Putting aside the question of whether Bitcoin is even useful for transactions or if it’s just ‘number go up’ technology, Bitcoin processors don’t let Businesses accept Bitcoin for adult content either.
You don't need payment processors to exchange Bitcoin, or rather, the processors are P2P'd and compensated by code enforced transaction fee. I guess those can be banned by manually correlating wallet addresses with known "terrorist" groups, but we haven't reached that stage yet.
The downside of not using commercial "off-chain" processors for Bitcoin or most true decentralized cryptocurrencies is that latency of a proper, classic, fully secure, "on-chain" transaction is something like up to 15 minutes. At least it was that much last time I looked at it.
Why would one possibly need a SaaS payment processor for crypto? Unlike with traditional banking, running your own crypto node and processing network transactions is not some huge investment that one may want to offload to a third party.
To offload dealing with problems (technical and legal) and risks to the processor. Like everything SAAS basically. If they get hacked, it's not your money being lost for example.
And on the other side of the equation, exchanges observe where their customers' coins are going, and may blacklist customers who transact with suspicious counterparties (like coin mixers).
numpad0|7 months ago
The downside of not using commercial "off-chain" processors for Bitcoin or most true decentralized cryptocurrencies is that latency of a proper, classic, fully secure, "on-chain" transaction is something like up to 15 minutes. At least it was that much last time I looked at it.
drdaeman|7 months ago
Muromec|7 months ago
thunderfork|7 months ago
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duskwuff|7 months ago