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The Visa fee of 1-3% is too expensive in the internet era. It made sense 50 years ago when cost of moving information was high, but now it's just rent seeking.
by supster 11y ago
The Visa fee of 1-3% is too expensive in the internet era. It made sense 50 years ago when cost of moving information was high, but now it's just rent seeking.
- dragontamer 11y agoYeah, except BTC transaction costs are skyrocketing due to the blockchain size being too small. So basically, Visa will continue being Visa, and BTC will refuse to compete against it. Honestly, the proper competition vs Visa is ACH-based transactions like Dwolla.
- xorcist 11y agoIt's not just the fees, but the payment processors. You need a contract with them and you need to integrate with their systems at high cost. This is something you normally solve with yet another middleman, like a bank or Stripe. In contrast, Bitcoin is permissionless. Just install the software and receive payments just like anyone else. That's what something born in the Internet age looks like.
- yc1010 11y agoThis, we went with Stripe before but apparently hosting is too high risk and (they claim) their banking partners did not want to do business with our little Irish startup. No such issues with bitcoin
- undefined0 11y ago> little Irish startup Are you the owner of Ezfile/Filecloud by any chance? If you are, I'm actually quite curious to discuss payment processors with you. Last I checked, you're using Amazon gift cards and Bitcoin. Have you had any luck getting access to credit card processors? Also, what fee per transaction would you consider to acceptable from a CC processor for your category of website (with the ability to let users pay by subscription)?
- vanattab 11y agoCan anyone comment with regards to Mike's statment about bitcoins current fees being higher then cc fees. What is the driving factor behind this? Does the cost of mining directly raise the fees?