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Stablecoins are much better for payments, no one would use BTC for goods and services with the transaction fee and the confirmation time being so bad. https://

by yzdbgd 2y ago

Stablecoins are much better for payments, no one would use BTC for goods and services with the transaction fee and the confirmation time being so bad. https://www.coinbase.com/institutional/research-insights/research/market-intelligence/stablecoins-new-payments-landscape https://www.coinbase.com/institutional/research-insights/res... TL;DR from the article : Stablecoins settled $10.8T worth of transactions in 2023 of which $2.3T were related to organic activities including payments and cross-border remittances, among others Today’s payment giants suffer from major disadvantages including high transaction costs, slower settlement times and limited transparency albeit there are tradeoffs to stablecoins too

bawolff 2y ago
But at that point you are giving up on the alleged benefits of crypto (decentralization) and you might as well just pay cash.
- Ferret7446 2y ago
  Not quite. Stablecoins are still more decentralized than classic fiat and AFAIU it's easier to trade stablecoins to/from other coins/tokens. Practical example, credit/debt card processors almost universally have banned/are banning many adult content sites, but those sites are starting to accept stablecoins. While stablecoins can be tracked, transactions cannot be universally controlled, especially not by private entities (depends on the exact stablecoin of course).
MuffinFlavored 2y ago
> Stablecoins are much better for payments Stablecoins on what 'network/coin/layer/chain'? Stablecoins on top of ETH? On top of SOL? On top of ETH BASE? On top of ETH Arbitrum/Optimism? Binance Smart Chain? Tron? Polygon?
- yunohn 2y ago
  Doesn’t even matter, because stablecoins are basically acknowledging that all of the crypto tech is a farce and all you need is a digital currency tied to IRL currencies.
  - MuffinFlavored 2y ago
    > that all of the crypto tech is a farce Kind of. I would say blockchain hasn't really worked out. Walmart/shipping industries isn't forcing their suppliers to be on some public blockchain, that's for sure. The on ramp and off ramp stories for crypto to/from fiat are pretty gross. I can send money with Venmo, CashApp, PayPal, etc. domestically As soon as you talk about (probably breaking some laws) international transfers, it's an interesting tech that's getting adopted. The blockchain aspects of it kind of don't matter. People just want to send USD-backed-something over country border walls, right?
exabyte 2y ago
To purchase goods and services with Bitcoin such as Lightning where fees are negligible. It is indeed being used worldwide. E.g., you can purchase a wide array of things with Lightning at Bitrefill.com
- exabyte 2y ago
  oops, not sure what happened, meant to say "To purchase goods and services with Bitcoin, you would use a layer 2 protocol such as Lightning..."
muzani 2y ago
As someone who was paid in stablecoins, I'm not a huge fan of them, because the final exchange rate still sucks - there's a 10% drop in value from USDC to MYR. While I definitely don't recommend BTC, ADA and LINK actually convert better here.

by yzdbgd 2y ago

bawolff 2y ago

But at that point you are giving up on the alleged benefits of crypto (decentralization) and you might as well just pay cash.

Ferret7446 2y ago
Not quite. Stablecoins are still more decentralized than classic fiat and AFAIU it's easier to trade stablecoins to/from other coins/tokens. Practical example, credit/debt card processors almost universally have banned/are banning many adult content sites, but those sites are starting to accept stablecoins. While stablecoins can be tracked, transactions cannot be universally controlled, especially not by private entities (depends on the exact stablecoin of course).

MuffinFlavored 2y ago

> Stablecoins are much better for payments Stablecoins on what 'network/coin/layer/chain'? Stablecoins on top of ETH? On top of SOL? On top of ETH BASE? On top of ETH Arbitrum/Optimism? Binance Smart Chain? Tron? Polygon?

yunohn 2y ago
Doesn’t even matter, because stablecoins are basically acknowledging that all of the crypto tech is a farce and all you need is a digital currency tied to IRL currencies.
- MuffinFlavored 2y ago
  > that all of the crypto tech is a farce Kind of. I would say blockchain hasn't really worked out. Walmart/shipping industries isn't forcing their suppliers to be on some public blockchain, that's for sure. The on ramp and off ramp stories for crypto to/from fiat are pretty gross. I can send money with Venmo, CashApp, PayPal, etc. domestically As soon as you talk about (probably breaking some laws) international transfers, it's an interesting tech that's getting adopted. The blockchain aspects of it kind of don't matter. People just want to send USD-backed-something over country border walls, right?

exabyte 2y ago

To purchase goods and services with Bitcoin such as Lightning where fees are negligible. It is indeed being used worldwide. E.g., you can purchase a wide array of things with Lightning at Bitrefill.com

exabyte 2y ago
oops, not sure what happened, meant to say "To purchase goods and services with Bitcoin, you would use a layer 2 protocol such as Lightning..."

muzani 2y ago

As someone who was paid in stablecoins, I'm not a huge fan of them, because the final exchange rate still sucks - there's a 10% drop in value from USDC to MYR. While I definitely don't recommend BTC, ADA and LINK actually convert better here.