Online card payments still suck
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Online card payments still suck
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Re: Online card payments still suck
#2If card networks, issuers, acquirers, processors and gateways used bitcoin as their settlement layer, most of the current issues would be automatically solved. They could focus engineering resources on creating better user experiences, anti-fraud, etc.
Consumers can keep using their tokenized credit cards, debit cards, etc, but their money would be moved using the bitcoin time chain, instead of hundred of CSV files.
Why haven't the W3C participants even mentioned bitcoin for standardizing web payments? I believe it's because of politics and business. Bitcoin can't be controlled and manipulated and it's not an easy truth to swallow. I hope this changes.
Re: Online card payments still suck
#3If card networks, issuers, acquirers, processors and gateways used bitcoin as their settlement layer, most of the current issues would be automatically solved. They could focus engineering resources on creating better user experiences, anti-fraud, etc. Consumers can keep using their tokenized credit cards, debit cards, etc, but their money would be moved using the bitcoin time chain, instead of hundred of CSV files.…
xml via ftp is used across many industries because these systems are decades old: there are many suitable replacements — the problem is not that there isn’t solutions, it’s that changing old systems is very hard. Bitcoin doesn’t solve that.
Re: Online card payments still suck
#4If card networks, issuers, acquirers, processors and gateways used bitcoin as their settlement layer, most of the current issues would be automatically solved. They could focus engineering resources on creating better user experiences, anti-fraud, etc. Consumers can keep using their tokenized credit cards, debit cards, etc, but their money would be moved using the bitcoin time chain, instead of hundred of CSV files.…
I didn’t think Bitcoin could handle that many transactions, never mind the environmental damage it causes…
Re: Online card payments still suck
#5If card networks, issuers, acquirers, processors and gateways used bitcoin as their settlement layer, most of the current issues would be automatically solved. They could focus engineering resources on creating better user experiences, anti-fraud, etc. Consumers can keep using their tokenized credit cards, debit cards, etc, but their money would be moved using the bitcoin time chain, instead of hundred of CSV files.…
No one being able to buy anything online is one way to solve online payment problems I suppose.
Re: Online card payments still suck
#6Of course they do, but then again, I may not know, since I have not done ONE in about 6 years, when Paypal lied to me, and they suck worst of all. No more. Thanks.
Re: Online card payments still suck
#7If card networks, issuers, acquirers, processors and gateways used bitcoin as their settlement layer, most of the current issues would be automatically solved. They could focus engineering resources on creating better user experiences, anti-fraud, etc. Consumers can keep using their tokenized credit cards, debit cards, etc, but their money would be moved using the bitcoin time chain, instead of hundred of CSV files.…
Bitcoin has failed as a means for payment and after almost 15 years nothing legitimate has come from it.
All people have used for it is gambling, speculation and ruining the planet.
Nobody, not even merchants are using Bitcoin for payments.
Re: Online card payments still suck
#8If card networks, issuers, acquirers, processors and gateways used bitcoin as their settlement layer, most of the current issues would be automatically solved. They could focus engineering resources on creating better user experiences, anti-fraud, etc. Consumers can keep using their tokenized credit cards, debit cards, etc, but their money would be moved using the bitcoin time chain, instead of hundred of CSV files.…
I didn’t think Bitcoin could handle that many transactions, never mind the environmental damage it causes…
It is surprising that in 2022 this is still a popular misconception, even on a site like Hacker News.
The amount of transactions the Bitcoin blockchain handles does not impact how many transactions can be done in Bitcoin via higher layers like the Lightning Network.
I think the reason is that secure and trustless payment methods are a new thing that only came up a few years ago, and nothing like it existed before in the history of mankind.
There have been higher layers like banknotes that "represented" gold, but it always involved trust to use them.
With cryptographic solutions like Bitcoin+Lightning, no trust is needed anymore.
Re: Online card payments still suck
#9Earlier quoted context omitted.
I didn’t think Bitcoin could handle that many transactions, never mind the environmental damage it causes…
It is surprising that in 2022 this is still a popular misconception, even on a site like Hacker News. The amount of transactions the Bitcoin blockchain handles does not impact how many transactions can be done in Bitcoin via higher layers like the Lightning Network. I think the reason is that secure and trustless payment methods are a new thing that only came up a few years ago, and nothing like it existed before in…
You’ve moved trust from the banking system into code. That might be a good thing. I will look into how the lightening network works to inform myself. The climate change and extreme volatility amongst other issues are still going to prevent Bitcoin being adopted for settlements.
Re: Online card payments still suck
#10For a comparison, spend $5 or $10 that was gonna go to a lotto ticket or starbucks coffee and instead, buy an NFT. Just experience the UX of the web wallet system. It's weird, for sure, and unfortunately it's wrapped up in crypto (because of the emotional baggage people have with crypto), but the UX is interesting. Some lessons from there could be applied to online card payments and traditional banking to make them suck less.