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What most people don't seem to understand is the baked-in payment solution. Classical stack: User pays company via a third-party payment provider. Then the com
by k__ 5y ago
What most people don't seem to understand is the baked-in payment solution.
Classical stack: User pays company via a third-party payment provider. Then the company pays their infrastructur provider via another payment provider.
Web3 stack: User pays infrastructure provider via the infrastructure's own payment system. User pays company via infrastructure's own payment system.
I worked with Stripe, PayPal, and whatnot. Some are simpler or harder to integrate, but none were really a joy to work with.
Solidity and in turn the Ethereum platform makes this really nice, since the infrastructure costs are always paid implicitly, because every transaction costs money.
- donmcronald 5y ago> because every transaction costs money. Based on my observations (ETH gas) every transaction costs a ton of money and in a lot of jurisdictions you have to track capital gains / losses based on fair market values whenever you participate in a transaction. I’m sure it’s easy for Cloudflare and other big companies to play around with crypto protocols because they can send the complicated financial end of it to their accounting department. For normal people like me it’s insanely difficult to deal with.
- k__ 5y agoI read a few pieces on tax advise and they all said crypto currencies aren't considered money in the sense of taxes. Which is kinda strange, but seems to be the downside of a government not allowing crypto to be legal tender.