Additionally, the credit cards and banking give the illusion of convenience. Are actually horrible/costly - the merchants don't actually get paid until days maybe even weeks later. Imagine people getting paid and can instantly spend to anyone in the world.
Post by twetch#1489
There is no "illusion"
They ARE convenient, otherwise they wouldn't have displaced all other payment methods. They cost merchants dear so there is an OPPORTUNITY to build a better system. Wanna try?
Try to live without them to see their convenience
What the chain says
- Block
- 626 907
- Time
- 2020-03-19T15:24:32Z
- Signer
- 1G7DLq695juhR7QFz5jn1AaXH55Hxn4kZS
- App
- twetch
- Type
- post
- Content type
- text/plain
- Name in tx
- twetch#1489
Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.
Signed by
1G7DLq695juhR7QFz5jn1AaXH55Hxn4kZS VerifiedReposted by (1)
Replies (6)
For the consumer, yes.
For the merchant, implementation/maintenance costs are in the tens of thousands and they are fearful of chargebacks and when payments fail. Also they increase their prices to offset the high fees so that consumers pay more.
lol accepting credit/debit cards (online or offline) does not have tens of thousands in maintenance and implementation cost for the merchant, have you ever ran a business?
Accepting bitcoin on the other hand does increase cost + complexity significantly.
For the large retailers it does. I've implemented credit cards several times for them, also PCI compliance is a pain.
For small businesses it could take much less cost to implement.
If it costs that much, why do they spend this money? Wouldn't it be because they will increase revenues by offering a conveninet mean of payment to their customers while benefiting from automated reconciliation? :)
How is increasing revenues inconvenient?
It doesn’t matter, the cost to implement and maintain accepting bitcoin are far greater, not even considering the additional risks merchants have by accepting it with regards to taxes, regulatory compliance, volatility etc. And for who? 100 people?
So, there is a cost offset by convenience, so what?
It is the best cost/benefit globally available option for merchants right now.
Try to convince a merchant to dump credit/debit cards and you will see.