My point is that I would only use a Cardano “debit” card if it transferred value from me to the merchant via the Cardano blockchain. That would save the merchant the typical merchant services fee that is charged by any major credit card provider. However, in order for this to happen, there would need to be infrastructure changes to point-of-sale systems.
You’re trying to compare apples to oranges. Would it not make more sense to compare how long it takes to scan a QR code and send value via the Yoroi mobile wallet to paying with a debit card? In which case, how much did the merchant services company charge for that debit card payment? Most likely in the ballpark of 30 cents plus 1.5-2% of the transacted amount. So if you bought $100 in groceries, the store would have incurred a transaction fee of roughly $2. If you had made that same purchase with ADA, the store would have incurred a fee of may one or two cents.
As a retailer/merchant, if I can save 2% on transaction fees and be able to instantly convert that crypto that I received into fiat (assuming that’s my desired currency), why would that not be the better option?
The infrastructure has a long way to go in order to match the structures in place and the development current structures are making. These companies and institutions have been developing the current framework for several decades. To think a team of 150 or so people will be able to best the work of all the people who contributed to the yield of the current system is a fairly tale at best or the thoughts of someone smoking some weed. It’s going to take more than 1 year to have services that are a fraction of the services currently in place.
The US and many countries these days are service driven economies. You bank because of convenience and the services provided. Why would I use a card that shifts the price to transact to me? Why would I use a service that has no customer service support? There would be no one to complain to, no accountability, and that leaves the consumer to feel undervalued or not valued. I’ll just report my complaint to the community…uh thats not going to work. Ask yourself, if you went to a store, took a trip far away, or any scenario which required you to contact your bank, but you were using your crypto card instead, who would you contact to resolve an issue if lets say, your card was drained, you needed an emergency credit extension, you’re on vacation and left your second card at home in a safe place because you didnt want to travel with both…What then? Here’s what then…you’re assed out overseas, with no money.
As far as not censored…seriously…where does this argument come from? OK lets go on a stretch. Censored. Where do you want to send money currently where it is censored? Drugs or other illicit purchase? Iran? ISIS? North Korea? I’m fairly certain that wherever you are, you can probably purchase 95%-98% of anything you need or want without feeling that your purchase is censored and unable to be purchased. Or, let me guess, you really need to get that cash back to Kim Jung Il?
No. I bank because it is a requirement. How else can I get paid from my employer? How else can I digitally pay for goods on Amazon? I am mandated to go through KYC/AML and have my transactions tracked if I want to transact in that manner. There is NO other option. It’s interesting that I can go to my local Foot Locker and buy a pair of shoes with a private transaction, but I am unable to do so on the internet.
It doesn’t matter who “pays” the fee. Either way, it gets priced-in. If you pay $100 and the merchant pays the $2 fee or if you pay $98 and you pay the $2 fee–it’s all the same.
You can still receive a check and cash at a check cashing store. Some employers offer to pay on reloadable cards.
Transactions through Amazon…OK so let me guess. You’re intention is to purchase through Amazon and have them deliver to an Amazon locker? Do you honestly believe that anything is private? Need 2FA for the transaction…you’ll then say you have a burner phone. No home address, you’ll say you live in the woods. Let me guess further, all of the information you provided to Amazon is an Alias.
The government is really interested in the shoes you buy I take it. What honestly do you buy from Amazon that you think is not being tracked by a method other than financial. Do you really think that package tracking and purchase history is not tracked? Cookies do not track? Web Beacons do not track? Your ISP does not track? All of your tracking arguments are basically BS because youre tracked in several different ways. Unless youre name is Jason Bourne and you’re off the grid in super spy mode, that tracking BS argument isn’t worth a damn dime. I dont want to be tracked…omg get real.
Yea expected the priced in argument. The thing is larger retailers absorb the cost and make up the amount from additional purchases. Smaller retailers, and I mean small, may pass on the cost but that comes at the risk of buyers not purchasing.
Why not make all of your purchases on the dark web? All purchases in cash? Better yet, go live and work in a country where you can be completely off the grid? That is the goal right? You don’t want to be tracked but will receive packages that are tracked to a specific location. Even if to a locker, it records time of delivery and pick up.
And who controls the monetary distribution in the US? Banks. If I want a check cashed, who issues this check? Banks. If I want to withdraw money to pay bills from a reloadable card that my employer gives me, to whom do I need to go to get this money? Banks. And they all charge fees to access this money. That’s not a convenience if you ask me–it’s a mandate.
It isn’t a tinfoil hat concern of not wanting anyone to have my information. My point is that it is not an option for a transaction between two parties to be able to happen without censorship. Maybe shoes wasn’t the best example… What if I live in a state where recreational marijuana is legal and I want to buy it directly from a grower? I can’t do that because of KYC/AML issues with banks, despite the fact that the transaction is 100% legal in the jurisdiction that I live in.
Large retailers “absorb” the cost in the same way that small retailers “absorb” the cost… they pay for it. And that cost that they incur hits their bottom line in the exact same way–no matter the size of their business. If you approached any retailer with the proposition of being able to offer transaction fees that cost pennies no matter the amount of the transaction, get paid instantly (no waiting for settlement from the issuing bank) and were not subject to chargebacks, how likely do you think they would be to decline this?
You’ve chosen to focus on one aspect of our conversation, taken it out of context and ran with it. We got sidetracked from the main focus of this thread anyway, so maybe I good time to end it. I will concede that you won the debate!
Who creates that cards? Who creates the coins? Who creates the network that the coins operate in? Who updates the code?
Do you you will not pay fees on the network? There is a fee structure for Cardano. You pay for everything transaction and this is dependent on the size of the transaction. Cardano feesare mandated and hard coded. There is no way to avoid paying. None. maybe in a smart contract where a service provide pays the fees for you if you purchase, but then thats a discount or coupon and the exact same thing in the current environment.
So the conversation pivots to control. Are you ever in control? You work and you get paid. Or does your employer have to pay you? Well, yes because its the law. the same laws created by the legislature that created banking laws. You’re always under some form of control…even self control.
Purchasing Marijiuana…maybe you dont quite understand Cardano all that well. Cardano isn’t a privacy coin. The ledger is public. You can buy with a debit or credit card but that means that the seller is dong something illegal because that actual purchase cannot take place. Buying directly from a grower is illegal unless you have a license to retail. Again, they are doing something illegal and this time you would be as well. generally laws permit you to buy a certain amount (there is a limit) you sound like El Chapo or Snoop Dogg…trying to stack pounds or what? If its legal, then why not buy from a retailer or a shop?
Large retailers absorb the cost…yes they do. Can they absorb the cost and still provide a lower cost than the original price? yes. Think Amazon. The very place you shop from. They must be cheaper than a lot of brick and mortar location. The business model changes to accept the cost and not lose customers. It is an economically evolutionary model.
Yes cards increase adoption and that most probably increase price of ADA.
This cards come with a price that must be paid.
Other topics like privacy were risen ,and who knows if there wont be a privacy layer implemented in cardano.
Do we have the right to be private.?
I think that schould maybe left for another discussion.
Yes, ADA Debit card would only be a back bridge to the current (legacy) payments system. It’s like an indirect custodian service. You are sending your ADA from a decentralized system to a centralized “custodian” upfront. Later when you swipe that card for a transaction the “custodian” would release and convert ADA to fiat and pay the merchant fiat on your behalf.
A lot of people sold there Bitcoin under $100 and 7 years later all of them are kicking them selves to day.
Yea I wish I was one of them.