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Then they will ask why nobody wants to use their payment cards (lemmy.world)
submitted 1 year ago by to c/memes@lemmy.world
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[–] 99 points 1 year ago (39 children)

Yeah, I'm going to buy my games with bitcoin now.

Oh shit, the fee is higher than the price of the game, can I use Litecoin ?

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  • [–] 47 points 1 year ago* (11 children)

    The current Bitcoin transaction fee is $0.67. Which means for a purchase larger than $34, Bitcoin is cheaper than the average credit card transaction fee.

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  • [–] 9 points 1 year ago (7 children)

    I don’t have a credit card. If you pay per transaction, is there at least no monthly base fee?

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  • [–] 16 points 1 year ago*

    There are are no other fees for holding crypto, you only pay when you move it from one place to another, those fees change depending on time of day/week as well. Though some services (like coincards) may take additional processing fees.

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  • [–] 15 points 1 year ago* (4 children)

    A credit card, in the US, has a transaction fee for the vendor, 1-3% of the purchase price, sometimes with a flat few cents fee on top.

    The consumer has no transaction fee, but does pay interest (around 28% annually) if they don't pay off the full balance every month (if they do pay it in full at the end of the month, there is no interest charge). Usually there will be a 1-2% cash back for the consumer as well.

    Some credit cards also have an annual fee for the consumer. These generally have higher cash back rewards and higher vendor transaction fees than those that don't.

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  • [–] 4 points 1 year ago (2 children)

    Don't forget secured cards, which require an upfront deposit, and cards with regular monthly or annual fees, simply for having them, regardless of whether you use them or not.

    Thats the kind of credit cards you get offered if you are bad with credit cards (cough most Americans are cough thats kinda the whole business model cough), or, if someone steals your identity and you either don't have enough time or money or otherwise can't sufficiently prove to credit reporting agencies / banks that that is what happened.

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  • [–] 2 points 1 year ago (1 child)

    Go to a credit union. Your local credit union will offer better rates and good limits with low fees compared to big banks. My first card at 18 was a secured card, $500 limit and a 4% interest if you didn’t pay off your card. After six months it went to am unsecured ans $1500 limit. All with no fees.

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  • [–] 1 point 1 year ago

    Yeah, I know it can be hit or miss depending on your location, but I have had similarly good experiences with my local credit union... you just prove to them in a more old fashioned way that you're responsible, and they'll often be flexible with you in ways that banks aren't.

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  • [–] 2 points 1 year ago

    The merchant pays the fee. With cryptocurrencies, the consumer pays the fee. Some sites offer a discount for paying with cryptocurrency as a result. For example, most precious metals dealers who accept Bitcoin offer a 3% discount for using it.

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  • [–] 5 points 1 year ago

    The current Bitcoin transaction fee is $0.67.

    For a ~60 minute confirmation target. It's $0.77 for a 20 minute confirmation target right now. The daily average is $1.03.

    And lets not forget that the only reason the price is so low now is because people aren't competing much for those transactions. If people actually used bitcoin to buy games the transaction fee would increase significantly.

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  • [+] -10 points 1 year ago (19 children)

    the fee might be higher at some points but you're just blabbering. check mempool.space and actually look at what fees are at rn + consider that there are many chains and l2s that can be used for payment. B)

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  • [–] 12 points 1 year ago (18 children)

    A dollar in fees is a dollar more than with fiat for the person paying. That and do you expect enough normal people to learn about L2s and chains to make it worthwhile for Valve or whoever to implement support for anything besides the main chains of 2-3 major cryptos and stablecoins on ethereum main?

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  • [–] 2 points 1 year ago* (13 children)

    A dollar in fees is a dollar more than with fiat for the person paying.

    Average credit card transaction fee is ~2%. So a dollar of Bitcoin fees makes Bitcoin cheaper for any purchase over $50.

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  • [–] 18 points 1 year ago (5 children)

    The transaction fee is not paid by the consumer (directly), and lord knows sellers are not going to lower prices based on payment method.

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  • [–] 2 points 1 year ago (1 child)

    sellers are not going to lower prices based on payment method

    Mullvad actually does this for their VPN service, which I think is great. For a VPN company that doesn't want to store identifiers about you, taking crypto makes sense because that also doesn't necessarily have identifiers about you attached that they could read or be required to store, unlike a card that requires your name, address, and card number.

    Other than that though, no larger companies are going to do anything of the sort, let alone be likely to even implement it as a payment method to begin with. Tons of additional technical complexity for little to no benefit.

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  • [+] 6 points 1 year ago (5 children)
    [deleted]
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  • [–] 3 points 1 year ago (4 children)

    Oh you're definitely paying the credit card fee too, but since it's the vendor who gets billed it's just priced into the product. That's why the product costs 10 Stanly nickle instead of 9 Stanly nickle.

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  • [+] 2 points 1 year ago* (3 children)
    [deleted]
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  • [–] 1 point 1 year ago

    Pay same in cash or credit.

    Depends on the vendor. There are a bunch of places around me that offer cash discounts, which I make solid use of. Lets them lower prices for you as you aren't forcing a credit card transaction fee onto them.

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  • [–] 4 points 1 year ago

    But it's not variable so the seller prices it in. Switch to Bitcoin and you have to pay it while prices likely stay the same. Also lately most of my games have been under 30 EUR tbh

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  • [–] 0 points 1 year ago (2 children)

    I mean either you care enough about payment processor censorship to go around them or you don't. If the extra dollar isn't worth it to you then that is what it is.

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  • [–] 5 points 1 year ago (1 child)

    Nobody is going to rush to implement a payment system where the fees can change 5x hour to hour because that's just customer dissatisfaction waiting to happen.

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  • [–] 1 point 1 year ago*

    That's actually one of the matured parts of the crypto ecosystem that has existed for years already, as it was one of the most immediate needs. Last I checked Stripe and Bitpay were the most popular options for vendors.

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