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"They don't accept CNY directly, they instead accept USD from their merchant bank on behalf of people who wish to pay in CNY" This is a pointless distinction.
by aianus 11y ago
"They don't accept CNY directly, they instead accept USD from their merchant bank on behalf of people who wish to pay in CNY"
This is a pointless distinction.
- wallacoloo 11y agoNo, it is a meaningful distinction for some. For those of us hoping to avoid the overhead of payment processors by using bitcoin, it puts the two methods on equal footing instead - there's still a middleman taking a (likely nontrivial) cut from our purchases. Also, I imagine CNY -> USD conversion is probably done on an exchange instead of through a company like BitPay, so the comparison might not be very accurate.
- aianus 11y ago> Also, I imagine CNY -> USD conversion is probably done on an exchange instead of through a company like BitPay, so the comparison might not be very accurate. There is no such thing as a Forex exchange, it is done through banks who hedge their exposure to other market participants over-the-counter and take a cut just the same. There is absolutely no reason (in the long term) that Bitcoin would cost more to exchange for merchants than any foreign fiat currency does today. And even today, a ~1% Bitcoin processing fee is approximately 1/3 to 1/2 of what credit cards cost to process.
- jzwinck 11y agoIf there is no such thing as a forex exchange, what is this? http://www.hotspotfx.com/products/the_hotspot_ecn.jsp http://www.hotspotfx.com/products/the_hotspot_ecn.jsp