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OpenNode – Bitcoin Payment Processor

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Re: OpenNode – Bitcoin Payment Processor

#31

Post by mothballed »

Retr0id wrote: post #18
mothballed wrote: post #10

Earlier quoted context omitted.

This has tradfi banking ramps. You don't need to hold it. You can treat BTC as basically a payment network instead of something like the visa/mastercard cartel.

afaict, the main advantages of buying things with crypto are (potentially) lower transaction fees and latencies, and less red tape restricting who can buy what from whom. If you use a "tradfi onramp", doesn't it negate all of that? Why not just use tradfi all the way, for that transaction?

There is no requirement to use the tradfi ramps. It is merely offered as an option. But as it pertains to banking in the USA, a couple differentiating qualities I will offer before the goalposts will inevitably be shifted yet again to damn my response

1) Settlement time (wires only sporadically free in US, plus usually settle slower)

2) Irreversibility.

3) The tradfi ramps, if used, only have to be OK with crypto ramp, rather than the whole host of underlying transactions. It is conceivable some banks will tolerate crypto while not tolerating, say, directly handling a particular transaction.

4) Lowered friction for international transaction

5) One or both sides can be unbanked.

Re: OpenNode – Bitcoin Payment Processor

#32

Post by repelsteeltje »

jdw64 wrote: post #7

American-style words are really hard these days. I thought 'open' meant source code is available, but at some point, starting with OpenAI, it seems like 'open' has come to mean 'we'll open your wallet.

The ambiguity of the word "Open" has a long history. Going back to at least late 1980s, when X Window "skin" OPEN LOOK (by AT&T - Sun consortium) had license issues and Open Source Foundation started work on OSF Motif.

Re: OpenNode – Bitcoin Payment Processor

#33

Post by dfish »

mothballed wrote: post #8

If they don't swoop in with random check-ins hassling you for docs for " muh KYC " and " muh AML compliance " the moment you do anything outside of the boring middle ground then they're ahead of basically 99+% of all the other tradfi-interlocking offerings.

It is what it is. You have to implement KYC if you want fiat rails. A merchant can't KYC every single person that comes to the store. But you could build a system to eventually ban wallets that could be tied to criminal activity.

The merchant can also pick to use Lightning and keep the Bitcoin instead of selling it for fiat.

Re: OpenNode – Bitcoin Payment Processor

#34

Post by jancsika »

Retr0id wrote: post #18
mothballed wrote: post #10

Earlier quoted context omitted.

This has tradfi banking ramps. You don't need to hold it. You can treat BTC as basically a payment network instead of something like the visa/mastercard cartel.

afaict, the main advantages of buying things with crypto are (potentially) lower transaction fees and latencies, and less red tape restricting who can buy what from whom. If you use a "tradfi onramp", doesn't it negate all of that? Why not just use tradfi all the way, for that transaction?

> (potentially) lower transaction fees

Citation needed. I'm looking at the transaction fees for lightning network and they are in the range of FedNow or RTP.

For Bitcoin it's not even close.

Re: OpenNode – Bitcoin Payment Processor

#35

Post by dfish »

nohell wrote: post #26
Hasz wrote: post #2

Very impressed at net cost. I used to run a small ecom business targeting total prices in the range of $3-10. At $3, payment processing is nearly 11-12% of costs, which is absurd, more if you amortize the occasional chargeback/fraud. Lightning can do it for For whoever posted, your cost calculator should be first thing on the page, and you "How we calculated this number" link is broken

Monero is even cheaper and more useful as cadh because it's private. Anyone can see Bitcoin history and where the user got their coins.

They are both useful. Monero is a bit more tricky to use, there is no concept of Lightning network, you still have to wait around 7 minutes for the transaction to settle. It's not bad, but it is different. The transparency in Bitcoin is a feature not a bug.

Re: OpenNode – Bitcoin Payment Processor

#36

Post by nohell »

charcircuit wrote: post #13

>Bitcoin - the only legitimate cryptocurrency secure enough for transacting at scale. I prefer the trend of using stable coins for payment instead. I think merchants are much more willing to work with a digital dollars than with something with constantly fluctuating value.

Stablecoins frequently get frozen by Tether and Circle for arbitrary reasons, as if an AI system is flagging

Re: OpenNode – Bitcoin Payment Processor

#38

Post by nohell »

dfish wrote: post #30
charcircuit wrote: post #13

>Bitcoin - the only legitimate cryptocurrency secure enough for transacting at scale. I prefer the trend of using stable coins for payment instead. I think merchants are much more willing to work with a digital dollars than with something with constantly fluctuating value.

Stablecoins can be censored. You deposited into Huobi 5 years ago? Banned. Now we keep your stablecoins, thanks for playing. You can't censor Bitcoin.

As a Chinese person I can confirm. Monero is the way.

Re: OpenNode – Bitcoin Payment Processor

#39

Post by dfish »

aantix wrote: post #9

Genuine question - why would someone hold bitcoin for regular, everyday purchases? The buying power is all over the place.

Someone who doesn't have good fiat rails like third-world countries. Or people who just don't want to be part of the fiat system. Or both.
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