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Stripe: Bitcoin Sign-up

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Re: Stripe: Bitcoin Sign-up

#81

Post by srdev »

baddox wrote: post #78
pbreit wrote: post #37

Earlier quoted context omitted.

Probably not. I'd prefer the mileage, peace of mind that I have recourse, consolidated statementing, free 30 day loan, etc. And you would not save 3%. In fact, with Bitcoin's volatility, you might be charged 3% as you are now when you purchase in a different currency. Bitcoin enthusiasts have a difficult time understanding the cost of currency volatility.

And yet, it's pretty common to pay with cash at any brick and mortar store, where you have no electronic protection (like chargebacks) and not even any physical protection for the cash you carry around.

If I pay with cash at a store then I'm literally walking out with the goods. For services, I've already received the services before paying.

You're correct that there is no physical protection for the cash, but that is why most people do not carry lots of cash. Most store it in an insured bank account.

Re: Stripe: Bitcoin Sign-up

#84

Post by mullingitover »

shawabawa3 wrote: post #67
srdev wrote: post #44

Earlier quoted context omitted.

> Online, it's 23 digits that you don't know, and then 3-23 more fields (shipping address, billing address, name, email, etc. etc.) That sucks. Shipping address, name, and email are necessary even if you use bitcoin. Billing address is usually the same as shipping address. That leaves the CC number, in which case the equivalent is your bitcoin address. So there's no real win here. And if you're using a regular online…

> Shipping address, name, and email are necessary even if you use bitcoin Not for digital goods (maybe email) > That leaves the CC number, in which case the equivalent is your bitcoin address Most bitcoin payments are done either through mobile phone scanning a QR-code, or through uri's opening bitcoin software. I've never manually typed in a bitcoin address (worst case is copy pasting the payee address) > I haven't…

> risk moves from merchant to customer

Bitcoin's downfall in six words.

Re: Stripe: Bitcoin Sign-up

#85

Post by wdewind »

netcan wrote: post #39
hnnewguy wrote: post #15

Earlier quoted context omitted.

> which are awful, but necessary for now As a consumer or business? Because as a consumer, I've never had a complaint about my CC, ever. With the NFC chips built into all new CCs (at least here in Canada) I tap my card and leave. You can't get more convenient than that. As such, I don't think credit cards are going anywhere.

The 1st order effects are on business. It's mostly the 2nd order effects that consumers feel. Marginally higher costs that inevitably pass to consumers . Merchant refusal to ship to "high risk" locations. More difficult international transactions generally. Fewer online vendors (=less choice & higher prices) of high risk (easily resellable) items. Then there are the effects of having such a thick intermediary, a duop…

> Marginally higher costs that inevitably pass to consumers

Massive statement that I sincerely doubt is true (increased revenue off of increased liquidity drives prices down for everyone).

Re: Stripe: Bitcoin Sign-up

#86

Post by dvcc »

mbesto wrote: post #57
tomasien wrote: post #4

The concept that Stripe may be moving away from strictly supporting Credit Card payments (which are awful, but necessary for now) and into alternatives is so exciting to me that I am literally shaking. We're building infrastructure to make bank-to-bank transfers palatable to consumers and drive their cost toward zero, but it's only if thought leaders like the Collisons embrace the move away from CC's that the move wi…

I've seen a lot of replies to this comment that are missing the point tomasien is trying to make. BTC can actually completely wipe out the need for VISA, MC, etc. as it can serve for the underlying technology for transactions. The only thing stopping this from happening today is illiquidity of the BTC (insert fiat currency) market. Once we see more liquidity, this dream can become a reality.

But BTC cannot simply wipe out the need. Transactions per second is absurdly low currently (7) and confirmations take more than an instant to complete. I just don't see how it can replace the well structured payment networks that exist.

Re: Stripe: Bitcoin Sign-up

#87

Post by [deleted] »

netcan wrote: post #39
hnnewguy wrote: post #15

Earlier quoted context omitted.

> which are awful, but necessary for now As a consumer or business? Because as a consumer, I've never had a complaint about my CC, ever. With the NFC chips built into all new CCs (at least here in Canada) I tap my card and leave. You can't get more convenient than that. As such, I don't think credit cards are going anywhere.

The 1st order effects are on business. It's mostly the 2nd order effects that consumers feel. Marginally higher costs that inevitably pass to consumers . Merchant refusal to ship to "high risk" locations. More difficult international transactions generally. Fewer online vendors (=less choice & higher prices) of high risk (easily resellable) items. Then there are the effects of having such a thick intermediary, a duop…

[deleted]

Re: Stripe: Bitcoin Sign-up

#88

Post by bdcs »

[deleted] wrote: post #87
netcan wrote: post #39

Earlier quoted context omitted.

The 1st order effects are on business. It's mostly the 2nd order effects that consumers feel. Marginally higher costs that inevitably pass to consumers . Merchant refusal to ship to "high risk" locations. More difficult international transactions generally. Fewer online vendors (=less choice & higher prices) of high risk (easily resellable) items. Then there are the effects of having such a thick intermediary, a duop…

[deleted]

If "high risk" == high rate of chargebacks, then bitcoin will fix that.

Re: Stripe: Bitcoin Sign-up

#89

Post by gamblor956 »

tomasien wrote: post #36
tomasien wrote: post #20

Earlier quoted context omitted.

Credit Card payments in person can be great - swipe and go, why not? Online, it's 23 digits that you don't know, and then 3-23 more fields (shipping address, billing address, name, email, etc. etc.) That sucks. Even at it's best in the Stripe Checkout model, it's less than ideal and extremely unsafe - it's so unsafe that American Express is RUNNING COMMERCIALS ADVERTISING HOW UNSAFE THEIR PROCESS IS! For your conveni…

Can't respond to individual comments - chargeback protection is NOT a credit-card thing - it's a consumer protection called Regulation E that all payment processors must have. We have it for ACH for example.

Regulation E only applies to specified forms of electronic funds transfer. For example, it would not apply to prepaid cards. It is not clear that Regulation E would apply to Bitcoin transactions, and so far most retailers and BTC payment processors have taken the stance that Regulation E does not apply to BTC transactions.
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