/biz/ - Business & Finance

[Anonymous No.20480159]

Cash transaction:
>item is $10
>I give merchant $15
>he gives $5 back as change
>I only had to pay the exact amount of the item, and the merchant received exactly what he wanted from the item

Credit card:
>item is $10
>I pay $10.30 because there is a 3% processing fee and the merchant has passed it onto me
>alternatively, he swallows the fee so then though I only pay the amount of the item, the merchant does not receive the whole $10 he wants, he only gets $9.70 at the end

Cryptocurrency:
>Item is 10 (insert crypto of choice)
>I have to spend 10.2740472 or some other seemingly random extra amount to give the transaction “gas”

How the fuck did credit cards become the standard? How the fuck will crypto become the standard when it’s even less appealing?

[Anonymous No.20480227]

>>20480159
it's the future
accept it

[Anonymous No.20480271]

>>20480227
But why? Why would the average person want to pay more fees for every day transactions?

[Anonymous No.20480321]

>>20480159
or the merchant has built in electronic transaction fees into the price of the good and you will pay it regardless of the transaction type you use. which is the case, with every merchant that accepts cash and electronic payment, which is 95% of them.

[Anonymous No.20480348]

>>20480271
Because fees are more convenient than carrying cash. Moreover, you can have paper crypto technically

[Anonymous No.20480370]

>>20480271
It won’t.
Literally no one think it become “future of transaction”
I had many coins and currently holding eth, btc, holo,. Matic, rsr, xrp and link (all positive) and I never ever think I be willing to pay with any of these coins

[Anonymous No.20480404]

>>20480159
Oh and one more thing.
You assume people are smart enough to understand the credit cards.
Nope majority are too impulsive and lack vision to understand the implications of their today acts upon future.
That’s why so many people are broke

[Anonymous No.20480427]

>>20480159
FUCKING NANO CHADS ASSEMBLE

[Anonymous No.20480435]

>>20480159
>Processing fees for card transactions
Which third world country do you live in?

[Anonymous No.20480458]

>>20480159
of that 3%, up to 1.5% is given back to you
meanwhile, crypto doesn't give you shit, and it's not really faster than buying with a credit card.

I seriously don't understand why people think crypto is or will be useful as payment method.

>>20480435
also this. in my country, they don't charge YOU, they charge the merchant, but still give you chargebacks.

[Anonymous No.20480469]

>>20480159
convert crypto to usd ' usd to bank - bank card.

though you lose future potential for profit by selling

[Anonymous No.20480492]

>>20480159
Retard detected.

When you pay cash it takes longer. If you have 100 people waiting in line with cash and 200 people at the competing store across the road paying by credit card, the 200 people paying by card will probably finish before the line with cash.

Furthermore, someone has to count the cash at the end of the day. They don't do this for free, so in the end you still pay a fee to transact with cash, it's just not as obvious.

It also allows you to take sales from people that don't have the cash on them right then and there.

[Anonymous No.20480551]

>>20480435
>>20480458
Did you miss the part where I said the fee could be on you or the seller? My point is both parties gets the full amount of the transaction with cash, but not with a card or crypto. One side has to pay more.

[Anonymous No.20480565]

>>20480159
There must be fees for dealing with cash. At the very least, extra costs.

[Anonymous No.20480599]

>>20480159
>I have $10.
>I lose my wallet, get clubbed in the head and robbed, I lose $10.
>My credit card guarantees me against fraud
>My crypto cannot be accessed without my keys

[Anonymous No.20480638]

>>20480271
because a future cryptocurrency wont have high fees
and it will be transferable internationally without paying huge exchange rate fees

you guys are using one of the worst cryptos for payments (ETH) to show why it wont work

also paying in cash is fucking annoying. people don't want to carry around cash. so an instant payment system that can use your phone or swipe card and has low transaction fees is actually the ideal solution

[Anonymous No.20480647]

those transaction fees are from legacy crypto
the transaction fees for newer tech is substantially lower.

For example xDai Stake a transaction costs proximity $0.0002 USD
Lots of other newer chains are like this too.

Append this to your list

Modern Crypto
>Item is $10
>Spend $10.0002
retards contemplate spending an extra $0.0002

[Anonymous No.20480723]

>>20480159
yeah, when you add (((financial intermediaries))) to a transaction suddenly they'll want their cut too.

[Anonymous No.20480724]

>>20480159
>pay with physical money
>government has to mint or print it, maintain it in good enough condition or take it from circulation and replace it
>this is paid through taxes or money printing (currency debasement)

[Anonymous No.20480933]

>>20480724
so? It's the government's job to make sure an economy can flourish so that it maintains a large enough population to field a standing army with enough force to take and control land.

[Anonymous No.20480987]

because you can pay with nano and pay no fees

[Anonymous No.20481357]

>>20480271
>anonymity online (if u want it)
>unsiezable (more so than your cash or bank account)
>uncensorable (ask how people getting their paypal accounts axed feel)
>immutable ledger (u can get a receipt for illegally buying a gun finally)
and then there is just convenience. its pretty easy to make a crypto payment and UX is getting better all the time, txs faster and cheaper, theres only room to grow. you cut out faggy payment processors and eliminate faggy payment systems and no one has to worry about nigger mckingstein taking your actual wallet anymore.