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Google’s partnering with Coinbase to let cloud customers pay in crypto next year
- jqpabc123 4y agoAnd it will only cost them 1% per transaction. This may be less than credit cards fees which probably run about 1.5% for large customers like Google working directly with the credit card exchanges. But more than debit card rates which average less than 0.65% according to the Fed. But add to this the crypto exchange fees the customer has to pay just to buy and use Bitcoin. These are typically 1-3% depending on where you start from versus 0% to use a credit or debit card. Bottom line: Overall, crypto offers little to no real world advantage for payments --- certainly not from an end user perspective.
- tornato7 4y agoPaying in BTC, DOGE, etc will never be a good experience. The bill in is in USD while the price of those assets can swing wildly. As such, services often use an unfavorable exchange rate or high fees to accept crypto. You're also creating a taxable event just paying for something. Not to mention 15 minute block times in BTC. However, I have had pleasant experiences paying in USDC on Polygon, and I'm wishing that more services would support it. It's dollar-equivalent and it can be used for things like withdrawing from your Robinhood account 24/7 outside banking hours (with 2-second confirmation times). There is also no messy ACH credentials setup or giving them full access to your bank account, just a simple QR code/address. Credit cards remain my payment method of choice for most things, but for large purchases, two-way transfers, or anywhere where I want to avoid CC fees, USDC is much more convenient than a bank.