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Take payment in crypto. Something like BCH if you want to minimize network fees. Programmatically move your funds to an exchange and convert to USD using your e

by rdbell 5y ago

Take payment in crypto. Something like BCH if you want to minimize network fees. Programmatically move your funds to an exchange and convert to USD using your exchange’s API if you don’t want to hold crypto. Easy weekend project.

speedgoose 5y ago
That's great if you don't plan to sell anything.
lawtalkinghuman 5y ago
Good thing crypto exchanges don't charge fees.
NicoJuicy 5y ago
That's not doable in practise. - You would immediately take a hit, because crypto payments are not popular. - Currency/btc conversion fees are more expensive than any transaction fee. Many ecoms added support in 2017 and removed that functionality again. There's no interest for buying things that isn't part of the "pump and dump" scheme. NFT's are probably the only thing, since they hope to resell it for more money.
- viraptor 5y ago
  > Currency/btc conversion fees are more expensive than any transaction fee. Not sure what exchange you're using, but 0.1% on market trades is pretty common. That's very low compared to most fees.
  - NicoJuicy 5y ago
    You are misunderstanding the op. He wants a payment processor for merchants, eg. bitpay. 1% transaction fee Exchanges then have a: - 0,1 % withdrawal fee - Unknown/hidden? currency conversion fee. I would think there is a fee here, but i didn't find it documented. Additionally, exchanges like Binance are banned in many places ( because of tether fraud). Coinbase would be one of the only exchanges to consider as a business in eg. The US.
    - rvz 5y ago
      And this has all been solved with the USDC stablecoin sitting on cryptocurrencies like Stellar. Just use that. Job done. Downvoters: So you are saying businesses can't use it?
      - NicoJuicy 5y ago
        USDC != USD. Pegged to it doesn't mean it's the same. While USDC is backed by Coinbase and more trustworthy than Tether. A lot of it is still going to uncharted territory.
        rvz 5y ago
        > USDC != USD Never said that. I'm only saying businesses can use it. This is you from [0]: > That's not doable in practise. So a business cannot use USDC on some cryptocurrency like Stellar today then? [1] So the concerns of high transaction fees, unstable price fluctuations and slow transfers which are all the properties of using payments with Bitcoin are somehow not solved because of USDC and it being built on cryptocurrencies like Stellar? are you sure? [0] https://news.ycombinator.com/item?id=29735980 https://news.ycombinator.com/item?id=29735980 [1] https://ir.moneygram.com/news-releases/news-release-details/moneygram-announces-innovative-partnership-stellar-development https://ir.moneygram.com/news-releases/news-release-details/...
        NicoJuicy 5y ago
        Will this fare better than their ripple partnership where the SEC intervened? Still, this doesn't address the fact that the op will lose a lot of business with solely crypto. Therefore, it isn't an answer to his question. So it's not doable in practise. Except if you want to lose a lot of money if you solely accept crypto. This has all happened before in 2017. And shortly after crypto was removed as payment option almost everywhere. Nothing fundamentally has changed since 2017. If so, what?
        rvz 5y ago
kkielhofner 5y ago
In the US (and many other countries) as soon as the cryptocurrency is “under your control” tax issues hit. Because of this the taxation and accounting for these transactions is ridiculous: - Get BTC from customer with X value in USD at time of sale - Trade to USD with Y value at time of trade - Track AND report gain/loss between X and Y values …so in addition to all of the accounting and reporting overhead you get the added benefit of never really knowing what you’re selling anything for in your local currency. Unless you’re a cryptocurrency maximalist or selling to a cryptocurrency audience this just doesn’t make any sense.
- mytailorisrich 5y ago
  This is not specific to crypto. Rather this is simply how dealing with foreign currencies and tradable assets/securities works. What people might not realize is that these very standard accounting and taxation rules do apply to crypto.
  - kkielhofner 5y ago
    That's absolutely true but this is one of the many things that's "just handled" and abstracted away to the point of invisible with Stripe, etc. As a founder of my third startup with 1,000 different things to worry about I can't imagine adding this to that list. You're absolutely correct - even though the IRS released tax guidance and policy on cryptocurrencies in 2014 it's amazing how many people in the cryptocurrency community are unaware or willfully ignorant of the tax implications. When I've brought it up the overwhelming response has been "Yeah right taxes LOL" usually followed by some kind of ad hominem attack or anti-government rant.

by rdbell 5y ago

speedgoose 5y ago

That's great if you don't plan to sell anything.

lawtalkinghuman 5y ago

Good thing crypto exchanges don't charge fees.

NicoJuicy 5y ago

That's not doable in practise. - You would immediately take a hit, because crypto payments are not popular. - Currency/btc conversion fees are more expensive than any transaction fee. Many ecoms added support in 2017 and removed that functionality again. There's no interest for buying things that isn't part of the "pump and dump" scheme. NFT's are probably the only thing, since they hope to resell it for more money.

viraptor 5y ago
> Currency/btc conversion fees are more expensive than any transaction fee. Not sure what exchange you're using, but 0.1% on market trades is pretty common. That's very low compared to most fees.
- NicoJuicy 5y ago
  You are misunderstanding the op. He wants a payment processor for merchants, eg. bitpay. 1% transaction fee Exchanges then have a: - 0,1 % withdrawal fee - Unknown/hidden? currency conversion fee. I would think there is a fee here, but i didn't find it documented. Additionally, exchanges like Binance are banned in many places ( because of tether fraud). Coinbase would be one of the only exchanges to consider as a business in eg. The US.
  - rvz 5y ago
    And this has all been solved with the USDC stablecoin sitting on cryptocurrencies like Stellar. Just use that. Job done. Downvoters: So you are saying businesses can't use it?
    - NicoJuicy 5y ago
      USDC != USD. Pegged to it doesn't mean it's the same. While USDC is backed by Coinbase and more trustworthy than Tether. A lot of it is still going to uncharted territory.
      - rvz 5y ago
        > USDC != USD Never said that. I'm only saying businesses can use it. This is you from [0]: > That's not doable in practise. So a business cannot use USDC on some cryptocurrency like Stellar today then? [1] So the concerns of high transaction fees, unstable price fluctuations and slow transfers which are all the properties of using payments with Bitcoin are somehow not solved because of USDC and it being built on cryptocurrencies like Stellar? are you sure? [0] https://news.ycombinator.com/item?id=29735980 https://news.ycombinator.com/item?id=29735980 [1] https://ir.moneygram.com/news-releases/news-release-details/moneygram-announces-innovative-partnership-stellar-development https://ir.moneygram.com/news-releases/news-release-details/...
        NicoJuicy 5y ago
        Will this fare better than their ripple partnership where the SEC intervened? Still, this doesn't address the fact that the op will lose a lot of business with solely crypto. Therefore, it isn't an answer to his question. So it's not doable in practise. Except if you want to lose a lot of money if you solely accept crypto. This has all happened before in 2017. And shortly after crypto was removed as payment option almost everywhere. Nothing fundamentally has changed since 2017. If so, what?
        rvz 5y ago

kkielhofner 5y ago

In the US (and many other countries) as soon as the cryptocurrency is “under your control” tax issues hit. Because of this the taxation and accounting for these transactions is ridiculous: - Get BTC from customer with X value in USD at time of sale - Trade to USD with Y value at time of trade - Track AND report gain/loss between X and Y values …so in addition to all of the accounting and reporting overhead you get the added benefit of never really knowing what you’re selling anything for in your local currency. Unless you’re a cryptocurrency maximalist or selling to a cryptocurrency audience this just doesn’t make any sense.

mytailorisrich 5y ago
This is not specific to crypto. Rather this is simply how dealing with foreign currencies and tradable assets/securities works. What people might not realize is that these very standard accounting and taxation rules do apply to crypto.
- kkielhofner 5y ago
  That's absolutely true but this is one of the many things that's "just handled" and abstracted away to the point of invisible with Stripe, etc. As a founder of my third startup with 1,000 different things to worry about I can't imagine adding this to that list. You're absolutely correct - even though the IRS released tax guidance and policy on cryptocurrencies in 2014 it's amazing how many people in the cryptocurrency community are unaware or willfully ignorant of the tax implications. When I've brought it up the overwhelming response has been "Yeah right taxes LOL" usually followed by some kind of ad hominem attack or anti-government rant.