15 ms·
Paypal's crappiness was definitely the leading reason for Stripe. I wonder what is Strope's stance towards blockchain? Will they now also move into blockchain
by ptbello 6y ago
Paypal's crappiness was definitely the leading reason for Stripe.
I wonder what is Strope's stance towards blockchain?
Will they now also move into blockchain like PayPal, but properly?
- TedDoesntTalk 6y agoPayPal is not giving merchants crypto... just fiat currencies. So this is a half-assed implementation. Let’s hope stripe does it right (crypto from the buyer and crypto to the seller)
- secfirstmd 6y agoDidn't Stripe used to have Bitcoin and then stop supporting it? https://stripe.com/blog/ending-bitcoin-support https://stripe.com/blog/ending-bitcoin-support
- wavefunction 6y agoBitcoin is not a great option for payments due to the time it takes for a transaction to process/settle and the fees involved.
- arcticbull 6y agoAlso the irreversibility is a huge liability as scammers can just run for the hills and you’re left holding the bag.
- whatatita 6y agoHalf-arsed but entierly on-brand for them; their merchants don't want to accept bitcoin, they want their preferred fiat currency. Same goes for buying in EUR and the merchant receiving USD. Buyers get to use their preferred currency (now inc. crypto) and merchants receive theirs.
- OJFord 6y agoMerchants' not 'now inc. crypto', though.
- deleted 6y ago[deleted]
- tushonka 6y agoCan't you do that already with a hardware wallet?
- deadbunny 6y ago> Let’s hope stripe does it right (crypto from the buyer and crypto to the seller) Why would you need a middleman for that? Every crypto is already peer to peer.
- dotancohen 6y agoSmart business like to consolidate their dependencies. If the fee is on the order of 1-2% then the reduced overhead of "where's my money" may be worth it to many small businesses.
- hombre_fatal 6y agoThere's a lot of supporting structure to nail a point of sale transaction for both sides. It isn't reasonable to expect every business to run bitcoind, handle cold wallet vs hot wallet, and integrate it with their ecommerce system. Companies want a simple solution that lets them accept the various common ways people want to pay whether that's Paypal balance, any of the credit/debit cards, or any of the other services out there.
- ilaksh 6y agoHm. So in essence, you would instantly buy crypto through Stripe, and then they would instantly sell it to someone else? Kind of like a middleman or exchange service? It's so strange to me that people don't see how that is antithetical to the concept of cryptocurrencies. The right way to do cryptocurrencies is to just let people use cryptocurrencies. But that means watching your business get eaten up by it. Which is why they are trying to insert themselves so that they don't get disrupted out of existence.
- oriesdan 6y agoStripe actually did invest in Stellar [1], so they seem to be interested in cryptocurrencies. This blog post is from 2014, though. It would still be interesting to hear their up to date opinion. [1] https://stripe.com/blog/stellar https://stripe.com/blog/stellar EDIT: well, hamstercat's link is a great follow up :)
- hamstercat 6y agoThey had support for Bitcoin a few years back, merchants could accept Bitcoin in addition to whatever currency they already supported. The feature was killed because they didn't find Bitcoin useful for transactions (can read more about the why here https://stripe.com/blog/ending-bitcoin-support https://stripe.com/blog/ending-bitcoin-support).
- the_arun 6y agoAren’t cryptocurrencies more like stock rather than a currency? Only difference may be is stocks cannot be exchanged 24 hrs a day?
- deleted 6y ago[deleted]
- dotancohen 6y agoCryptocurrencies are not a derivative.
- centimeter 6y agoNo. Stocks, roughly speaking, represent entitlements to corporate profits in the form of dividends. Bitcoin doesn’t represent any kind of entitlement. The closest analogy is gold - Bitcoin is a scarce commodity with good currency properties. It’s similar to gold in that it’s fungible, dense, etc. Its worse than gold in that it’s not shiny and something you can feel. It’s better than gold in that it’s orders of magnitude cheaper to store and transport security, and it’s vastly easier to ensure authenticity.
- imsd 6y agoAnother comparison: gold's annual rate of production is steadily increasing; bitcoin's is aggressively decreasing. I've just started writing about this. Here's an interesting chart: https://bitcoinflippening.gold/wp-content/uploads/2020/10/bitcoin_gold_annual_production_growth-2048x1083.png https://bitcoinflippening.gold/wp-content/uploads/2020/10/bi...
- 6y ago
- Geee 6y agoStripe used to have Bitcoin support (since 2014), but they removed it at some point.
- anthony_barker 6y agoThey helped fund Stellar.org which provides open source blockchain payments software.
- HashThis 6y agoThe large tech companies are monopolies. This includes PayPal, eBay, Stripe, Facebook, etc. Sad that they block crypto.
- andylynch 6y agoI would disagree, especially for PayPal and Stripe. They are large players but the payments industry is very diverse and there are no shortage of providers. If you want do want to talk about dominant payment processors, I would look first at SWIFT, Visa, Unionpay, and MasterCard.
- throwaway-sf 6y agoWas it? I think people often forget that PayPal has a $250B market cap and is one of the largest companies by valuation in the world...