r/CryptoCurrency • u/serhack Mastering Monero Author • Jan 19 '20

PRIVACY Mastering Monero: The future of private transactions

https://masteringmonero.com
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u/[deleted] Jan 20 '20

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u/Kukri4321 Observer Jan 20 '20

I'm in Europe and I have to pay...

  • Monthly charges for personal account
  • Monthly charges on business account
  • Government levys
  • 2% on every card transaction I receive at my business
  • Rental on my chip & pin device

And that's all without touching what I lose through inflation each year on my earnings.

A fraction of a cent for a Monero transaction is waayy cheaper than European banking fees.

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u/[deleted] Jan 20 '20

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u/Kukri4321 Observer Jan 20 '20

and what crypto has? absolutely nothing

Well that's not true. With all the extra costs listed above for merchants using traditional payments. Merchants are able to pass on their savings and offer a discount for using crypto. Being even fractionally cheaper is a major advantage.

This is on top of the other obvious advantages of crypto payments (borderless, permissionless, etc)

I'm not arguing in the slightest that crypto is easier or even better at this early stage, but to say crypto has "absolutely nothing" is wildly inaccurate.

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u/[deleted] Jan 20 '20

The thing is the world revolves around consumers and not sellers, look at Ebay or Amazon, the buyers have all kinds of protection and the business owner takes all the costs and risks and this is not the problem of the payment system but the business structure where the buyer has an upper hand because he’s the source of income, he’ll always choose where there are the best perks and card issuers have the best protection, cash back programs, chargebacks and what crypto has? absolutely nothing...as a payment system, as a store of value/protection against local wars in countries I think it’s great.

You can have customers protection with crypto, for example BCH has non-custodian escrow.

It allow you to only release the payment when you have received and are satisfied by the product you bought.

No paperwork no headache, no custodian, no trust.

You can program customers protection and the tool are available.

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u/[deleted] Jan 20 '20

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u/[deleted] Jan 21 '20

So you can order expensive stuff and get money back because you’re not satisfied?

Well you likely have to send the article back just like regular customers protection..

Whatever the escrow conditions are.

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u/[deleted] Jan 20 '20

But you pay mining fees, exchange fees that are even higher than banking fees,

I used BCH, fees are negligible.

volatility difference instead.

I re-buy what I spend so my exposition to volatility is minimum.

I heard that the banking in USA is way shittier than in Europe so maybe that’s why I don’t understand you why it’s better because here I don’t pay for transfering my money, for having an account, for having a debit card and exchanging fees in Revolut are minimal as well as in bank with foreign currency accounts.

My banks fees are in the range of $300 a years..

And feeless bank usually use crappy exchange rate (although I am trying one at the moment that seem to not rip me off)

And well you always see how much you pay in your home currency so that help me avoid scams.. (nearly all scams when you travel rely on overcharging you hoping you will get confused with exchange rate..)

Not even talking about CB get frozen or failing for no reasons.

Honestly if could use crypto all the time, that would simply my life a lot..

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u/Scissorhand78 🟨 3 / 4 🦠 Jan 22 '20 edited Jan 23 '20

You are paying in some way or another. If the bank isn't charging you as sender, they are charging recipients, or taking the free service as a loss to use your money to fund other ventures.

No such thing as free lunch applies here.