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The repeating issue in these comments: very small fiat transactions are difficult. Crypto solves this. The barrier to entry is cumbersome because of KYC, but a

by andirk 3y ago

The repeating issue in these comments: very small fiat transactions are difficult. Crypto solves this. The barrier to entry is cumbersome because of KYC, but after that the whole ecosystem is ready to go. People talking 25 cents for an article. The ad revenue from viewing a single page with a few well sold ad impressions at $40 CPM is like 4 cents, and more often more like < 1 cent. I keep hoping to see Basic Attention token BAT get traction for exactly these microtransaction use cases.

Nursie 3y ago
“Crypto solves this” Does it? Transaction times and transaction fees on some of the more well-known cryptocurrencies would seem to exclude them entirely. There’s no particular reason that it has to be a decentralised cryptocurrency that operates in the manner required - preloading a few bucks here and there, which are transferred between accounts in small amounts. As with many things that “crypto” solves, it is neither necessary nor sufficient. Some cryptocurrencies could form part of a solution. It’s not clear they bring any specific advantages to the table though.
Hamuko 3y ago
Every time I've paid with crypto, the fees I've paid to Coinbase and the network have been massive.
- andirk 3y ago
  Coinbase is famously expensive at ~5-10%. I use them but not for transferring much. Bitpay and Cash App are some 1-3%. When I could use Bitcoin with Overstock.com it was also minimal. But whenever bitcoin is trading heavily, it's not worth the cost. Hey why not put some ads on the transaction.
orbital-decay 3y ago
The last time anyone seriously considered crypto as money was 2016. Even Steam started accepting Bitcoin. You can see how it went for them [1]. Fraud, volatility, transation delays and fees were unacceptable. And that was the time before the total KYC pressure. While some of these issues might have been solved (kind of), there's no way anyone touches crypto for end-user microtransactions with a 10-foot pole today. [1] 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...
blitzar 3y ago
> Crypto solves this So would an sqlite database, possibly even a csv file
RGamma 3y ago
To avoid generating many transactions you could also work with a classic custodian structure, i.e. prepay into your account once or periodically and it gets redistributed periodically.
- skoocda 3y ago
  Yes, or use a ZK rollup between the publisher and the client to collect transactions off-chain and then settle when it reaches an appropriate amount. Or even better, have a ZK rollup between each client and a single intermediary, who manages ZK rollups with all publishers. Then you, as a client, don't have to worry about large amounts being trapped in escrow, and publisher payouts happen more regularly. We could call it "Mastercard"

by andirk 3y ago

Nursie 3y ago

“Crypto solves this” Does it? Transaction times and transaction fees on some of the more well-known cryptocurrencies would seem to exclude them entirely. There’s no particular reason that it has to be a decentralised cryptocurrency that operates in the manner required - preloading a few bucks here and there, which are transferred between accounts in small amounts. As with many things that “crypto” solves, it is neither necessary nor sufficient. Some cryptocurrencies could form part of a solution. It’s not clear they bring any specific advantages to the table though.

Hamuko 3y ago

Every time I've paid with crypto, the fees I've paid to Coinbase and the network have been massive.

andirk 3y ago
Coinbase is famously expensive at ~5-10%. I use them but not for transferring much. Bitpay and Cash App are some 1-3%. When I could use Bitcoin with Overstock.com it was also minimal. But whenever bitcoin is trading heavily, it's not worth the cost. Hey why not put some ads on the transaction.

orbital-decay 3y ago

The last time anyone seriously considered crypto as money was 2016. Even Steam started accepting Bitcoin. You can see how it went for them [1]. Fraud, volatility, transation delays and fees were unacceptable. And that was the time before the total KYC pressure. While some of these issues might have been solved (kind of), there's no way anyone touches crypto for end-user microtransactions with a 10-foot pole today. [1] 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...

blitzar 3y ago

> Crypto solves this So would an sqlite database, possibly even a csv file

RGamma 3y ago

To avoid generating many transactions you could also work with a classic custodian structure, i.e. prepay into your account once or periodically and it gets redistributed periodically.

skoocda 3y ago
Yes, or use a ZK rollup between the publisher and the client to collect transactions off-chain and then settle when it reaches an appropriate amount. Or even better, have a ZK rollup between each client and a single intermediary, who manages ZK rollups with all publishers. Then you, as a client, don't have to worry about large amounts being trapped in escrow, and publisher payouts happen more regularly. We could call it "Mastercard"