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Difficulties of providing a crypto payment system on your website

cryptogif.info

31–40 of 73 posts

Re: Difficulties of providing a crypto payment system on your website

#31
post #12

Earlier quoted context omitted.

I did this in my first project. As I said, UTXO blockchains are intended to work like that. But with every address you create your daemon has to look for changes there. Your wallet file can grow like crazy if you don't built some spam protection in your system. For blockchains with the balance model you actually use only one address. There are solutions for Stellar to provide an unique address but this is not impleme…

> But with every address you create your daemon has to look for changes there How exactly do you think this differs from a single address getting updated? On a lite client this is nothing, on a full client nothing has changed. There's a reason nearly every single solution involves an individual address tied to a single public key.

As I understood it you have an initial address when you create a wallet for example on a Litecoin core node.

All addresses you create after this initial address are deterministic depending on their position. It's like you add just a number to the first address. But they are all unique otherwise sb. would see these addresses belong to one wallet.

And because they are unique your daemon has to watch or compare incoming transactions with every address you created to monitor payments. I might be wrong, but otherwise how does it work?

Re: Difficulties of providing a crypto payment system on your website

#32
post #12
post #7

Earlier quoted context omitted.

Yeah normally you’d create a new address to receive payments from each user. Addresses are essentially free so this is how everyone else figures out which user deposited money into their cryptocurrency wallet.

I did this in my first project. As I said, UTXO blockchains are intended to work like that. But with every address you create your daemon has to look for changes there. Your wallet file can grow like crazy if you don't built some spam protection in your system. For blockchains with the balance model you actually use only one address. There are solutions for Stellar to provide an unique address but this is not impleme…

> But with every address you create your daemon has to look for changes there.

On a Mimblewimble blockchain both sender and receiver need to sign for a transaction. So you could interact with the payer to construct a transaction which you as receiver sign last and then you can publish it yourself.

Re: Difficulties of providing a crypto payment system on your website

#33
post #23
post #15

Earlier quoted context omitted.

There are people, myself included, that appreciate a crypto payment inclusion. I am proud to say I have used crypto to buy a physical souvenir, a steam game, and a yearly subscription to a service. I would gladly do that more if they allow me.

Just out of curiosity. What is the fraction of these transactions in crypto compared to those with other payment methods?

There was a HN post a year or so ago from a guy running an e-commerce site who said they get orders of magnitude more requests for paying in cryptocurrency than they actually got as sales with it.

His experience was that basically nobody who asks for it are asking because they are potential customers, but because more sites showing the bitcoin logo means their Bitcoin portfolio goes up because people start believing it's real.

Asking for cryptocurrency options is basically market manipulation, not an actual request.

Re: Difficulties of providing a crypto payment system on your website

#34
post #19

The biggest error is to assume people want to pay with cryptocurrency. They just want to speculate on it; first buy, then sell. Nobody actually pays with cryptocurrency. edit: ahh it’s in the actual article. Never mind.

To be fair that assumption is wrong if you look at more weird specific niches. Crypto payments definitely have a place, also outside of drug markets.

Like what?

Re: Difficulties of providing a crypto payment system on your website

#35
post #11

Let me know if I am wrong about using crypto for payments: My understanding is that a big, maybe the biggest, obstacle is taxes. In countries like the USA and Germany, the way I understand tax law is: When you buy something with crypto, that counts as a sale of an asset. So you have to document what the fair value of the coffee you bought is at that point in time, subtract what you paid for the crypto you used and th…

People ended up using crypto as a stock investment instead of as a currency and then they're surprised it gets taxed as a stock investment.

Re: Difficulties of providing a crypto payment system on your website

#36

>Right now nobody is really interested in using Crypto for payment. I like to find real use cases and looking forward to buy real stuff with it, but most people just hodl, especially when markets are down. I saw Solana and thought, okay so it is possible to build a scalable cryptocurrency, but then again, the culture of speculation and excessive amounts of volatility make cryptocurrency useless for payments. The only…

I'm not sure why people are not talking about BUSD. It is arguably safest and fastest stable coin.

a stable coin gets its audit in US.

Re: Difficulties of providing a crypto payment system on your website

#37
post #34
post #19

Earlier quoted context omitted.

To be fair that assumption is wrong if you look at more weird specific niches. Crypto payments definitely have a place, also outside of drug markets.

Like what?

Porn, SMM, basically any international digital services on the PayPal blacklist.

Re: Difficulties of providing a crypto payment system on your website

#38
post #24

The biggest error is to assume people want to pay with cryptocurrency. They just want to speculate on it; first buy, then sell. Nobody actually pays with cryptocurrency. edit: ahh it’s in the actual article. Never mind.

I would love to pay with crypto. Every time I type my credit card number into some web form I think "Damn, I hope the number will not end up in some shady hands causing me trouble". I had my credit card disabled once because someone started using it to buy stuff with it around the world. What a freaking hassle. Telephone calls, letters, several days without a CC, had to change the number everywhere .. annoying. Payin…

You know that lots of card providers can generate virtual cards for free on demand these days right? Another set of details that works the same as your original card but can be used for, say, just one site and cancelled at any time if it gets misused.

If that's your only gripe than that's probably the easier way than switching to an entirely separate financial system.

Re: Difficulties of providing a crypto payment system on your website

#39
post #30

The biggest error is to assume people want to pay with cryptocurrency. They just want to speculate on it; first buy, then sell. Nobody actually pays with cryptocurrency. edit: ahh it’s in the actual article. Never mind.

How come? There's no speculation in stablecoins, USD-following or not. Especially if you transact on a layer-2 solution, it's quite convenient.

That couldn't be further than the truth. It's just a more convenient way of trading forex.

Re: Difficulties of providing a crypto payment system on your website

#40
post #24

The biggest error is to assume people want to pay with cryptocurrency. They just want to speculate on it; first buy, then sell. Nobody actually pays with cryptocurrency. edit: ahh it’s in the actual article. Never mind.

I would love to pay with crypto. Every time I type my credit card number into some web form I think "Damn, I hope the number will not end up in some shady hands causing me trouble". I had my credit card disabled once because someone started using it to buy stuff with it around the world. What a freaking hassle. Telephone calls, letters, several days without a CC, had to change the number everywhere .. annoying. Payin…

You are saying that you rather would have your crypto wallet stolen instead of your credit card?
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