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What crypto should I accept for payments?
I am setting up a crypto payment gateway, but I don't trust cryptocurrencies much. However, customers are demanding it. I am considering providing only BTC, ETH, and USDT as options since they are relatively stable and reputable. Besides these, which other coins should I accept? The gateway provider also has an option to auto-convert these coins, such as converting BTC to USDT. Should I use this feature as well? Thanks.
Comments
XMR (monero)
It's a good idea to accept payment on chains with low fees. If possible, include the option to pay in USDC (Polygon, Solana, Noble) and USDT (BEP-20).
Automatic conversion to USDT will protect you from losing money if other cryptocurrencies become cheaper, because the price of USDT is static and 1 USDT equals 1 USD.
I think BNB, LTC, XMR, etc. ETH and BTC have high transaction fees but people are trying to save taxes on it (gray area), so, if you look at it from business perspective, it would be a good decision to include those.
XMR is totally anonymous, so can lead to less problems for you.
But, really these days, using crypto for payments is treated like you're using a stolen credit card or something, which is totally unfair. I am a crypto hodler with proper tax records, for example and like to use XMR.
Finally, I would stay away from any other crypto, seeing what happened to LUNA. People literally lost everything because of the crash.
Even though people say USDT is on shaky grounds, it is still the safest bet these days.
I am not really into crypto, nor have I ever bought it before. I always feel like it's a scam!
Could you please give me a list of which coins would be good for me to accept? Also, which crypto wallet should I choose? Thanks!
Will again recommend Monero/XMR. For personal desktop wallet, monero GUI is good, but not as experienced with business oriented setups.
I need an all-in-one wallet. Is Binance a good choice?
Don't use Binance or any similar exchange / wallets. They keep your keys private so you don't really own your coins, this means they can take away your money at any moment. Calin from iHostArt had his coinbase account frozen with pretty large sum of client money.
Use something like trust wallet, its user friendly and relatively safe and secure (dont forget to save your seed phrase and keep it a secret).
You can also accept any crypto and just swap it to stablecoins with ff.io or other swaps (you can find swaps here https://trocador.app/en/)
PYUSD
PushUp CoinⓇ
Why not use a service that accepts crypto and pays you out in EUR/USD? I always recommend BTCPayServer with BTC/LTC/XMR but if you don't know much about crypto and don't offer any privacy focused services, just use an exchange.
Another reason not to like crypto.. it's a mess.
Luckily, my gateway offers this service for free, which is good.
Brother you will absolutely hate fiat then
This is much more common with PayPal and stripe
At-least with crypto you get options.
There are really two ways you can go about it:
1. Create your private wallets for all these coins that I mentioned: BNB, LTC,XMR, ETH, BTC, USDT. There are chain variants as well, like USDT has ETH and BEP-20, etc. You can look that up. This will be a headache at first but not impossible. No shitty payment provider fees and on-chain fees will borne by the customer. Plus, if you sell P2P, you can make some profit on arbitrage.
2. Use a payment provider that allows all crypto as payments and converts them into your preferred crypto. There will of course be fees involved.
Really, crypto is not really a scam, but misunderstood. If crypto is a scam, all money is a scam. Problem with crypto is: the more freedom you give to people, the more people tend to take advantage of it and do shady illegal shit, because you know people are shitty. Its the same problem with paper cash. People do human trafficking with paper cash. Does that make paper cash bad?
If you don't like the mainstream coins you can always launch your own token on Raydium or pump.fun like Uchiha-coin for cheap. But this restricts you to Solana only.
@Uchiha what is your payment gateway name for crypto?
After doing some research, I found people also calling it a scam on Reddit
I want to know this too.
Those coins have transaction fees often exceeding $1, which makes them unfeasible for lowend stuff.
Coins that are actually usable are: XMR, LTC, BCH
Most other coins serve literally no real-world purpose beside speculative investment. People just hold them in crypto exchanges and hope the chart goes up.
Source? I've only found fairly dumb complaints about stake earnings. You probably don't need that anyways or could do it better on an exchange (like Kraken or Binance).
The point of a software wallet is that you are in control of your keys and no third-party can take your money, restrict your account, etc.
Practically every custodial wallet (like Binance, Coinbase, ...) regularly claims the right to block transactions they deem "problematic", such as donations to controversial platforms like the KiwiFarms or even ban people and retain their money. Custodial wallets completely destroy the point of cryptocurrency. At that point you might as well hold a Crypto ETF through some bank.
Trust Wallet is very popular and decent in that your keys don't leave your device. At least part of it is open-source (https://github.com/trustwallet/wallet-core), unlike most other multi-coin wallets. Given that it implements a bunch of different blockchains the attack vector is fairly large I assume though. Coinomi is another decent alternative, which is available for desktop too.
The safest option is to use a fully open-source coin-specific wallet, such as the Monero wallet, Electrum for BTC (and forks for LTC, etc.), and so on.
BTC but with lightning support.
LTC, XMR, TRX, USDT
Use Bitpay or similar, it will convert it to USD automatically for you.
DOT coin
AVAX & TRX
Avalanche doesn’t have enough adoption unfortunately despite it being a great currency
What is good about this coin?
solana
I mean it's insanely fast and has low fees, I'm sure there's other features but I mainly use it for that
i use a lot of gateways , CoinGate is the best gateway from customer side.
you should check it out,
Coingate doesn't support XMR. As a customer I've liked BTCPay (which supports much more than just BTC) and Cryptomus.
Coinbase is the worst I've experienced because it won't even let you use a software wallet. They want you to use their "wallet" or use various other off-chain methods. Basically a bad version of Paypal.
They asked for many documents for the account, such as your passport, national ID card, photos, bank statements, company registration documents, blood reports, STD reports, etc.
So, it's fine to use Trust Wallet? if they vanish overnight, will my crypto be safe in that scenario?