Difficulties of providing a crypto payment system on your website
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Re: Difficulties of providing a crypto payment system on your website
#2As a crypto enthusiast I looked into what it would take to accept ADA payments on my membership site without relying on a payment provider. I was surprised by the quality of the documentation and realized it was quite feasible to implement. I decided against it as the sentiment around crypto (even a proof of stake chain like Cardano) would probably have a negative net result on customer acquisition and retention. It would have been a fun endeavour with a potential poor outcome.
Re: Difficulties of providing a crypto payment system on your website
#3Maybe I misunderstand the author’s goal, but using the “random number” from the payment amount and regularly checking wallet balance, just seem incredibly rudimentary compared to an actual payments system…
Re: Difficulties of providing a crypto payment system on your website
#4>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 promising cryptocurrency I have seen so far is the non pegged stablecoin RAI which is basically trying to emulate central banks via a smart contract that uses control theory to adjust a redemption rate which is effectively an interest rate that changes the unit of account rather than the quantity of money.
Anyway, what this means is that cryptocurrency currency is still trapped in its degenerate gambling culture and we are at least a decade away from seeing real innovation in the cryptocurrency space beyond the usual tulip mania.
Re: Difficulties of providing a crypto payment system on your website
#5Maybe I misunderstand the author’s goal, but using the “random number” from the payment amount and regularly checking wallet balance, just seem incredibly rudimentary compared to an actual payments system…
Yes. And using a "unique" number between 0 and 99 gives you an indication of how many transactions this system is designed to support. (Not many, it seems to me.)
Re: Difficulties of providing a crypto payment system on your website
#6> You can purchase fake items in this test shop with testnet coins of Solana and Stellar.
> Please let me know what you think of it.
Literally not a single point of contact anywhere to be found anywhere on the site. I guess you mean here instead?
Also your login error message is just a db response :)
Re: Difficulties of providing a crypto payment system on your website
#7Maybe I misunderstand the author’s goal, but using the “random number” from the payment amount and regularly checking wallet balance, just seem incredibly rudimentary compared to an actual payments system…
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.
Re: Difficulties of providing a crypto payment system on your website
#8As a crypto enthusiast I looked into what it would take to accept ADA payments on my membership site without relying on a payment provider. I was surprised by the quality of the documentation and realized it was quite feasible to implement. I decided against it as the sentiment around crypto (even a proof of stake chain like Cardano) would probably have a negative net result on customer acquisition and retention. It…
Yes, that's a big problem. You might harm your reputation including a Crypto payment option.
Re: Difficulties of providing a crypto payment system on your website
#9Maybe I misunderstand the author’s goal, but using the “random number” from the payment amount and regularly checking wallet balance, just seem incredibly rudimentary compared to an actual payments system…
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.
That also seems like an inefficient way to handle transactions. This is honestly surprisingly, I always assumed crypto had better payment solutions! After all, that’s what they all proclaim to be - not speculative gambling or scamming.
Re: Difficulties of providing a crypto payment system on your website
#10Maybe I misunderstand the author’s goal, but using the “random number” from the payment amount and regularly checking wallet balance, just seem incredibly rudimentary compared to an actual payments system…
The random number is just a temporarily solution. The ideal one would be to use the memo field with an unique random string which contains all kind of characters. With this option you would have infinite payments.
The number solution can be improved if you search in the database for "free" numbers. I set the maximum payment time to 12 minutes. In this case, you can offer 100 payments per 12 minutes. I should update the article with this information.