In my experience the spread is usually under 1% of the 24 avg.
>[...] and don't have to worry about fraudulent cash/checks etc. Yeah sellers overall take a bit of a hit, but the argument can be made the couple percent is worth it to never have to worry about getting scammed by a buyer.
But how are you going to get scammed accepting bitcoin? It's not like it's easy to forge a bitcoin.
And how does that work? For example, the last 24hr bitcoin is up like 10%.. Let's call 5% below the current price the 24hr average.. are you suggesting that the exchange rate is 1% above the 24avg, or 4% below the current price, meaning the seller is eating 4% of the current price? That certainly does not make any sense.
>But how are you going to get scammed accepting bitcoin? It's not like it's easy to forge a bitcoin.
I agree the seller can't really get scammed, but the buyer has --zero-- recourse. So sure the seller loves it because there is no recourse and they can add a nice spread (my first point). But the buyer does not.
Whereas credit cards- both parties get benefits (even if it skews toward the buyer, however that is a good thing, it shouldn't be equal.. the seller has more information about the transaction thus the buyer should have more recourse).
That was based on how I remembered some merchants handled conversion a few years ago. I just did a test with coingate and the spread between their rate and the market rate is under 0.05% (yes that's a fraction of a percent, not 5%).
>I agree the seller can't really get scammed, but the buyer has --zero-- recourse
I don't disagree that credit card protections are good for the consumer. The problem is that there's no opt out (eg. horror stories about people's paypal accounts being frozen because of a surge in donations), and you're forced to use the bank (or credit card company) as the escrow.
And anyone that "accepts" bitcoin as payment probably takes more than that due to Bitcoin's volatility.
If at the moment of a transaction, 1 BTC = 20k USD and I go to buy something that is $20k USD, it's not going to show up as "1 BTC" on the checkout.. it will probably be like 1.05 BTC.
Also, credit-card companies give guarantees to both the buyers and sellers, so they are providing a service. Buyers get extra protection with extra warranties, ability to reverse fraudulent/deceptive sellers. Sellers get extra revenue with people buying stuff they don't have cash for, and don't have to worry about fraudulent cash/checks etc. Yeah sellers overall take a bit of a hit, but the argument can be made the couple percent is worth it to never have to worry about getting scammed by a buyer.
Anyway.. crypto offers absolutely NONE of that. So comparing it to credit card companies is honestly quite laughable.
The only thing you can try to argue is crypto offers anonymity to a degree? Although it sure seems like you have to jump through a lot of hoops for this to even be true since it's a public ledger...