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Paying for things ONLINE with a crypto wallet is legitimately a far, far better experience than fumbling around with credit cards. A seamless on-ramp from a ba

by spaceman_2020 4y ago

Paying for things ONLINE with a crypto wallet is legitimately a far, far better experience than fumbling around with credit cards. A seamless on-ramp from a bank account to a crypto wallet will really change the way we pay for things online. I believe this on-ramp is coming with CBDCs. Edit: HN is hopelessly anti Wayne Gretzky when it comes to crypto :D Edit 2: I should have mentioned 'online'

joneholland 4y ago
What. Is this trolling? Modern credit payments from a consumer standpoint is tap a card or a phone on a reader.
- spaceman_2020 4y ago
  With a 2.5% fee to Visa
  - pwinnski 4y ago
    Which, in the US, is paid by the vendor, and so invisible. And worth it, given the protections against fraud, etc. If you're claiming that there are vendors giving a 2.5% discount for using crypto for anything, you've got some evidence to produce. P.S. It's not always 2.5%, either. Could be 1.5% at scale.
    - nailer 4y ago
      > If you're claiming that there are vendors giving a 2.5% discount for using crypto for anything, you've got some evidence to produce. Or more, yes. https://www.youtube.com/watch?v=7OxtTGml564 https://www.youtube.com/watch?v=7OxtTGml564 that said technically Visa will punish you by removing you from their network for doing this.
ehutch79 4y ago
Uhhh... For real, who has issues paying with a CC at a register? Or contactless payments? Don't crypto payments like bitcoin take a bit to go through? Like longer than you'd want someone tying up a cashier line?
mschuster91 4y ago
> A seamless on-ramp from a bank account to a crypto wallet will really change the way we pay for things online. What? Why? Here in Europe, you can just pay with SEPA direct debit. You don't need credit cards or paper checks to pay for stuff, neither in the meatspace nor online. The only thing services like PayPal are good for is fraud protection (for both sides). So much of what we see in the US financial industry and the workarounds created to bypass their bullshit - anything from "payday loan" places advancing money for a paycheck over paychecks or rent checks themselves to Bitcoin to bypass transaction fees - is just not an issue here. Our wages get automatically deposited into our bank accounts, rent gets either automatically sent by your bank or drafted by the lender's bank, and any kind of card transaction is capped at 0.2 (DC)/0.3%(CC) [1]. [1] https://www.consilium.europa.eu/en/press/press-releases/2015/04/20/capping-fees-card-based-payments/ https://www.consilium.europa.eu/en/press/press-releases/2015...
- foobiekr 4y ago
  In the us the credit card option has very strong statutory consumer protections. As a rule people should be using credit cards, not debit cards. I am fascinated by the ridiculous claims that this somehow makes things hard.
  - mschuster91 4y ago
    > In the us the credit card option has very strong statutory consumer protections. As a rule people should be using credit cards, not debit cards. ... and pay a lot of interest to their banks as a result. Here in Europe, we don't need to pay interest for credit cards or worry about paying CC bills on time to avoid them, as we have strong consumer protection laws in general and SEPA direct debits can be clawed back no-questions-asked for three days.
    - foobiekr 4y ago
      That’s not how it works. If you pay it off in the month you pay $0. Maybe don’t be so confident.
NovemberWhiskey 4y ago
>Paying for things with a crypto wallet is legitimately a far, far better experience than fumbling around with credit cards. ... and when you talk about "experience", what do you mean here? I doubt there's a much slicker payment experience than Apple Pay when a vendor supports that, and I'm also pretty sure that my disputing a transaction with Chase is better than an equivalent crypto experience.
- spaceman_2020 4y ago
  I mean paying for things online. Should have mentioned that. I bought a subscription to a tool called Icy.tools a while back. The sign-up process was as follows: - Click the "Sign-Up" button on the website - Click the "Sign" button on the web wallet pop-up. - Click "Pay" on the next screen - Click "Approve Transaction" on the web wallet pop up. That's it. No forms to fill. No emails to share. No credit card info to fill up. An equivalent non-crypto experience would be Sign-up > Share email > Verify email > Fill payment details > Enter OTP on credit card website
  - NovemberWhiskey 4y ago
    Apple Pay online payment flow: on the checkout form, click the Apple Pay button. OS pops up a form confirming the payment card, amount, delivery address etc. Put finger on Touch ID sensor to confirm. n.b. the payment card details and address come from your Apple Pay wallet; you don't enter them onto the checkout form. Apply Pay Express Transit payment flow for e.g. the subway: touch phone to sensor and go.
  - pwinnski 4y ago
    So are you just so into crypto you've lost track of what real life is like? I use Sign In with Apple[0], and it's literally a single click which hides my email, and one more click with biometric confirmation for payments. That's... one fewer click than crypto, and was easier to set up than your crypto wallet, without putting my funds at risk. 0. https://developer.apple.com/sign-in-with-apple/ https://developer.apple.com/sign-in-with-apple/
weego 4y ago
This is the standard US centric viewpoint driving this nonsense. Every other developed nation and a lot of lower developed nations solved this long enough ago that it's not even thought about. I have to use my physical card maybe once every 2 months/once per quarter as an anti-fraud step. My phone contactless pays for everything, and anything it can't (like a car or whatever) I can do sub 2 hour but in practice instant bank to bank transfer. Moving money instantly and without transaction costs is a decade plus ago solved problem
- spaceman_2020 4y ago
  You do know that international transactions are a thing, right, and that UPI doesn't work globally?
  - ix-ix 4y ago
    Yes, but the vast majority of people aren't sending money globally. And the other commentor is right, using credit cards in any non-american country is super simple and completely without hassle. Same with sending money to anyone I know, I just need their email address or phone number. Happens in seconds, is completely safe and ensured and best of all, reversible if there is a mistake.
- nailer 4y ago
  > Moving money instantly and without transaction costs is a decade plus ago solved problem Where? Having lived in various cities in Europe, Asia and Australia, I can assure you, Visa and Wise and Remitly is still taking from half to 3 percent of all your transactions.
medeshago 4y ago
I don't know. To pay with google pay I unlock my phone and get it close to a pos. Even here in Chile is rare to find a business that doesn't have contactless payments. Even if I could't use the contactless payment system that uses the same bank that I already have I can pay using a QR code with one of the many wallets that can connect to my bank.
strangattractor 4y ago
You can actually buy stuff with crypto? IBD - first you exchange your crypto for fiat then exchange the fiat for the thing you purchased. Noticed how long Tesla's experiment with direct crypto payment lasted. The dollars I received yesterday will still pretty much buy me what I bought the day before. My $60,000 bitcoin from last year not so much.

joneholland 4y ago

What. Is this trolling? Modern credit payments from a consumer standpoint is tap a card or a phone on a reader.

spaceman_2020 4y ago
With a 2.5% fee to Visa
- pwinnski 4y ago
  Which, in the US, is paid by the vendor, and so invisible. And worth it, given the protections against fraud, etc. If you're claiming that there are vendors giving a 2.5% discount for using crypto for anything, you've got some evidence to produce. P.S. It's not always 2.5%, either. Could be 1.5% at scale.
  - nailer 4y ago
    > If you're claiming that there are vendors giving a 2.5% discount for using crypto for anything, you've got some evidence to produce. Or more, yes. https://www.youtube.com/watch?v=7OxtTGml564 https://www.youtube.com/watch?v=7OxtTGml564 that said technically Visa will punish you by removing you from their network for doing this.

ehutch79 4y ago

Uhhh... For real, who has issues paying with a CC at a register? Or contactless payments? Don't crypto payments like bitcoin take a bit to go through? Like longer than you'd want someone tying up a cashier line?

mschuster91 4y ago

> A seamless on-ramp from a bank account to a crypto wallet will really change the way we pay for things online. What? Why? Here in Europe, you can just pay with SEPA direct debit. You don't need credit cards or paper checks to pay for stuff, neither in the meatspace nor online. The only thing services like PayPal are good for is fraud protection (for both sides). So much of what we see in the US financial industry and the workarounds created to bypass their bullshit - anything from "payday loan" places advancing money for a paycheck over paychecks or rent checks themselves to Bitcoin to bypass transaction fees - is just not an issue here. Our wages get automatically deposited into our bank accounts, rent gets either automatically sent by your bank or drafted by the lender's bank, and any kind of card transaction is capped at 0.2 (DC)/0.3%(CC) [1]. [1] https://www.consilium.europa.eu/en/press/press-releases/2015/04/20/capping-fees-card-based-payments/ https://www.consilium.europa.eu/en/press/press-releases/2015...

foobiekr 4y ago
In the us the credit card option has very strong statutory consumer protections. As a rule people should be using credit cards, not debit cards. I am fascinated by the ridiculous claims that this somehow makes things hard.
- mschuster91 4y ago
  > In the us the credit card option has very strong statutory consumer protections. As a rule people should be using credit cards, not debit cards. ... and pay a lot of interest to their banks as a result. Here in Europe, we don't need to pay interest for credit cards or worry about paying CC bills on time to avoid them, as we have strong consumer protection laws in general and SEPA direct debits can be clawed back no-questions-asked for three days.
  - foobiekr 4y ago
    That’s not how it works. If you pay it off in the month you pay $0. Maybe don’t be so confident.

NovemberWhiskey 4y ago

>Paying for things with a crypto wallet is legitimately a far, far better experience than fumbling around with credit cards. ... and when you talk about "experience", what do you mean here? I doubt there's a much slicker payment experience than Apple Pay when a vendor supports that, and I'm also pretty sure that my disputing a transaction with Chase is better than an equivalent crypto experience.

spaceman_2020 4y ago
I mean paying for things online. Should have mentioned that. I bought a subscription to a tool called Icy.tools a while back. The sign-up process was as follows: - Click the "Sign-Up" button on the website - Click the "Sign" button on the web wallet pop-up. - Click "Pay" on the next screen - Click "Approve Transaction" on the web wallet pop up. That's it. No forms to fill. No emails to share. No credit card info to fill up. An equivalent non-crypto experience would be Sign-up > Share email > Verify email > Fill payment details > Enter OTP on credit card website
- NovemberWhiskey 4y ago
  Apple Pay online payment flow: on the checkout form, click the Apple Pay button. OS pops up a form confirming the payment card, amount, delivery address etc. Put finger on Touch ID sensor to confirm. n.b. the payment card details and address come from your Apple Pay wallet; you don't enter them onto the checkout form. Apply Pay Express Transit payment flow for e.g. the subway: touch phone to sensor and go.
- pwinnski 4y ago
  So are you just so into crypto you've lost track of what real life is like? I use Sign In with Apple[0], and it's literally a single click which hides my email, and one more click with biometric confirmation for payments. That's... one fewer click than crypto, and was easier to set up than your crypto wallet, without putting my funds at risk. 0. https://developer.apple.com/sign-in-with-apple/ https://developer.apple.com/sign-in-with-apple/

weego 4y ago

This is the standard US centric viewpoint driving this nonsense. Every other developed nation and a lot of lower developed nations solved this long enough ago that it's not even thought about. I have to use my physical card maybe once every 2 months/once per quarter as an anti-fraud step. My phone contactless pays for everything, and anything it can't (like a car or whatever) I can do sub 2 hour but in practice instant bank to bank transfer. Moving money instantly and without transaction costs is a decade plus ago solved problem

spaceman_2020 4y ago
You do know that international transactions are a thing, right, and that UPI doesn't work globally?
- ix-ix 4y ago
  Yes, but the vast majority of people aren't sending money globally. And the other commentor is right, using credit cards in any non-american country is super simple and completely without hassle. Same with sending money to anyone I know, I just need their email address or phone number. Happens in seconds, is completely safe and ensured and best of all, reversible if there is a mistake.
nailer 4y ago
> Moving money instantly and without transaction costs is a decade plus ago solved problem Where? Having lived in various cities in Europe, Asia and Australia, I can assure you, Visa and Wise and Remitly is still taking from half to 3 percent of all your transactions.

medeshago 4y ago

I don't know. To pay with google pay I unlock my phone and get it close to a pos. Even here in Chile is rare to find a business that doesn't have contactless payments. Even if I could't use the contactless payment system that uses the same bank that I already have I can pay using a QR code with one of the many wallets that can connect to my bank.

strangattractor 4y ago

You can actually buy stuff with crypto? IBD - first you exchange your crypto for fiat then exchange the fiat for the thing you purchased. Noticed how long Tesla's experiment with direct crypto payment lasted. The dollars I received yesterday will still pretty much buy me what I bought the day before. My $60,000 bitcoin from last year not so much.