This is a misleading comment. If I have euros and I need dollars then obviously I have to exchange them. If we're talking about currency then we generally assume we can skip that part.
Additionally, ethereum fees are pretty reasonable for layer2 and getting cheaper on a regular basis. Right now on the order of $0.15 per transaction. That could get 10-100x cheaper with some tech on the roadmap.
> If we're talking about currency then we generally assume we can skip that part.
We’re talking about cryptocurrency, which comes in thousands of different flavors. 99.99% of the population doesn’t receive their paycheck in cryptocurrency, so the exchange rate is happening one way or another.
Ignoring the exchange rate and pretending everyone always happens to have the exact cryptocurrency that a store wants is misleading.
> Additionally, ethereum fees are pretty reasonable for layer2
Which would be great, but again you’re assuming that the stars have aligned and everyone is already using the exact cryptocurrency system you have in mind from end to end. In practice, they’re not, and they still need to incur exchange and transaction fees to get to that point.
The fees are incurred one way or another. You can’t honestly expect us to pretend that everyone already has everything in cryptocurrency and everyone is already using the exact wallets and systems as each other. Reality is entirely different than the hypothetically optimal scenario.
Do most people not have banks that just silently do currency conversion for you? I go overseas and use my US-based credit card all the time without any issues at all. The conversion fees are pennies per tx.
Next time you should check the conversion rate your bank applies versus the one Google shows you and you will see that while your bank seems to be charging pennies only it probably charges 2-3% of the full transaction sum on top of that via the conversion rate.
Chase Sapphire offers $0 forex fees, Visa has a live forex calculator. USD to EUR has a .41 percent fee from Visa. So 41 cents on $100. I can live with that.
not generally, rather occasionally, if you happen to be a resident in a first-world country that follows all the demands coming from the US and the bloc.
Additionally, ethereum fees are pretty reasonable for layer2 and getting cheaper on a regular basis. Right now on the order of $0.15 per transaction. That could get 10-100x cheaper with some tech on the roadmap.
So I think it'll end up cheaper than stripe.