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So content creators should use PayPal then for donations? That's also a centralized service. How do you propose a transaction takes place without a service to p

So content creators should use PayPal then for donations? That's also a centralized service. How do you propose a transaction takes place without a service to process the details?

indiv0 11y ago
Bitcoin would be the obvious choice.
- marcosdumay 11y ago
  That would require a big change to the Bitcoin algorithms, wouldn't it? Those are too many transactions with too little face value.
anc84 11y ago
Simple standard bank transaction? If you want to support the creator regularly, you can easily set that up as well.
- notthathill 11y ago
  Bank transactions are anything but simple to set up in some places, and can also be very expensive to set up when you're talking about international transfers of money. Thankfully there are things like IBANs and BICs, but that doesn't help when a bank wants to charge you something like 5x the value of the transfer (when the transfer is a low value, like 5/month). Credit card processing already handles the whole international transfer cost, and puts the burden on the processor instead of the payer. That processor can then do things like batch transactions to reduce the cost.
- paulmd 11y ago
  I'm assuming you're a Euro - most places don't have giro transfers like you guys do. A long time ago the US and the European financial systems diverged. The US banks optimized for check processing and credit cards, while the Euro banks optimized for bank transfers. Domestic bank transfers typically cost around $25-35 a pop and take several days to clear in the US. Checks usually post instantly but take about as long to clear - the time between it posting and clearing is basically a loan, and the check may still bounce. Until a few years ago, many banks didn't even allow you to do bank transfers online. Stores will sometimes use "electronic checks" where you provide a blank check and they read the account numbers off it, but this is just a shortcut to avoid handling the piece of paper. The funds are still moved through the checking system. These are not available to regular account-holders either. That's why we come up with all these systems like Paypal and Patreon to move money around - the bank-level tools are cumbersome, slow, and expensive for us.
- nandhp 11y ago
  The US is a big market and, unfortunately, the kind of bank transaction I think you have in mind isn't a thing here. We still use checks.

So content creators should use PayPal then for donations? That's also a centralized service. How do you propose a transaction takes place without a service to process the details?

indiv0 11y ago

Bitcoin would be the obvious choice.

marcosdumay 11y ago
That would require a big change to the Bitcoin algorithms, wouldn't it? Those are too many transactions with too little face value.

anc84 11y ago

Simple standard bank transaction? If you want to support the creator regularly, you can easily set that up as well.

notthathill 11y ago
Bank transactions are anything but simple to set up in some places, and can also be very expensive to set up when you're talking about international transfers of money. Thankfully there are things like IBANs and BICs, but that doesn't help when a bank wants to charge you something like 5x the value of the transfer (when the transfer is a low value, like 5/month). Credit card processing already handles the whole international transfer cost, and puts the burden on the processor instead of the payer. That processor can then do things like batch transactions to reduce the cost.
paulmd 11y ago
I'm assuming you're a Euro - most places don't have giro transfers like you guys do. A long time ago the US and the European financial systems diverged. The US banks optimized for check processing and credit cards, while the Euro banks optimized for bank transfers. Domestic bank transfers typically cost around $25-35 a pop and take several days to clear in the US. Checks usually post instantly but take about as long to clear - the time between it posting and clearing is basically a loan, and the check may still bounce. Until a few years ago, many banks didn't even allow you to do bank transfers online. Stores will sometimes use "electronic checks" where you provide a blank check and they read the account numbers off it, but this is just a shortcut to avoid handling the piece of paper. The funds are still moved through the checking system. These are not available to regular account-holders either. That's why we come up with all these systems like Paypal and Patreon to move money around - the bank-level tools are cumbersome, slow, and expensive for us.
nandhp 11y ago
The US is a big market and, unfortunately, the kind of bank transaction I think you have in mind isn't a thing here. We still use checks.