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Maybe this is a UK thing, but if a company primarily wants to use Paypal, I'll think they're too small to get an account with any of the card transaction handlers (which now has a very low bar to entry in the UK), and personally I'd rather pay for most things online that have a chance of being dubious using a one-time disposable card number that my online banking app gives me.
Actually, I can't remember the last time I used paypal. Probably a few years ago when I last bought something from ebay.
There are two types of fees:
When a merchant says "you need to pay X amount to this wallet", the buyer always needs to spend more in order to push the transaction through - that's called network fee. Some coins have pretty much zero network fees (Monero, Litecoin), some coins have manageable fees (Bitcoin) and some coins are unusable for anything besides speculation (Ethereum). A fee usually does not depend on the value transacted.
As for the payment processor fee (usually like 1% of the value), I'd imagine it also gets passed on to the buyer, much like sales tax. If you set up your own local payment gateway, there are no payment processor fees. If you use a provider that instantly exchanges cryptocurrency, you may need to pay an additional fee for their network fees, as they need to move the coins further, to the cryptocurrency exchange.
It's up to the merchant. You can accept coins directly and hold them without exchanging or you can use a payment provider that instantly exchanges them to fiat currency, with payouts to your bank account, leaving you with zero exposure.
Coin's value can also appreciate drastically. It's a gamble.
Definitely, yes. That's why you pick at least semi-reputable companies.
There's also something called "police" and "small claims court" which do not magically disappear if you pay in magic internet money.
It's a truly global payment system that just works, without unnecessary overhead.
There are providers which offer significant discounts when paying in crypto. I also don't see how depositing a banknote into an ATM and scanning a QR code, then some time later opening a mobile app or a website or a computer program is "fucking".
That is a very ... generous view of crypto.
I mean it's technically correct, in that the horrific overhead is necessary because of the catastrophic design, but...
??? Dealing with the police and small claims court? GTFO, I don't have time for that. Fraud from my bank or credit card requires no effort from me besides answer a call and confirm I didn't make those transactions. Then they mail me a new card in two days.
There's zero definitions of "that just works" fit for crypto. You say that about VISA and MasterCard after decades, and not even American Express "just works". There's zero places for me to buy in person with crypto in my area.
Such as? Zero purchases I've made are from vendors that offer a significant crypto discount. Digital sellers can probably do this, but not physical goods.
Having to think about fees and exchange rates is added fucking hassle, yes. I don't have to think about anything but 1-3% cashback.
@TimboJones I'm not surprised at all that you have a negative stance on crypto.
In the case you described, cryptocurrency is superior, because unless you are extremely stupid, it's impossible to make a transaction without your knowledge.
Traditional banking system was never designed to "just work" and never did. Various national and international regulations, as well as internal policies of payment processors, create obstacles to free flow of money, such as described in this thread.
You can't really say VISA/MasterCard is global because it doesn't work in 2 out of 11 world's largest economies.
There are 2492 bitcoin ATMs in Canada. Where do you live?
Why do you insist on physical goods? For physical goods you can just pay cash in person.
Why? That sounds like something user specific and not inherent to crypto. Taking over my PC and doing a malicious purchase from stored CC may get 2FA and prevented but if you have my wallet and password, you can do anything you want and I wouldn't be notified. And because of the complexity,
you're going to have it in digital format and accessible for day to day purchases. It's probably same amount of phishing success between bank/cc and crypto, but I imagine a lot harder to duplicate my banks website with a dozen services than a simple crypto website.
That doesn't make any sense.
You really can.
Outside Vancouver. There's 6 hits in my town according to that site. In hindsight, I do remember seeing a crypto atm at one of these gas stations in town. I don't recall the fee structure, but I want to say like $6? I'll see about confirming one of these days when I go out of my way to check.
To live? I'm not virtual. Holy fuck. You're arguing that crypto isn't an extra hassle by telling me to go to ATM machines (haven't needed to in years since bank supports photo cheque deposit) and pay in cash. I don't pay fees for ATM use besides bank fee, which is free from minimal monthly balance. I don't think you understand wtf convenience or benefits are. I'm at a point in time where the only thing I need in my pocket is my phone. Carrying cash? Carrying coins? GTFO. Carrying crypto keys around with me everywhere, at an ATM where I could lose everything being robbed at gunpoint? Fuck that.
Tell me when crypto is as easy as tapping your phone or plastic at the point of purchase and you'll have a point about it being the future.
No sure about other countries, but this is specifically illegal in the UK when dealing non-business companies.
Companies must charge the same price regardless of payment method, and cannot charge a surcharge for e.g. credit card purchases. Having said that, there are still a lot of companies still get away with giving a discount if you set up a direct debit (UK specific: it authorises them to take any amount they like, whenever they like from your account, but also has protection guarantees so that doesn't get abused), so not really sure how they get away with this. I guess crypto would be technically a different currency so this also might not apply.
i use paypal specifically so i don't have to give out actual cc info, it's an imperfect and sometimes shitty system but the grief it saves me is just not measurable.