As you all probably know, there are very few payment gateways that are particularly relevant in the Minecraft community. For example PayPal. However, there are a lot of problems with PayPal, for example, accounts were blocked despite adding a bank account, illegal refunds that you can't do anything about, or simply that payments take a long time. Given that cryptocurrencies are likely to be the payment method of the future, it would probably be wise to jump in here. So I thought, why not create a Cryptoproject, which envisions its own coin running on a blockchain with no or very little transaction fees. In order to then create a payment gateway from it, you would simply create an api that reloads itself after a successful transaction and retains all important payment information. This API could then be made accessible to almost everyone and would have solved PayPal's problems, for example. The coin you pay with would then probably go in the direction of a stable coin, so that it is not influenced by external influences. Of course, other coins would also be added to the API at the beginning, but many of them have very high fees. Now I wanted to ask you if this is a good idea and if it is well received, if people can be found here to create this project.
Need your opinion on an crypto project
- Thread starter Syrine
- Start date
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I don't think this is a great project.
The reason is,
- There are already quite a few services/payment gateways that are offering Crypto options, whether it is for BTC, ETH Etc...
It seems your project is hoping that creating a separate stable coin will make it easier for people to hold funds (without it fluctuating due to market conditions). However, that already exists which is the USD Tether that exists on Crypto which multiple payment gateways mostly all accept.
You would also have a hard time creating a stable coin unless you have an insane liquidity pool to prevent drops which, I don't know if you have.
Overall, I think the idea is good but it's been done. The coin you create is basically USDT or any USD Tether and I don't believe you'd be able to prevent dumps without an insane liquidity pool where you can buy to keep it at $1 (For Ex.)
BTW, Out of concern of fees, TRC20, BEP, BNC chains/networks have extremely low fees (around $1). There are other networks for USDT now which offer insanely low fees so I wonder if the low-fee advantage would still be super prelevant.
The reason is,
- There are already quite a few services/payment gateways that are offering Crypto options, whether it is for BTC, ETH Etc...
It seems your project is hoping that creating a separate stable coin will make it easier for people to hold funds (without it fluctuating due to market conditions). However, that already exists which is the USD Tether that exists on Crypto which multiple payment gateways mostly all accept.
You would also have a hard time creating a stable coin unless you have an insane liquidity pool to prevent drops which, I don't know if you have.
Overall, I think the idea is good but it's been done. The coin you create is basically USDT or any USD Tether and I don't believe you'd be able to prevent dumps without an insane liquidity pool where you can buy to keep it at $1 (For Ex.)
BTW, Out of concern of fees, TRC20, BEP, BNC chains/networks have extremely low fees (around $1). There are other networks for USDT now which offer insanely low fees so I wonder if the low-fee advantage would still be super prelevant.
Thank You for your reponse! I know it will be hard to keep stable coin like.
I know there already some crypto payment gateways like ... coinbasecommerce, coingate and someothers, but they are all not easy excessable for a normal person. (Like you can use them but you have to verify yourself many times). Also doing the payment gateway through a api would definitly mean a lot of freedom for developers - and that is the point there are no know payments gateways for cryptocurrencys which operate throught an easy excessable api.
If you cant (or dont) want to thin from a developer's point of view, then this idea might not be something for you.
Also, on all by binance transacations I never had fee that was less then 1,14$.
I know there already some crypto payment gateways like ... coinbasecommerce, coingate and someothers, but they are all not easy excessable for a normal person. (Like you can use them but you have to verify yourself many times). Also doing the payment gateway through a api would definitly mean a lot of freedom for developers - and that is the point there are no know payments gateways for cryptocurrencys which operate throught an easy excessable api.
If you cant (or dont) want to thin from a developer's point of view, then this idea might not be something for you.
Also, on all by binance transacations I never had fee that was less then 1,14$.
You would have to have KYC verification for your own service too or you would be breaking laws, that's the only reason those companies do it.
"By law, KYC is required for financial institutions to establish the legitimacy of a customer's identity and identify risk factors. KYC procedures help prevent identity theft, money laundering, financial fraud, terrorism financing, and other financial crimes. Non-compliance can incur heavy penalties." -plaid.com
So your service would equally have to make users go through the same verification steps as other platforms.
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