They extra costs of creditcards is why I use a modern bankcard, but the US is really behind on that so for some things I need to use my CC
For example, I mainly hold crypto that I’ll be using for payments, or those I deem technologically interesting.
I’ve already made many crypto payments, know how they pretty much work, and prefer using them than paying by card, because fuck the banking system and those greedy visa/mastercard that takes huge cuts from payments. Also, anonymity benefit: don’t always want my name to be known, for example when donating to an individual or particular cause
Vinstaal0@feddit.nl 3 weeks ago
MajesticElevator@lemmy.zip 3 weeks ago
Wdym by “modern bankcard”? And I feel like the USA are pretty good in terms of crypto
Vinstaal0@feddit.nl 3 weeks ago
A chipped bank card aka what the rest of us use with modern standards like 2FA etc
boonhet@lemm.ee 3 weeks ago
I do hope you’re being real careful with your opsec if anonymity is important to you. Generally speaking, more people will know who paid who with crypto compared to bank transfers. Chains like Monero are an exception of course and yes, there are ways to anonymize other wallets too, but it requires a great deal of care, more than I personally trust myself.
You’ve got a valid point for the card payments where there are huge fees the merchant has to pay (nearly 2% for many I think), but bank transfers are infinitely cheaper (free) and instant, compared to paying gas fees and waiting. Obviously this is not true for all banking systems yet, but it’s getting there.
MajesticElevator@lemmy.zip 3 weeks ago
No worries, you got an XMR fan here. Churning and swapping to remove all leads
My biggest problem with card payments is the fixed fee, which, for small payments, is enormous. When I donate to some content creator, I hate that 30% of what I send is cut into various fees, and that’s even before VAT and tax.
Gas fees are only a thing in some cryptos. BCH, LTC, XMR have nearly non-existent fees.
Wire bank transfers suck big time. Enormous fees when sending to foreign countries, and it’s also super slow.
boonhet@lemm.ee 3 weeks ago
Well in the EU you get instant free payments through SEPA and the US is trying to implement something similar with FedNow. Doesn’t solve the cross border issues, but Wise does once you can get the money on Wise. I get paid in dollars via ACH and they become euros real fast once I see them in my account. 1000 dollars converted is just under 3 dollars in fees and then the transfer from Wise to any other SEPA account is free and instant.
Now crypto could very well make this all even smoother worldwide but unfortunately we have governments and they like to see what’s going on. So no reputable merchants will ever be able to take XMR payments in most countries.
Rekorse@sh.itjust.works 3 weeks ago
I think they didnt say part of their reasoning. Crypto is useful to buy things that are either illegal or not socially acceptable/available in your local area.
boonhet@lemm.ee 3 weeks ago
Absolutely - if you’re good about your opsec. If you’re not, it’s almost worse than a bank transaction and for sure worse than cash.
MajesticElevator@lemmy.zip 3 weeks ago
It enables this, yes. Some may like it, some don’t.
I believe I should be free to buy porn, weed or start a seedbox. Not that I will do it, but being able to use the currency for what I deem acceptable gives a big feeling of freedom.
Rekorse@sh.itjust.works 3 weeks ago
Very true, although I don’t think freedom is always a good thing.