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I don't think they have to be mainstream enough for you to have actual value. I run a CBD store and it's extremely hard for CBD companies to get banking withou
by dumbfoundded 8y ago
I don't think they have to be mainstream enough for you to have actual value.
I run a CBD store and it's extremely hard for CBD companies to get banking without exorbitant fees. For example, it costs ~2.5% for normal companies to process a credit card payment through stripe. For us, it costs >7%. Many of my competitors and suppliers are turning to cryptocurrencies for the lower fees and guaranteed certainty of payment.
The impact of crypto is yet to be fully estimated but it seems as if there isn't any existing system crypto cannot replicate and there are many systems enabled by crypto that existing systems will fail to create.
- icebraining 8y agoAre you in the US? I think that's a particular limitation of your country's payment systems, with its over-reliance on credit cards. In most other places you can use payment systems which are less vulnerable to fraud (since they use a push-style system, not pull) and much harder to chargeback. Cryptocurrencies might have an edge for a while, but don't count on it long-term.
- dumbfoundded 8y agoI am in the US. Is there a form of internet commerce that doesn't depend on credit cards?
- icebraining 8y agoAbsolutely. Here in Portugal they don't even appear in the top 3, and in many other EU countries they're not the first. Many of them are developed by the local banking system (like iDEAL[1]), but SEPA transfers are used too, since they're usually free. [1] https://en.wikipedia.org/wiki/IDEAL https://en.wikipedia.org/wiki/IDEAL
- dumbfoundded 8y agoThanks for the information. I wasn't aware of these local options.