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Ask HN: Would you implement a crypto payment processor in your business?
For those of you who own or operate businesses, have you considered implementing a crypto payment processor?
If yes, what are the main reasons driving this decision? Is it to increase customer base, ride the crypto wave, reduce transaction fees, or something else?
If no, what are your main concerns? Is it the volatility of cryptocurrencies, regulatory issues, technological challenges, or simply lack of demand from your customers?
For those who have already implemented it, what has been your experience so far?
Would love to hear your thoughts and experiences.
- vivegi 3y agoNo. Regulatory challenges (Jurisdiction India).
- rzvdrl 3y agoWhat if there is no KYC involved? Based on my knowledge, if the transactions are 100% crypto and they don't interact with fiat, then it's considered a merely web3 project. Correct me if I'm wrong
- orbz 3y agoA words of warning: you can always add enough what if’s to change someone’s opinion eventually, but that’s still not going to bypass their original complaint for everyone else. Fiat is going to enter the picture somewhere, like when you want to cash out the crypto you’ve been paid to in turn pay your employees and server bills. At that point you might start getting asked questions on where you got the funding that’s been traced back to illegal activity.
- rzvdrl 3y agoGood argument. If we set that issue aside, what other potential drawbacks do you perceive?
- brucethemoose2 3y agoRead Valve's take: https://www.pcgamer.com/50-of-transactions-were-fraudulent-when-steam-accepted-bitcoin-for-payments-says-gabe-newell/ https://www.pcgamer.com/50-of-transactions-were-fraudulent-w... And remember, this was during peak crypto, before most of the meltdowns. From a large, mature purely online business selling purely digital products with a tremendous amount of fraud experience.
- rzvdrl 3y agoWas it possible to purchase gift cards using Bitcoin? If so, this could potentially attract a significant number of fraudulent activities.
- brucethemoose2 3y agoI don't think so. You can buy games as a gift for someone else, but Valve has placed more restrictions around this over the years.