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or just, you know...pay the vendor directly. capitalism cannot abide a market that exists unexploited it seels. traditional rent-seeking high fee payment proc
by nimbius 6y ago
or just, you know...pay the vendor directly. capitalism cannot abide a market that exists unexploited it seels.
traditional rent-seeking high fee payment processing services are going to inject themselves into cryptocurrency at all cost. At this point the efforts is getting a little comical.
- throwaway10110 6y agoBusinesses might want to be settled in the currency of their home country for ease of accounting/taxes and not be subjected to high volatility
- SketchySeaBeast 6y ago> and not be subjected to high volatility So they choose bitcoin?
- mcintyre1994 6y ago> PayPal hopes its service can change that, as by settling the transaction in fiat currency, merchants will not take on the volatility risk/upside. The whole point is that PayPal shields the business from the volatility risk. Buyer buys in Bitcoin, seller receives local fiat currency.
- SketchySeaBeast 6y agoAh, I read that as the opposite way around - wanting to avoid their own currency because of volatility. My bad.
- EveYoung 6y agoThose companies only want to offer BTC as a payment option but don't want to hold crypto themselves. So they didn't really choose BTC to start with. Which makes sense since most companies need to pay their costs in fiat money.
- jypepin 6y agoIt's the same thing as a US company wanting to sell to Europe but not wanting Euros, because they pay their costs in USD. I think the point here is probably that Paypal is noticing that an increasing amount of consumers have crypto and would like to pay with them, so they offer this possibility. Bitcoin is just another currency, and indeed most businesses don't want to hold them because they need to hold their local fiat. That doesn't mean consumers don't want to use Bitcoin tho.
- loceng 6y agoPay vendor directly while not also paying a fraction to all other Bitcoin holders at the same time by not using Bitcoin.
- Geee 6y agoDecentralized L2 solutions are not ready yet.
- bouncycastle 6y agoThey are, google loopring or zksync
- tsjq 6y ago>pay the vendor directly That's exactly what India's UPI payment transfer does. Instant, Direct, Secure, no fee
- tgsovlerkhgsel 6y agoExcept that most vendors would rather pay the fee than implement crypto payment processing themselves.