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In the long-term, I can see a very real benefit to this. Credit card transaction fees are insanely expensive as they're typically charged at a percentage of the
by halpmeh 4y ago
In the long-term, I can see a very real benefit to this. Credit card transaction fees are insanely expensive as they're typically charged at a percentage of the purchase. For instance, if I pay my rent online with a credit card, I am changed a $100 fee. If there was an easy way I could pay my rent with Eth, the transaction fee would be a lot lower. So I can see this working in the following way:
1) Stripe builds out the current functionality as a beta for accepting crypto payments.
2) Stripe lowers fees and expands the merchant base.
3) Stripe begins offering stable-coins on credit. Stripe is now Visa, but with way lower fees.
- pmalynin 4y agoDepends on the gas fees though....that fee could easily be $150.
- halpmeh 4y agoTransaction fees are currently $0.50. I doubt we’ll see such high gas fees after switching to proof-of-stake.
- LegionMammal978 4y agoWhich blockchain are you talking about? Ethereum switched to proof-of-stake almost 3 months ago now, and gas fees were pretty much unaffected from what I can tell.
- halpmeh 4y agoI was judging the tx cost from this: https://ycharts.com/indicators/ethereum_average_transaction_fee https://ycharts.com/indicators/ethereum_average_transaction_...
- simpsond 4y agoPoS hasn’t had much impact. The leveling out there is more like related to fewer transactions. Proto dank sharding, which may ship in 2023, should have a bigger impact on gas fees.
- LegionMammal978 4y agoIf you wanted to see the effects of the PoS switch (3 months ago), you'd have to choose a shorter timescale, like 6 months. It's been going down slightly, but not drastically, and only in proportion to the decrease in daily transaction count (as simpsond mentioned).
- wmf 4y agoPay your rent with ACH. Crypto is not needed.
- Nursie 4y agoAs usual, the warped US market plays a huge role here. Outside of the USA, credit card fees are low and capped. Outside of the USA, bank transfers are free and more or less instant. All of these apparent drivers of cryptocurrency adoption are regulatory and marketplace failures inside America.
- halpmeh 4y agoHere is Stripe’s pricing in Germany: https://stripe.com/en-de/pricing/local-payment-methods https://stripe.com/en-de/pricing/local-payment-methods SEPA is fixed rate. Everything else is a percentage. Also, you don’t get any purchase protection from bank transfers, but of course the protection is paid for via fees.