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credit cards have higher fees than 10c per transaction. It's not the transaction fees, it's the friction in its use that prevents users from wanting to use it,
by jki275 7y ago
credit cards have higher fees than 10c per transaction. It's not the transaction fees, it's the friction in its use that prevents users from wanting to use it, and it's the tax implications in its use that prevents business adoption.
- Retric 7y agoYes, but credit/debit cards can be paid via bank transfers without fees and they can also give cash back, reverse charges etc. Using Bitcoin on the other hand means buying it which Coin Base for example charges 1.49% to do. Anyway, a 10+cent transaction fee is not really a downside as long as it’s competitive, but it does reduce the incentives for adoption.
- jki275 7y agoYou don't have to buy from coinbase, but that sort of thing is what I was referring to by friction.