gtwlg2C-se...