Brazil’s leading payment processor begins accepting Bitcoin | Hacker News Reader

Brazil’s leading payment processor begins accepting Bitcoin

decrypt.co

36 pointsHipGeeks7 comments

Is this in any way related to neighbouring nations with inflation issues (Venezuela, Argentina) being a target market?! Also curious how variable transaction costs are taken care of?! these weren't insignificant in the single US dollar range during the last crypto high when bitcoin was around $20k. does the payer or buyer shoulder them?

Can you explain what "variable transaction cost" is?

Most likely not. Cielo has been struggling with the recent increase in competition for payment services in Brazil, and is probably just trying to stay ahead of the curve.

If the people who took over bitcoin are still running around trying to keep the block size at 1 MB every 10 minutes, transactions costs are going to be a problem during any real usage.

> Also curious how variable transaction costs are taken care of?!

The article says users will need an account with Uzzo or Criptohub, Cielo’s network partners.

So I guess they aren’t doing a actual bitcoin transaction for each payment. You have to send your bitcoins to your exchange account first and then it controls your balance internally without having to interact with the public blockchain. You, the payer (Criptohub account owner), probably pay for the fees when you transfer your bitcoins to your exchange account.

Why will users need an account with some provider? Why can't they just send BTC?

They can, this doesnt affect the normal, quasi-organic way of BTC payment processing. But in the traditional Bitcoin processing, the shop providing any service or good that can be payed with BTC must have a private wallet, as we know.

This, on the other side, propably means that you, the customer can choose to pay with BTC instead of debt or Visa and the shop will receive the money in the local currency without the need to deal with BTC or you to directly move the value from your digital wallet.

They are just doing what they alredy do, being just the middle-man who gets its cut just for being the middle-man.

I just cant wait for the time they choke our legislators with so much money, that they will push to regulate bitcoin in a way where the traditional peer-to-peer payment becomes forbidden, and we all have to use the greedy middle-man, that we didnt even need to use anymore, thanks to the inovations like the blockchain.

Welcome to the future, were all things old are new again.

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