[015a]

Last night, I was buying some dumb something on some random website, as one does. And they offered cryptocurrency as a checkout option.

"Well, I've got some money in coinbase; why not try it? Its only $10."

It was the best "stateless" checkout experience I have ever had. Sure, Amazon is easier, but I already have an account with them. I'm talking specifically on a totally new website. Select a currency; pops up a QR code with the amount in crypto; punch it in to the coinbase app; scan the QR code; five seconds later its done.

This could even be trivially improved, if that QR code also embedded the amount and the currency type. Just scan and go. Hope we get there.

Of course, its predicated on me already owning crypto. Can't dispute that point.

But not only was this a far better experience than "run to the other end of the house, find my wallet, rip it out, punch in twenty dumb numbers that have faded to near unreadability from being in my wallet, op security code". I'd argue Apple Pay is roughly as convenient as crypto; traditional solutions do exist.

But to think that it was both the easiest checkout experience I've ever had, and (in theory) it doesn't rely on some centralized megacorp gatekeeper taking 5% of the transaction (Visa, Apple, etc), or acting as the centralized merchant every consumer has to interact with (Amazon).

Nothing is perfect! This website was using one of them "centralized gatekeepers" to proxy the transaction. They probably never saw the crypto; they just see USD. I had to overpay a bit in the USD conversion to account for risk spread; speaking of which, the price was still set in USD. The gatekeeper probably took X%. And I use coinbase, which is another one of those centralized gatekeepers.

Yet, I saw a sliver of the promise! It was shining in my eyes with undeniable brightness. This is why crypto exists. Its the Best Path toward allowing independent businesses to digitally transact with their customers, no Visa, no Amazon. Its not finished walking the path it has laid. Maybe it never will. But in our current economic climate, there's no other hope that I can see. Maybe if our government could compete with Visa and lay down a public, digital cash network (crypto or no crypto); but they aren't.

So while it isn't perfect, even in its ideal state (intrinsic implications: environmental, sovereign economic policy, etc); nothing ever is.

[stanleydrew]

The ability to dispute a charge has value, and the cost will be borne by someone. Removing Visa just means replacing it with some other entity that fills this need.

Truly peer-to-peer cash transactions without recourse is a bad idea that I think will actually increase friction in the market, since people will take longer to make purchasing decisions.

[015a]

Its true. I think this is the strongest argument against cryptocurrency-as-a-currency which proponents too easily gloss over.

Security issues e.g. disputed transactions is arguably something which would naturally happen less with crypto, given the higher security bar to accessing funds. 16 digit static card number versus real cryptography, pull versus push, etc. Additionally, most people (including me) shouldn't be managing their own wallets, and I feel too many proponents go all cut-and-dry "don't use coinbase, they're centralized finance"; the advantage is the ability to fall off coinbase and still have your money and transact with it, not to get rid of all centralized entities.

Chargebacks are something that simply can't be done in crypto. Well, they could be, with a more complex new currency that looks more like escrow rather than currency. Optimistic take: Its still a fantastic option today for goods which really don't qualify for chargebacks (think: digital downloads). Pessimistic take: Merchants hate chargebacks, and are the ones who ultimately decide which currencies they want to accept, so the lack of chargebacks won't actually impact uptake/usage.

In fact, this last point is why tons of porn providers already accept crypto. Adult content is an industry ripe with chargeback, which is why most processors won't touch them. The ones who do charge a ton in fees. They love crypto; no chance of a chargeback, and lower fees. Customers probably love it too; better anonymity.

> people will take longer to make purchasing decisions.

I'd be interested to know how many people seriously consider "I have recourse through my credit card if things go awry" as a major factor in purchasing decisions. I've DEFINITELY spent more to buy something from Amazon or direct from Apple, because I know their customer support is fantastic, and that's an avenue that won't go away with crypto. Card specific protections, I can't say I've ever considered, but that's just me.

There's still plenty of room in crypto for centralized entities, like Coinbase, to take on the role of a bank and absorb some of this responsibility. I'm imagining a "pay with crypto" versus "pay with coinbase" option, where the customer can opt-in to an additional X% transaction fee, paid to coinbase, for "purchase insurance" or something. Its not pure-crypto, but again: balance in all things.

Crypto is important not so it becomes the One Thing All Consumers buy Everything With in a Wholly Distributed and Decentralized World. Its just another option; an important one because it provides recourse for humans who have traditionally be spurred by the established western and wealthy-oriented banking system.