r/Buttcoin • u/waggish_rapport • 21h ago
The funniest part of crypto adoption is that merchants don't even want the crypto
We've spent years hearing about how crypto is going to replace traditional money. Now you can walk into a store, pay with stablecoins and the merchant receives regular fiat. The customer uses crypto. The merchant gets dollars. Visa processes the payment. So we've basically reinvented the debit card, just with a blockchain somewhere in the middle. And somehow this is being celebrated as mass adoption.
If merchants never touch crypto, is this really adoption or just another way to convert crypto into regular money?
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u/PopuluxePete 17h ago
I am a merchant in the US whose business is alcohol production. I will never accept crypto as payment because:
#1) I am legally obligated to get paid COD. It would violate state and federal laws for me to not collect fiat cash or check at the point of delivery from my wholesale customers (with an exception for Fintech (not that fintech, it's the name of a company in Florida) users). This is because the government has an entire regulatory framework in place to track who has their tax dollars and if I tried to tell them "It's this Bahamian crypto exchange" that doesn't work in the real world and they'll shut down my business.
B) Crypto is fucking stupid.
It's breathtaking just how little the bros understand about how heavily regulated most of the business world is. You can tell that they see everything through the eyes of the consumer because that's all they'll ever be. How hard could it be to run a coffee shop? Seems super simple as a guy who orders the same drink every day.
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u/DCContrarian 17h ago
Their fantasy is that by using crypto they can make the whole regulatory framework collapse. They're not mature enough to see why that might not be a good thing.
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u/AmericanScream 16h ago
It's breathtaking just how little the bros understand
Well, they're still pretending a useless digital abstraction is "scarce" and is going to make them rich...
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u/Voice_in_the_ether 10h ago
Maybe that's true now, but don't forget that We're Still Early! I mean, look how long it took filthy, filthy fiat currency to reach full adoption!
Oh, wait....
/S, in case it's not obvious
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u/mercuryy 19h ago
It's like a gift card, but more complicated, with intransparent fees and the balance moves slightly every second.
It's worse for the merchant that has to eat additional fees on some types of these schemes, objectively worse for the customer because of the reasons above, but a great opportunity for the people running these payment bridges that not only collect fees, but also the spread from their users transactions.
And the cult absolutely jumps on any opportunity that might masquerade as "utility", even If it's this convulted.
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u/SirLoremIpsum 17h ago
The funniest part of crypto adoption is that merchants don't even want the crypto
Nobody wants crypto.
Crypto success is defined in trading it to fiat, and all the things fiat can buy.
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u/bbqyak 18h ago
There's genuinely LESS "adoption" now than there was 10 years ago. At least 10 years ago you could buy a pizza with BTC lmao.
10
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u/Hyndis 10h ago
About a decade ago Steam also briefly experimented with taking crypto payments.
That experiment was quickly canceled because it was unworkable.
Transactions would take forever to clear, transaction fees varied wildly without warning, and the price of bitcoin was so volatile there was no way a game could be priced.
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u/AmericanScream 17h ago
Stablecoins primarily exist as a means to more easily enable money laundering. That's their sole purpose. They have some additional side quests available relating to perpetrating fraud.
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u/MyDudeThatsCrazy 19h ago
Idk what's wrong with this sub. I love crypto, I love using it for many things in life such as... ok nevermind what I use it for, just know that it's a revolution. Okay? It's going to end the fiat currency. Just look at the early adopters! They are selling it for USD a- ok ok nevermind, just know that when the world ends any century now, we will have nothing but crypto.
Why yes, I also love pointing at my left ear with my right hand instead of using the least complicated, most straightforward way. How did you know?
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u/FewUnderstanding2214 14h ago
It’s been around for years, nobody wants it except crypto bros and occasionally naive investors who don’t know what they are getting into.
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u/NohmanValdemar 7h ago
It's LARPing. Most of the "crypto" cards are glorified pre-paid debit cards with extra steps.
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u/Common-Nail8331 12h ago
Stable coins are the best crypto because they are almost as good as real money
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u/Pristine-Bee-269 6h ago
You need some big entity to create a system which automatically and safely gives merchant a wallet to store their stablecoins for that to happen. You can't expect merchants to create a wallet themselves to receive it, it's not only troublesome but risky.
Anyway, what's the difference between stablecoin and fiat for a non-crypto user.
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u/buffotinve 19h ago
Pero quién en su sano juicio acepta como moneda de cambio algo que no lo es? Te imaginas la declaración contable con algo que sube y baja tanto en días? Yo facturo en criptomeme pero cuando voy a hacer la declaración de impuestos eso vale menos (o más)? Al final, los criptoadeptos que conozco piensan en Dinero Fiat, que lo odian pero piensan en la conversión y hacerse ricos (pero en dinero Fiat) no en fichas digitales
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u/Interesting-Gear-992 15h ago
Then if VISA comes to them and tells them that you've been paying a 3% transaction fee so far, with crypto it's 0.3%. Also, you used to get the money after 2 weeks, now with crypto it's 2 seconds, then they'll want it.
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u/Psychological-Fox97 11h ago
So you think visa is going to charge less for a service that requires more work?
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u/ctzn2000 14h ago
I can see more uses for blockchain technology as it develops in general, but that is a completely different thing than the perceived “value” of today’s most popular shitcoin or just bitcoin. One thing has nothing to do with the other and that is why the bros will most likely lose their $ if they keep trying to go to the moon.
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u/SaltyThreshold713 Ponzi Schemer 21h ago
Most people don't care what happens behind the payment as long as it works. Merchants getting fiat while customers spend crypto seems like a pretty practical middle ground.
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u/itsmehutters 20h ago
spend crypto seems like a pretty practical middle ground.
Why I would want to have extra transactions in the process?
Also, there is a reason you can't pay with USD in Germany (for example). What if the USD crashes 2% during the trade and I am losing money on my product. Crypto is even more extreme, where you can get even 2 digits in a single day.
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u/AnswerFeeling460 20h ago
Well ist much more expensensive in fees in comparision to visa & co. And the fee is paid by the merchant, so no.
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u/spicybright 18h ago
To be fair, an exchange could team up with, say, visa to make a card that uses their network. Then you'd charge the card holder block chain fees (if there are any) and the merchant pays the standard fee, so it acts like a debit card.
Convoluted but I think that's what that person was trying to say.
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u/AmericanScream 16h ago
Most people don't care what happens behind the payment as long as it works.
Except what happens "behind the payment":
- involves extra delays in paying/getting paid
- involves spread exchange rates that are not obvious
- involves extra fees that are not obvious
- ultimately costs the customer more than if they'd paid using traditional methods
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u/mopfloorspraymirror 19h ago
Sorry for the downvote but you’re in an echo chamber. No matter what you say about Bitcoin, if it isn’t against it you’re in the wrong sub. It’s kind a like the other sub except the other way around.
To put it another way: this sub is the meeting grounds for the cult of buttcoin not the cult of bitcoin.
Same but different, but same.
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u/Then-War-75 19h ago
I've always said if Bitcoin and crypto could make my life easier, show me the fucking way. It hasn't, It cannot, so at this point most of us are here for the comedy godl and to make fun of the sad sack cultists peddling this shitshow and the derps who buy into it!!
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u/loquacious HRNNNGGGGG! 18h ago
An echo chamber like the main bitcoin sub would have immediately deleted your post for daring to criticize anything about bitcoin.
Here you only get deleted and banned if you're boring and keep trying to make the same unsupported, sophomoric assertions that we've heard from brand new butters over and over again.
This isn't an echo chamber. The main bitcoin sub and most of the crypto related subs are because they've been controlling and censoring their narrative for over a decade now.
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u/AmericanScream 16h ago edited 16h ago
LOL "advice" from a guy who hangs out in the mescaline, silverbugs, and unthical life pro tips subreddits.
To put it another way: this sub is the meeting grounds for the cult of buttcoin not the cult of bitcoin.
Same but different, but same.
Not the same. Our arguments are based on logic, reason and evidence. That's not very "cult'ish" to base our opinions on that which is objectively true. 4 people responded to you and you wouldn't engage.
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u/jdancouga 19h ago
Yes, we are a cult that loves to watch butters self-inflicted suffering. Everything you guys like to parade about buttcoins are pointless. It doesn’t make things easier or faster, it is not more secured, it is not as decentralized as you claim, it will always rely on government controlled infrastructure, and butters will always come back to USD.
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u/Nice_Material_2436 19h ago
It's even worse, he got downvoted for a post not even related to bitcoin. He might never recover from that.
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u/PureCod9290 20h ago
It's just all so stupid. At the end of the day people only want dollars so you're just adding complexity and cost to spend dollars. Like if they had any self awareness they'd realize it's pointless