4 ms·

> If I’m building a marketplace business in 2021, where I want to be “crypto-first” instead of relying on PayPal and Stripe Connect, where do I start? Unless y

> If I’m building a marketplace business in 2021, where I want to be “crypto-first” instead of relying on PayPal and Stripe Connect, where do I start? Unless you are building a dark web market, why would you want to? It will be more convenient for the vast majority of users to pay with card or PayPal.

notsureaboutpg 5y ago
I believe there are some use cases. Think of a government which does not allow currency conversion to more stable currencies in a place where volatility or inflation is very high. In that situation, it might be worth adopting a crypto-first approach, no?
- bhandziuk 5y ago
  But doesn't crypto have very high volatility?
  - wmf 5y ago
    For example, Reserve is a stablecoin designed for markets like Venezuela where it's "illegal" to use USD or EUR.
    - tratax 5y ago
      I'm pretty sure they will make all the stablecoins illegal as well. The fact that they cant really enforce it .. thats something else.
      - svarog-run 5y ago
        Normal citizens won't need 3rd party stablecoins when cbdcs are available
selfhoster11 5y ago
One reason that comes to mind is trying to be the change they want to see in the world. Cards and Paypal already have heaps of adoption.
- svarog-run 5y ago
  The end user won't see a change in their cards though
533474 5y ago
why does it have to be a dark-web market if blockchain payments are first class citizens? I suppose the general population isn't ready for decentralised payments yet or do you have another reason for such use-case generalization?
- _jjkk 5y ago
  There are still many barriers to that "first class" status, taxes are mentioned most often. Taxes are paid in fiat. Holding non-stablecoins would add even more of a tax headache because you'd have to track capital gain/loss as you enter/exit fiat for taxes / fees / vendors that don't accept crypto Also the fact that general adoption has been slow so far may be a sign that there is not enough obvious value added for the average person to consider using crypto over fiat.
  - svarog-run 5y ago
    who would pay with non-stablecoins though? The oath seems to be cbdcs that are compatible with public smart contract blockchains
    - AlexandrB 5y ago
      There's also the risk that stablecoins aren't actually stable but just claim to be such: https://www.coindesk.com/tether-first-reserve-composition-report-usdt https://www.coindesk.com/tether-first-reserve-composition-re...

notsureaboutpg 5y ago

I believe there are some use cases. Think of a government which does not allow currency conversion to more stable currencies in a place where volatility or inflation is very high. In that situation, it might be worth adopting a crypto-first approach, no?

bhandziuk 5y ago
But doesn't crypto have very high volatility?
- wmf 5y ago
  For example, Reserve is a stablecoin designed for markets like Venezuela where it's "illegal" to use USD or EUR.
  - tratax 5y ago
    I'm pretty sure they will make all the stablecoins illegal as well. The fact that they cant really enforce it .. thats something else.
    - svarog-run 5y ago
      Normal citizens won't need 3rd party stablecoins when cbdcs are available

selfhoster11 5y ago

One reason that comes to mind is trying to be the change they want to see in the world. Cards and Paypal already have heaps of adoption.

svarog-run 5y ago
The end user won't see a change in their cards though

533474 5y ago

why does it have to be a dark-web market if blockchain payments are first class citizens? I suppose the general population isn't ready for decentralised payments yet or do you have another reason for such use-case generalization?

_jjkk 5y ago
There are still many barriers to that "first class" status, taxes are mentioned most often. Taxes are paid in fiat. Holding non-stablecoins would add even more of a tax headache because you'd have to track capital gain/loss as you enter/exit fiat for taxes / fees / vendors that don't accept crypto Also the fact that general adoption has been slow so far may be a sign that there is not enough obvious value added for the average person to consider using crypto over fiat.
- svarog-run 5y ago
  who would pay with non-stablecoins though? The oath seems to be cbdcs that are compatible with public smart contract blockchains
  - AlexandrB 5y ago
    There's also the risk that stablecoins aren't actually stable but just claim to be such: https://www.coindesk.com/tether-first-reserve-composition-report-usdt https://www.coindesk.com/tether-first-reserve-composition-re...