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this post was submitted on 07 Jul 2025
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chapotraphouse
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do what.
lmao wtf
This surprises me not at all. Every time you swipe your card the credit card network charges the merchant 3% of what you paid. Bitcoin definitely does not cost the merchant 3% especially if they have a way to convert it in near real time to avoid any weird spikes or dips in the price of Bitcoin.
Credit card processing is expensive and there's a reason merchants don't like doing it. So it sounds dumb but from a business standpoint it makes more sense than you might think
larger merchants, like a national restaurant chain, absolutely do not pay 3% in fees per transaction. it's the small, independents who pay those rates through their merchant accounts that are hitting the 3% on interchange fees. large retailers have more leverage and their rates are more like 1-1.5%
bragging about Bitcoin transaction fees going down is like bragging about how a heroin dealer "really hooked it up" for their clients because they switched from baby powder to simulac. it's all a gimmick for criminals, grifters and the all-day suckers that are collecting this fake computer money.
You'd be surprised. National restaurant chains pay more than you think. There's absolutely zero chance steak n shake is getting a 1% rate. I promise they're paying something near 3%. Credit card processing is infinitely more complex than folks think it is.
whereas Bitcoin fees are clear cut, simple, and transparent?
the quoted material is not saying it's cheaper to process a Bitcoin transaction than a credit card. it's saying the Bitcoin fees are less now than the Bitcoin fees were when they started. probably because they found a "better" exchange to handle it for them... an exchange which totally won't go dark on them and vanish their holdings with no recourse because lmao Bitcoin.
meanwhile, current interchange fees for MC & Visa are posted online and change, at most, twice yearly.
ex: https://usa.visa.com/support/small-business/regulations-fees.html
and these vendors can/do negotiate reimbursements against these fees for a high volume of transactions.
is it a.scam? sure. but Bitcoin is not an improvement.
high volume vendors, like a national restaurant chain, pay closer to 1%. I was a tiny, low volume (1-2 transactions a year, less than $1000/yr) and I never paid more than 2.5% for a card payment.
Purely out of curiosity, why do you know this?
I work in the payment processing industry and I won't say more than that for fear of doxxing myself