Crypto is not a currency
Is an environmental disaster
Has massive deflation
My first response delt with this. Only bitcoin is an environmental disaster. Deflation is only relevant if you hold a currency long term. Irrelevant for payment processing.
Seriously, the fuck are we doing here?
We are discussing how to counter the monopoly stranglehold of payment processors. Crypto is a possible solution that is viable today.
So not only am I paying the payment processor twice as much for the interaction (it doesn’t matter which processor, since the issue at hand is their monopoly) thus rewarding their censorship, I also wasted a whole bunch more money for the privilege.
But if you receive some income in crypto and park it in a stablecoin (like USDC) then you can avoid the price volatility risks and round trip fees. The crypto fees are much less than 2% and this also avoids rewarding censorship.
My first response delt with this. Only bitcoin is an environmental disaster. Deflation is only relevant if you hold a currency long term. Irrelevant for payment processing.
We are discussing how to counter the monopoly stranglehold of payment processors. Crypto is a possible solution that is viable today.
Alright. Here’s an argument why crypto doesn’t do that.
Today: Me Payment processor Vendor
Crypto tomorrow: Me Payment processor Crypto Crypto fees Payment processor Vendor
So not only am I paying the payment processor twice as much for the interaction (it doesn’t matter which processor, since the issue at hand is their monopoly) thus rewarding their censorship, I also wasted a whole bunch more money for the privilege.
Yes, the round trip is more expensive.
But if you receive some income in crypto and park it in a stablecoin (like USDC) then you can avoid the price volatility risks and round trip fees. The crypto fees are much less than 2% and this also avoids rewarding censorship.