3 ms·
These people, especially in porn, live by impulsive spending (buying the subscription, sending tips). The high delay and extremely large sign-up burden [0], com
by Sebb767 5y ago
These people, especially in porn, live by impulsive spending (buying the subscription, sending tips). The high delay and extremely large sign-up burden [0], combined with the fees, would probably ruin a lot of their income. Remember, they compete with a free offering.
[0] Most people don't own crypto yet, so they'd need to learn about it, create an exchange account, verify it, fill it up and then they can pay. Compare that to two minutes of entering cc information.
- chii 5y agoCC also went through a similar transformation that crypto would have to. The problem is that noone wants to take the risk to transform crypto into as convenient a service as credit cards, when credit cards have such a first-mover advantage.
- dcolkitt 5y agoMany companies do want to solve that problem, but they’re hampered by the conventional financial system which really doesn’t like interfacing with anything crypto related.
- PeterisP 5y agoA key reason for the cost of the CC payment infrastructure is that these costs were instrumental in solving the chicken/egg problem of adoption by ensuring that there's enough money/kickback/etc for all the infrastructure partners to market cards and offer various benefits to get both the cards in the consumers pockets and also terminals rolled out at merchants. Noone wants to take the risk to transform crypto into as convenient a service as credit cards because crypto is decentralized enough so that no organization can feel sure that they (as opposed to everyone else) will see enough payout (e.g. lucrative lock-in, skimming part of every transaction) to justify the quite immense and risky long-term investment required to push consumer adoption.