How do crypto gateways compare to traditional methods in security & efficiency? - page 2.

avikz

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Quote from: coinremitter on September 21, 2023, 04:11:07 AM

Quote from: taufik123 on September 20, 2023, 08:11:16 AM

Quote from: avikz on September 20, 2023, 07:19:19 AM

-snip-
I have personally purchased hosting for my business website from a company that offers crypto payments. But there's no refund or grace period had been offered to me just because I am using crypto payments. If I had used traditional payment methods, I would have got 30 days period to check their service and get a refund if I am not satisfied. Crypto has a long way to go!

A few years ago I also purchased hosting and domains using Bitcoin payments, but never knew about the return rules or grace period when the buyer was not satisfied.
Didn't really pay attention to that.

I've only seen Bitcoin payments in the past using the Bitcoin network with multiple confirmations required and a fee to be paid.
If you say it will be more expensive, it's only a small difference with Fiat payments.
Even now payments for Hosting, Domains, or anything else can use the Lightning network which is faster more efficient, and cheaper.
Even many hosting or domain companies such as Namecheap are now using the Lightning network.

It's interesting to see how Bitcoin payments have evolved, especially with the Lightning network. While Lightning offers speed and efficiency, consider https://coinremitter.com/?utm_source=com&utm_medium=bitcointalks as a payment gateway. It supports various cryptocurrencies, offering flexibility in payment options. Coinremitter's security features and easy integration can be valuable for businesses and ensure seamless transactions, providing an alternative solution to suit different preferences in the crypto payment landscape.

Good to see that some Degrees of consumer protection is also available in the crypto market. You may want to reach out to such merchants who do not provide refunds to the crypto payers. Probably you can help them to bring back certain amount trust in the system.

Honestly, I have purchase hosting for 4 years and now unable to move to other providers because the money I spent is huge. I really feel crypto users should get the same amount of facilities as fiat users.

buwaytress

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The encryption and transaction recording methods of Bitcoin win hands down -- virtually impossible to crack, economically unfeasible to alter. Completely different story with the rest of crypto, mind you.

User security and efficiency, arguably loses by a distance for the day-to-day. Assuming the regular Joe makes mistakes once per several hundred transactions, or loses access, or falls victim to fraud/theft, they're generally protected/insured. Assuming regular Joe also likes his dozens of free/instant payments on regular fintech apps, hard to see Bitcoin use until lightning is as ubiquitous.

tbct_mt2

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Quote from: passwordnow on September 21, 2023, 05:05:40 AM

As for the other cryptos, we've seen reports and news that many of them have been 51% attacked and hacked. And to be fair for the traditional payment systems, they also have their own bad days but I think if we're going to compare them. It is that the traditional ones are more trusted by many because there will be an accountable company if ever something messed up.

Smart contract projects have many hacks and people use those platforms lost a lot of money in those hacks and investment in those scam tokens.

Proof of Work altcoins are less secure than Bitcoin because their networks have very lower hash rate that cause their networks are more vulnerable to 51% attacks.

If you wonder how more vulnerable to 51% attacks of Proof of Work altcoins, you can get some estimations from How many confirmations are equivalent* to 6 Bitcoin confirmations?

If I make an on-chain transaction, I choose Bitcoin blockchain to do this.

bayu7adi

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The Bitcoin Payment Gateway offers a simpler and more user-friendly experience compared to using traditional cards or fiat currencies. Its primary advantage lies in its ease of use. However, it does have a drawback when it comes to confirmation times. Bitcoin transactions typically require a few minutes for payment confirmation, whereas fiat payments can be processed instantly.

The confirmation time also depends on the network, and during periods of network congestion, this can be a weakness of Bitcoin. Unless one can leverage the Lightning Network, which significantly improves transaction speed, it remains superior in terms of transaction swiftness.

passwordnow

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Quote from: coinremitter on September 20, 2023, 05:03:57 AM

In your opinion, we'd like to hear your thoughts on how crypto payment gateways stack up against traditional payment methods in terms of security and efficiency.

If we're going to be in detail about the payment gateway as is for Bitcoin. We can fairly say that it is highly secured because transactions that do happen on it are hard to reverse and its confirmation will be done and made through the miners.

Quote from: coinremitter on September 20, 2023, 05:03:57 AM

Do you believe cryptocurrencies offer a more secure and efficient way of conducting transactions, or do you think traditional methods still have the upper hand? Share your insights and experiences to help us gain a broader perspective on this evolving landscape.

As for the other cryptos, we've seen reports and news that many of them have been 51% attacked and hacked. And to be fair for the traditional payment systems, they also have their own bad days but I think if we're going to compare them. It is that the traditional ones are more trusted by many because there will be an accountable company if ever something messed up.

knowngunman

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Quote from: avikz on September 20, 2023, 07:19:19 AM

In case of payment gateways, traditional gateways are more stable and efficient. Also they are more secure when you are purchasing from new merchants. If you get scammed by the seller in traditional economy, there's still a chance that you will receive the money back. In cryptos, there no way.

This is one reason why crypto currency is still seen as a scammers arena by some people because of it insecurities. It's not that the system entirely is not secure but it can not be compare to traditional gateways. To me, any payment that can not be traced when there's error in transaction. Crypto payment can not be traced efficiently (although there's a report that it can be traced but not quite easy to do) but on the contrary, traditional method can be traced easily when the need arises. The level of scams taking place in crypto space is alarming simply because it can not be checked.

coinremitter

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Quote from: xSkylarx on September 21, 2023, 04:20:32 AM

Our traditional payment gateways are being used by all meaning we don't have any problems using them because they were adopted by all but in crypto payment it may take advantage because we are the ones transacting i, and the anonymity of it but is not widely used. That is why traditional payment gateways are better as there are other merchants that aren't accepting crypto as a means of payment.

In the future it will be replaced by something cashless or a new payment method but when it comes to stability and adoption the traditional method is at the top no matter what but it is still the preference of the person as we can use whatever we want as long as the one receiving it is accepting that method.

Thank you for sharing your perspective on traditional payment gateways. While they have widespread adoption, it's worth considering options like https://coinremitter.com/?utm_source=com&utm_medium=bitcointalks for crypto payments. Coinremitter offers the advantage of flexibility in an evolving market. It allows you to transact securely with cryptocurrencies, providing anonymity when needed. As the crypto space grows, having diverse payment options like Coinremitter can be advantageous, catering to both traditional and crypto preferences.

coinremitter

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Quote from: libert19 on September 20, 2023, 10:14:27 PM

I have found them pretty similar, traditional methods would require OTP before confirming the fund transfer, crypto doesn't. I prefer crypto, just because there isn't any personal info is involved.

I understand your preference for crypto due to privacy concerns. https://coinremitter.com/?utm_source=com&utm_medium=bitcointalks can complement this preference by providing a secure and anonymous payment gateway option. It allows you to accept cryptocurrency payments without the need for users to disclose personal information, enhancing privacy and security for both you and your customers.

xSkylarx

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Our traditional payment gateways are being used by all meaning we don't have any problems using them because they were adopted by all but in crypto payment it may take advantage because we are the ones transacting i, and the anonymity of it but is not widely used. That is why traditional payment gateways are better as there are other merchants that aren't accepting crypto as a means of payment.

In the future it will be replaced by something cashless or a new payment method but when it comes to stability and adoption the traditional method is at the top no matter what but it is still the preference of the person as we can use whatever we want as long as the one receiving it is accepting that method.

coinremitter

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Quote from: Faisal2202 on September 20, 2023, 12:50:44 PM

Quote from: Yamane_Keto on September 20, 2023, 07:14:15 AM

The current problem with Bitcoin is the limited user base and the fluctuation of exchange rates, which makes many people prefer to spend money with bank cards or banking services rather than spending it with Bitcoin, but in terms of security, the correct setting of the payment processing service reduces the possibility of losing your money, as you are in control of everything, you will not have to pay a commission or compliance with the terms of use. In terms of speed, it is the fastest based on the fact that payments are final and there is no possibility of using the Lightning network for small transactions.
The problem of exchange rate fluctuation can be solved by using a third party that converts bitcoin into dollars or stablecoins.

I think this might be a reason that is encouraging people to hold instead of selling their BTC at high volatile exchange rates. The stable coin idea is a good one, but many vendors and merchants don't use USD because their national currency is not USD, which means to meet daily or monthly expenses they have to convert that US dollars into local currency.

And to be honest, local currency doesn't fluctuate that much, and in some sight that fluctuation is good. Because those who are making losses due to transactional fees and due to the volatility of the BTC. They might recover the loss by selling BTC into USDT and then USDT into local currency while the rates are now high and you are getting more money in local currency now due to the high fluctuations in the local currency/USDT pair.

Your point about the stability of local currencies and the potential benefits of converting BTC to stablecoins like USDT is well taken. When dealing with crypto transactions, it's essential to have a reliable payment gateway like https://coinremitter.com/?utm_source=com&utm_medium=bitcointalks . Coinremitter offers a secure way to convert and handle various cryptocurrencies, reducing the impact of high volatility and transactional fees. This flexibility can be particularly beneficial for vendors and merchants dealing with non-USD currencies, as it allows for smoother conversions and expense management.

coinremitter

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Quote from: taufik123 on September 20, 2023, 08:11:16 AM

Quote from: avikz on September 20, 2023, 07:19:19 AM

-snip-
I have personally purchased hosting for my business website from a company that offers crypto payments. But there's no refund or grace period had been offered to me just because I am using crypto payments. If I had used traditional payment methods, I would have got 30 days period to check their service and get a refund if I am not satisfied. Crypto has a long way to go!

A few years ago I also purchased hosting and domains using Bitcoin payments, but never knew about the return rules or grace period when the buyer was not satisfied.
Didn't really pay attention to that.

I've only seen Bitcoin payments in the past using the Bitcoin network with multiple confirmations required and a fee to be paid.
If you say it will be more expensive, it's only a small difference with Fiat payments.
Even now payments for Hosting, Domains, or anything else can use the Lightning network which is faster more efficient, and cheaper.
Even many hosting or domain companies such as Namecheap are now using the Lightning network.

It's interesting to see how Bitcoin payments have evolved, especially with the Lightning network. While Lightning offers speed and efficiency, consider https://coinremitter.com/?utm_source=com&utm_medium=bitcointalks as a payment gateway. It supports various cryptocurrencies, offering flexibility in payment options. Coinremitter's security features and easy integration can be valuable for businesses and ensure seamless transactions, providing an alternative solution to suit different preferences in the crypto payment landscape.

coinremitter

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Activity: 217

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Quote from: avikz on September 20, 2023, 07:19:19 AM

Quote from: coinremitter on September 20, 2023, 05:03:57 AM

In your opinion, we'd like to hear your thoughts on how crypto payment gateways stack up against traditional payment methods in terms of security and efficiency. Do you believe cryptocurrencies offer a more secure and efficient way of conducting transactions, or do you think traditional methods still have the upper hand? Share your insights and experiences to help us gain a broader perspective on this evolving landscape.

In case of payment gateways, traditional gateways are more stable and efficient. Also they are more secure when you are purchasing from new merchants. If you get scammed by the seller in traditional economy, there's still a chance that you will receive the money back. In cryptos, there no way.

I have personally purchased hosting for my business website from a company that offers crypto payments. But there's no refund or grace period had been offered to me just because I am using crypto payments. If I had used traditional payment methods, I would have got 30 days period to check their service and get a refund if I am not satisfied. Crypto has a long way to go!

I appreciate your insights on payment gateways. While traditional methods have their merits, it's essential to consider payment gateways like Coinremitter for crypto transactions. Coinremitter prioritizes security and efficiency, providing a safer experience when dealing with new merchants. It aims to bridge the gap by offering reliable transaction protection and dispute resolution processes, giving users more confidence in crypto payments. The crypto industry is evolving, and solutions like https://coinremitter.com/?utm_source=com&utm_medium=bitcointalks aim to address these challenges for a smoother experience.

NotATether

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Quote from: coinremitter on September 21, 2023, 03:35:10 AM

You've highlighted some valid concerns with Bitcoin, such as limited user base and exchange rate fluctuations. Coinremitter can be a solution. It offers control, no commissions, and compliance flexibility. Additionally, it supports various cryptocurrencies, allowing for stability through stablecoin conversions.https://coinremitter.com/?utm_source=com&utm_medium=bitcointalksprovides a secure and user-friendly option for businesses seeking to manage these challenges in the crypto payment landscape.

There is hardly any difference between fiat payment gateways like Stripe and crypto payment gateways except for the currencies supported because their job is the same. It is to transfer bitcoins from a seller to a merchant. Heck, someone could even combine these two options to make a super-payment gateway that supports cards and crypto.

coinremitter

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Quote from: Yamane_Keto on September 20, 2023, 07:14:15 AM

The current problem with Bitcoin is the limited user base and the fluctuation of exchange rates, which makes many people prefer to spend money with bank cards or banking services rather than spending it with Bitcoin, but in terms of security, the correct setting of the payment processing service reduces the possibility of losing your money, as you are in control of everything, you will not have to pay a commission or compliance with the terms of use. In terms of speed, it is the fastest based on the fact that payments are final and there is no possibility of using the Lightning network for small transactions.
The problem of exchange rate fluctuation can be solved by using a third party that converts bitcoin into dollars or stablecoins.

You've highlighted some valid concerns with Bitcoin, such as limited user base and exchange rate fluctuations. Coinremitter can be a solution. It offers control, no commissions, and compliance flexibility. Additionally, it supports various cryptocurrencies, allowing for stability through stablecoin conversions.https://coinremitter.com/?utm_source=com&utm_medium=bitcointalksprovides a secure and user-friendly option for businesses seeking to manage these challenges in the crypto payment landscape.

Yamane_Keto

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Quote from: Faisal2202 on September 20, 2023, 12:50:44 PM

And to be honest, local currency doesn't fluctuate that much, and in some sight that fluctuation is good. Because those who are making losses due to transactional fees and due to the volatility of the BTC. They might recover the loss by selling BTC into USDT and then USDT into local currency while the rates are now high and you are getting more money in local currency now due to the high fluctuations in the local currency/USDT pair.

It is that you are limited to a certain time before selling Bitcoin. The best stores can wait a year or two before selling their balance of Bitcoin, and then they may be forced to sell at a loss. For example, whoever bought Bitcoin in the previous period may be forced to sell it at the end of the year at a price less than 20,000.

Small stores cannot bear such surprises. They either use a third party that processes Bitcoin and transfers it to the bank account, whether in dollars or local currency, or they transfer part of their balances into stablecoin.

libert19

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I have found them pretty similar, traditional methods would require OTP before confirming the fund transfer, crypto doesn't. I prefer crypto, just because there isn't any personal info is involved.

Faisal2202

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Payment Gateway Allows Recurring Payments

Quote from: Yamane_Keto on September 20, 2023, 07:14:15 AM

The current problem with Bitcoin is the limited user base and the fluctuation of exchange rates, which makes many people prefer to spend money with bank cards or banking services rather than spending it with Bitcoin, but in terms of security, the correct setting of the payment processing service reduces the possibility of losing your money, as you are in control of everything, you will not have to pay a commission or compliance with the terms of use. In terms of speed, it is the fastest based on the fact that payments are final and there is no possibility of using the Lightning network for small transactions.
The problem of exchange rate fluctuation can be solved by using a third party that converts bitcoin into dollars or stablecoins.

I think this might be a reason that is encouraging people to hold instead of selling their BTC at high volatile exchange rates. The stable coin idea is a good one, but many vendors and merchants don't use USD because their national currency is not USD, which means to meet daily or monthly expenses they have to convert that US dollars into local currency.

And to be honest, local currency doesn't fluctuate that much, and in some sight that fluctuation is good. Because those who are making losses due to transactional fees and due to the volatility of the BTC. They might recover the loss by selling BTC into USDT and then USDT into local currency while the rates are now high and you are getting more money in local currency now due to the high fluctuations in the local currency/USDT pair.

taufik123

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Quote from: avikz on September 20, 2023, 07:19:19 AM

-snip-
I have personally purchased hosting for my business website from a company that offers crypto payments. But there's no refund or grace period had been offered to me just because I am using crypto payments. If I had used traditional payment methods, I would have got 30 days period to check their service and get a refund if I am not satisfied. Crypto has a long way to go!

A few years ago I also purchased hosting and domains using Bitcoin payments, but never knew about the return rules or grace period when the buyer was not satisfied.
Didn't really pay attention to that.

I've only seen Bitcoin payments in the past using the Bitcoin network with multiple confirmations required and a fee to be paid.
If you say it will be more expensive, it's only a small difference with Fiat payments.
Even now payments for Hosting, Domains, or anything else can use the Lightning network which is faster more efficient, and cheaper.
Even many hosting or domain companies such as Namecheap are now using the Lightning network.

avikz

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Quote from: coinremitter on September 20, 2023, 05:03:57 AM

In your opinion, we'd like to hear your thoughts on how crypto payment gateways stack up against traditional payment methods in terms of security and efficiency. Do you believe cryptocurrencies offer a more secure and efficient way of conducting transactions, or do you think traditional methods still have the upper hand? Share your insights and experiences to help us gain a broader perspective on this evolving landscape.

In case of payment gateways, traditional gateways are more stable and efficient. Also they are more secure when you are purchasing from new merchants. If you get scammed by the seller in traditional economy, there's still a chance that you will receive the money back. In cryptos, there no way.

I have personally purchased hosting for my business website from a company that offers crypto payments. But there's no refund or grace period had been offered to me just because I am using crypto payments. If I had used traditional payment methods, I would have got 30 days period to check their service and get a refund if I am not satisfied. Crypto has a long way to go!

Yamane_Keto

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Activity: 406

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The current problem with Bitcoin is the limited user base and the fluctuation of exchange rates, which makes many people prefer to spend money with bank cards or banking services rather than spending it with Bitcoin, but in terms of security, the correct setting of the payment processing service reduces the possibility of losing your money, as you are in control of everything, you will not have to pay a commission or compliance with the terms of use. In terms of speed, it is the fastest based on the fact that payments are final and there is no possibility of using the Lightning network for small transactions.
The problem of exchange rate fluctuation can be solved by using a third party that converts bitcoin into dollars or stablecoins.

Topic: How do crypto gateways compare to traditional methods in security & efficiency? - page 2. (Read 239 times)