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That's from an end users perspective. From a merchant's perspective if they provide that QR code they now have the additional burden of custody of a bunch of cr
by Sargos 6y ago
That's from an end users perspective. From a merchant's perspective if they provide that QR code they now have the additional burden of custody of a bunch of crypto assets which means learning about, installing, making a specific bank account to sell the coins, dealing with tax burdens, etc which is a lot of work and risk for someone already overworked and stressed by their primary business.
Or they can just use a payment network like Visa or Mastercard and not have to worry about any of that. You pay with BTC or ETH and the merchant receives USD. Everyone's happy. The merchant doesn't have to hire an additional crypto-specialized IT person or spend 6 months diving down the rabbit hole like we did. They just run their business.
- koonsolo 6y agoSorry, maybe I'm just ignorant, but since when do Mastercard and Visa handle taxes and everything you describe?
- Sargos 6y agoIn this case it would be their ability to prevent you from having to deal with crypto taxes since you just receive USD like normal.
- koonsolo 6y agoAll businesses have accountants to figure that out.
- Sargos 6y agoYeah and those accountants charge by the hour. Crypto taxes take up a lot of hours (and that's if your accountant already knows how to deal with crypto). The vast majority of small businesses don't have dedicated accountants and having to pay for the overhead of dealing with crypto is not in their already strained budgets.