Originally Posted by OOfff
(Post 3551808)
right, so now you’re hoping both merchant and buyer are willing to use strike as their bank, presumably just marked to strike’s BTC reserves?
i have 1000.00 on my cashapp i buy a 5.00 cup of coffee. i scan the QR code on the merchants point of sale system. the software debits my 5.00, converts it to BTC to record the transaction, then converts it right back to dollars before they pay the merchant. The price of BTC isn’t relevant as its a fraction of a second. No taxes required from buyer/seller. The legacy intermediaries are not required. I say Visa’s 2-3%, but that’s misleading. It’s all the legacy intermediaries who get a cut of the transaction that drives the cost. Nothing to stop Visa from using technology to cut them out. Could this drive some BTC growth - i think so. Could BTC not be involved…I also think that’s possible. Any blockchain / Central Bank Digital currency could also disrupt the legacy credit card payment rails. i’m just a pilot…but I do read alot on this space…and alot of software companies are pursuing this…BTC and no BTC. |
Originally Posted by BCan
(Post 3551820)
example of how it could work…
i have 1000.00 on my cashapp i buy a 5.00 cup of coffee. i scan the QR code on the merchants point of sale system. the software debits my 5.00, converts it to BTC to record the transaction, then converts it right back to dollars before they pay the merchant. The price of BTC isn’t relevant as its a fraction of a second. No taxes required from buyer/seller. The legacy intermediaries are not required. I say Visa’s 2-3%, but that’s misleading. It’s all the legacy intermediaries who get a cut of the transaction that drives the cost. Nothing to stop Visa from using technology to cut them out. Could this drive some BTC growth - i think so. Could BTC not be involved…I also think that’s possible. Any blockchain / Central Bank Digital currency could also disrupt the legacy credit card payment rails. i’m just a pilot…but I do read alot on this space…and alot of software companies are pursuing this…BTC and no BTC. the only way this works is if both parties use strike as their bank, otherwise those intermediaries still exist and still get paid. And still BTC isn’t providing an improvement to the process over dollars. |
Originally Posted by OOfff
(Post 3551835)
what advantage is marking the transaction to BTC giving in this scenario? If someone owns the entire chain and provides end-to-end service, why bother?
the only way this works is if both parties use strike as their bank, otherwise those intermediaries still exist and still get paid. And still BTC isn’t providing an improvement to the process over dollars. People smarter than me would reference the BTC market cap, reliability of the network / blockchain, it’s decentralized setup and you can move it to whatever fiat currency you require. I guess the flipside is why reinvent the wheel? I have no problem admitting in this scenario is all about using the ledger. I’m not wholesale pushing strike. If this software works and has value…i think it will be replicated by all the squares, paypals, visa, etc. |
Originally Posted by BCan
(Post 3551839)
People smarter than me would reference the BTC market cap, reliability of the network / blockchain, it’s decentralized setup and you can move it to whatever fiat currency you require. I guess the flipside is why reinvent the wheel?
I have no problem admitting in this scenario is all about using the ledger. I’m not wholesale pushing strike. If this software works and has value…i think it will be replicated by all the squares, paypals, visa, etc. network reliability is no better than visa. When was the last time you had a CC transaction fail because the network failed? you lose all the advantages of decentralization when you rely on the single payment processor end-to-end. There’s nothing more centralized than that. I can already pay in any fiat currency with my CC. it’s a neat concept, but it just seems like putting things on the chain for the sake of being cool. Anyway, we will see what happens. I’m just not bullish on it solving a problem. Good chat! |
Originally Posted by OOfff
(Post 3551843)
BTC market cap pales in comparison to USD.
network reliability is no better than visa. When was the last time you had a CC transaction fail because the network failed? you lose all the advantages of decentralization when you rely on the single payment processor end-to-end. There’s nothing more centralized than that. I can already pay in any fiat currency with my CC. it’s a neat concept, but it just seems like putting things on the chain for the sake of being cool. Anyway, we will see what happens. I’m just not bullish on it solving a problem. Good chat! If the software works…I as the payer really don’t care…i need to pay quickly without being double charged. I paid in dollars…I don’t care how the software works to record the transaction. The BTC / blockchain magic isn’t in my crosscheck. **the merchant cares. They just want the money quickly for minimum cost. They also don’t care about how the software works…so as long as they get paid. 1-2% margin increase is meaningful for most businesses. Cheers! |
Originally Posted by OOfff
(Post 3551835)
what advantage is marking the transaction to BTC giving in this scenario? If someone owns the entire chain and provides end-to-end service, why bother?
the only way this works is if both parties use strike as their bank, otherwise those intermediaries still exist and still get paid. And still BTC isn’t providing an improvement to the process over dollars. |
Digital assets do not exist but with crypto they can. BTC might not exist 20 years from now but digital assets will and we will all use them.
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Originally Posted by Round Luggage
(Post 3551951)
Digital assets do not exist but with crypto they can. BTC might not exist 20 years from now but digital assets will and we will all use them.
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Originally Posted by OOfff
(Post 3551835)
what advantage is marking the transaction to BTC giving in this scenario? If someone owns the entire chain and provides end-to-end service, why bother?
the only way this works is if both parties use strike as their bank, otherwise those intermediaries still exist and still get paid. And still BTC isn’t providing an improvement to the process over dollars. |
Originally Posted by FSF17
(Post 3551991)
Nobody currently owns the whole payment process. The customer’s bank, the merchant’s bank, and Visa/Master Card/Amex all take a cut from credit card sales. That comes out of the merchant’s pocket. Strike’s not perfect and it probably won’t be around in 20 years, but something like it will, and it’ll be better for everyone.
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