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> "low-fee" crypto networks are not a comparison because your goal is not to send "low-fee" cryptos, it's to transfer money. we are both talking about sending
by mattdesl 4y ago
> "low-fee" crypto networks are not a comparison because your goal is not to send "low-fee" cryptos, it's to transfer money.
we are both talking about sending 'value' across the globe, e.g. Ko-Fi-style tips, international payments, charitable donations, Kickstarter-like crowdfunding, etc.
for example, as an artist I am selling digital + physical media and accept fiat and crypto as a form of payment. I know many others in a similar situation, including nonprofit organizations that accept crypto.
obviously not everybody accepts crypto and it is highly localized; but any merchant or online platform that decides to accept XTZ as a form of payment can already do so to mitigate the 2-5% payment processing fees that I mentioned earlier.
- arcticbull 4y agoOk but it's not value if you can't spend it on things. In order to spend it on things you have to convert it to something that can be spent. So it's disingenuous to exclude that conversion step from your calculus. > ... but any merchant or online platform that decides to accept XTZ as a form of payment can already do so to mitigate the 2-5% payment processing fees that I mentioned earlier. But of course they won't because they can't spend it on things, like the inputs to the goods they sell (be that physical, rent or mortgage). They'll need to convert it, and that conversion fee will be something you pay by marking up the cost of goods.
- mattdesl 4y agoI already am spending it on things e.g. art, donations, and peer-to-peer international payments. The number of services accepting crypto can continue to grow without transfers reaching the 2-5% processor fees I mentioned earlier.