Comment by andreilys
4 years ago
I'm not convinced it's that a large benefit.
That's because you're not a merchant that has to deal with the monopoly of Visa/Mastercard which inflict high fees on your business and who at a moments notice can bankrupt your business by blocking all payments.
Companies that are built around "SIN" such as weed and porn have basically been strong-armed by this financial monopoly, to the point that Crypto is a welcome addition and which they offer big discounts to users who pay with it.
Additionally, cryptocurrency is not practical as a currency right now because of high transaction fees and slow settlement. This situation won't change until layer 2 networks come of age
There are plenty of L1 solutions like Solana and Avalanche which offer low txn fees and high TPS. L2 networks such as Polygon have already launched and are being used.
> That's because you're not a merchant that has to deal with the monopoly of Visa/Mastercard
Visa and MasterCard don't have a duopoly on payment. They have a duopoly on “instant credit-card-based payment with charge back”, and Blockchain "tech" isn't competing in any of these features. If you don't need this and don't care about subpar UX, you can use bank transfers and still have a better solution than a blockchain-based one.
> high fees on your business
You think Visa fees are high? Blockchain transaction fees must look giagantic to you then…