New on LowEndTalk? Please Register and read our Community Rules.
All new Registrations are manually reviewed and approved, so a short delay after registration may occur before your account becomes active.
All new Registrations are manually reviewed and approved, so a short delay after registration may occur before your account becomes active.
Why many people prefer paying with crypto coins?
I know close to zero about cryptocurrencies and I have seen that many people prefer paying for services with crypto coins. Why is that? What is the advantage over normal money?
Thanked by 1debian_dave
Comments
Some prefer cause of anonymity, some prefer cause they invested some of their capital into crypto, and instead of converting it back to fiat and lose some $ on fees, they just pay directly with crypto
Because paypal is a bitch
Because they are sus
Because there wouldn't be a bank scrubbing off some of your hard-earned money to themselves. Also, true international payments without a hassle.
Some countries are also restrictive or tricky about managing money. Some use them to avoid restrictions placed to said countries, too.
So there are no transaction fees for crypto? (I really know nothing about it
)
There are still some fees. But it is very low depends on the coin & channel. For example, cross border PayPal can take $5 but crypto is under $1 or free. And the money will not be held by PayPal. For merchant, PayPal gateway will charge 2-3% of the total money. In some cases, PayPal can hold the money for 24 hours or 6 months.
The downside of crypto is no way to charge back after you sent the money. For example, you send crypto for Service Transfer but that guy doesn't process it.
Thanks for the explanation!
The payment processors for crypto payments may offer bad exchange rates, there will still be payment processing fees and there will be more fees when you withdraw. For the sake of argument, let's assume payment processors make $0 from spreads and they charge 0 payment processing fees. If the crypto used for payment is not a stablecoin like USDC, USDT etc. then you will have to pay trading fees to exchange them to a stablecoin and then go through some hoops to withdraw the crypto into cash. And you will pay fees every step along the way.
In the future, maybe the fee argument will be more valid. Today, I think even paypal with their huge fees are much more convenient and hassle-free for both merchants and consumers.
I do not know why, but I recall florin marian, the owner of hazi ro saying that they get charged 25% fees for crypto payments. Not sure if it's local laws or the payment processors. I am not a merchant so I wouldn't know.
pay has more fees. crypto has less. that's why!
plus there's euro to dollar conversion fees.
Everyone is investing in crypto. It's super easy and fast, not to mention you remain anon.
Yes it’s very nice. I like to pay in DAI, or where you can ZCASH. I prefer crypto for big payments or where both parties trust each other.
With USDT over TRX there’s no fees
plus there's euro to dollar conversion fees.
Buying crypto has more fees than paypal tho when converting to real money.
Also there's no hassle buying internationally with paypal.
I don't know how true that is.
For crypto, you have to pay transaction fees.
If you are a merchant, you have to pay transaction fees to cash out. Whereas, any centralized payment is free if its in your local currency.
Nothing is true anon.
Look at how FBI and RCMP froze accounts.
In a highly ideal world. There would be no fees.
I mean.. you can send out BTC payments with no additional fees involved. Whether someone will confirm your payment in the chain is another question.
That is not true.
If feds ask X exchange for your your wallet#, everything is 100% traceable.
The point is that it cannot be cheated, everything is verified, not that you can do anything without being traced.
They are clearly dealing with CP.
Because you don't trade it directly, but with an exchange.
Miner fees vary from coin to coin, so choose a coin with low miner fee.
Say that to Monero.
Big fan of Monero and look forward to the future. There seems to be people willing to spend money to find out how to track it.. and they haven't (as far as I know) yet!
https://www.forbes.com/sites/kellyphillipserb/2020/09/14/irs-will-pay-up-to-625000-if-you-can-crack-monero-other-privacy-coins/?sh=747478f685cc
—
I should have finished my sentence, you remain anon by the company you purchased with, as far as you are legal. Didn’t meant you remain 100% anon even under criminal activity.
Cause most time, payment process declined my card. And crypto really convenient to use
Black money
Every time you pay with crypto coins, a kid dies, because the electricity that could have been used to purify drinking water is wasted in confirming your transaction.
Therefore, don't use crypto, and pay with push-ups instead.
Normally there's would be a push-ups link here, but the push-ups page is inaccessible due to botched domain transfer. 😢
So essentially what you're saying is that we'll solve overpopulation by sending our coin bits between our own wallets?
so they can host child porn and not get caught
I know this is somewhat meant as a joke but that's a really poor argument against crypto. There's more than enough food for everyone in the world but there's still world hunger because it's not worth spending the money shipping the excess food to the poorer regions.
Similarly, there's more than enough water for everyone but just no justification to ship the water to places where there's droughts or heat waves. It just isn't worth it from a $$$ perspective. It takes around 10,000 litres of water to produce 1 kg of almonds. Eating just 100-200 grams of almonds would mean you're depriving an adult human of 1 year's worth of drinking water.
Crypto is the best payment method for me. I'm using debit card, so I prefer not to leave my card details online. It happen twice that due to poor security of a website, my purchase details was leaked in a db leak.
Luckily, I was on a vacation staying in the hotel, plus used a card which expired soon after. It was a couple years ago, yet I'm still getting spam on that email address.
With crypto, I don't have to worry about that. Plus additional positive side is if you pay with the crypto and you don't want to extend the service , there is no need to cancel the subscription.
I don't like monero because it's POW. I invest in ZEC because they're going POS and will support shielded assets such as DAI. Imagine private, stable coin like DAI. Perfect for payments and some ZEC for speculation.
I totally understand why some people use bitcoin and I get the point some people just want to payout their temporary ISA to save fees.
However I disabled accepting bitcoin on WebPlot after transfer fees to GBP it was cheaper to use PayPal. I also found the majority (not all) that paid in bitcoin was for phising sites etc so personally found it a pain in the (!).