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Better in what sense? Its extremely difficult to actually use cryptocurrency for selling things beyond cryptocurrency related instruments. You need both your v

by throwaway2048 5y ago

Better in what sense? Its extremely difficult to actually use cryptocurrency for selling things beyond cryptocurrency related instruments. You need both your vendors and your customers to be able to easily transfer money in and out, and as things stand, that's an absolutely massive pain in the ass compared to using USD, and approximately nobody does it. But that is only the start of the problems, not factoring in things like wild exchange value swings, and huge gas/processing fees.

amluto 5y ago
But it’s fairly easy to use “cryptocurrency” to pay for things, e.g. if you have a cryptocurrency-denominated account at the same provider as your vendor. This is, of course, not open finance in any meaningful respect.
- smt88 5y ago
  It's easy-ish (far harder than using a credit card), but it's also: - possible the transaction won't happen immediately or happen at all - extremely expensive - stupid (if you expect your particular cryptocurrency to increase in value over time) - missing all the protections and benefits of a credit card
  - ashtonkem 5y ago
    - Introduces exchange risk and tax complexities for most merchants.
  - amluto 5y ago
    If I transfer from my Coinbase account to yours, the transaction is not subject to the vagaries of the blockchain. It’s more or less like transferring from my PayPal account to yours.
    - smt88 5y ago
      Are you suggesting it's sidechain? Or that our funds in Coinbase are pooled? Either way, it completely defeats the purpose of decentralization, consensus, etc. Coinbase, in that case, is exactly like a traditional bank except that you're trading non-money instead of money.
      - amluto 5y ago
        If you are depositing anything in an online Bitcoin account and you’re making transactions that aren’t insanely expensive, they’re either side chain or pooled.
- MBCook 5y ago
  Ah yes. The solution to “normal people can’t easily get cryptocurrency to pay with” is “well if they already had cryptocurrency…”. I just noticed I read that wrong. I missed the same provider as your vendor part. So I guess the solution for using cryptocurrency to buy things at Amazon is “if you already bought cryptocurrency at Amazon…”. But I’m trying to buy something. So how does the intermediatory step help at all? This post may sound somewhat hostile. I TRUELY don’t understand how cryptocurrency helps any of this. It only seems to help cryptocurrency people. The author nailed my feelings 100%.
post_from_work 5y ago
>>>Better in what sense? Its extremely difficult to actually use cryptocurrency for selling things beyond cryptocurrency related instruments. https://cryptoemporium.eu/ https://cryptoemporium.eu/ https://www.chainbytes.com/ https://www.chainbytes.com/ Sell physical assets for crypto, then cash out at a Crypto ATM in your currency of choice, if you absolutely need to. A big part of the problem is Crypto ATMs aren't prolific enough. Restrictions on money-handling businesses come into play there, which is argued as anti-terrorism/organized crime measures but is really just gatekeeping/rent-seeking by the established players.
vmception 5y ago
I’m referring to shopify apps that merchants try to integrate.

amluto 5y ago

But it’s fairly easy to use “cryptocurrency” to pay for things, e.g. if you have a cryptocurrency-denominated account at the same provider as your vendor. This is, of course, not open finance in any meaningful respect.

smt88 5y ago
It's easy-ish (far harder than using a credit card), but it's also: - possible the transaction won't happen immediately or happen at all - extremely expensive - stupid (if you expect your particular cryptocurrency to increase in value over time) - missing all the protections and benefits of a credit card
- ashtonkem 5y ago
  - Introduces exchange risk and tax complexities for most merchants.
- amluto 5y ago
  If I transfer from my Coinbase account to yours, the transaction is not subject to the vagaries of the blockchain. It’s more or less like transferring from my PayPal account to yours.
  - smt88 5y ago
    Are you suggesting it's sidechain? Or that our funds in Coinbase are pooled? Either way, it completely defeats the purpose of decentralization, consensus, etc. Coinbase, in that case, is exactly like a traditional bank except that you're trading non-money instead of money.
    - amluto 5y ago
      If you are depositing anything in an online Bitcoin account and you’re making transactions that aren’t insanely expensive, they’re either side chain or pooled.
MBCook 5y ago
Ah yes. The solution to “normal people can’t easily get cryptocurrency to pay with” is “well if they already had cryptocurrency…”. I just noticed I read that wrong. I missed the same provider as your vendor part. So I guess the solution for using cryptocurrency to buy things at Amazon is “if you already bought cryptocurrency at Amazon…”. But I’m trying to buy something. So how does the intermediatory step help at all? This post may sound somewhat hostile. I TRUELY don’t understand how cryptocurrency helps any of this. It only seems to help cryptocurrency people. The author nailed my feelings 100%.

post_from_work 5y ago

>>>Better in what sense? Its extremely difficult to actually use cryptocurrency for selling things beyond cryptocurrency related instruments. https://cryptoemporium.eu/ https://cryptoemporium.eu/ https://www.chainbytes.com/ https://www.chainbytes.com/ Sell physical assets for crypto, then cash out at a Crypto ATM in your currency of choice, if you absolutely need to. A big part of the problem is Crypto ATMs aren't prolific enough. Restrictions on money-handling businesses come into play there, which is argued as anti-terrorism/organized crime measures but is really just gatekeeping/rent-seeking by the established players.

vmception 5y ago

I’m referring to shopify apps that merchants try to integrate.