Using the ledger allows for a more efficient settlement but paying with the token for goods and services isn’t more efficient than paying with fiat.
Besides, it’s not always about what is cheapest. Most people opt for convenience over price tag.
Post by twetch#523
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.
What the chain says
- Block
- 626 907
- Time
- 2020-03-19T15:24:32Z
- Signer
- 1JJQeMNQX2jnrLh3mAHiEUsLkJ4vrMud3X
- App
- twetch
- Type
- post
- Content type
- text/plain
- Name in tx
- twetch#523
Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.
Signed by
1JJQeMNQX2jnrLh3mAHiEUsLkJ4vrMud3X VerifiedReplies (8)
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
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.
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.
Right and bitcoin is soooo convenient in functioning as a currency that every merchant that accepted it the past 10 years instantly converted it to fiat.
People can already get paid and spend it instantly without volatility, additional tax systems etc.