Newbie question on transactions

[Ericc22]

Greetings,

I am new to Crypto and blockchain, but fascinated..... Hope I am posting this in the right place.

I have tried making purchases on various blockchains and have done so with BTC or Ether. There is a burden to doing this of course for the average, mainstream customer. I am wondering if there is a reason purchases have to be made in Ether, or if there is a workaround so a blockchain market can allow a ‘customer’ to make a purchase in fiat (dollars).

For example, if there was a market for diamonds, and I wanted to buy a diamond, could I purchase that diamond with my credit card and maintain the integrity of the blockchain? I assume a conversion would get made behind the scene so that miners would get paid. But this lowers the burden to get new customers on board.

I know eg with cryptokitties or cyber punks I need to purchase with Ether. I think that is great as it supports what it seems to be the importance of those purchases happens to be. But if they went mainstream could they - technically - accept fiat?

Sorry for rambling and hope that question makes sense!

Eric

[1714818303]

1714818303

[1714818303]

1714818303

[Mister1k]

Greetings,

I am new to Crypto and blockchain, but fascinated..... Hope I am posting this in the right place.

I have tried making purchases on various blockchains and have done so with BTC or Ether. There is a burden to doing this of course for the average, mainstream customer. I am wondering if there is a reason purchases have to be made in Ether, or if there is a workaround so a blockchain market can allow a ‘customer’ to make a purchase in fiat (dollars).

For example, if there was a market for diamonds, and I wanted to buy a diamond, could I purchase that diamond with my credit card and maintain the integrity of the blockchain? I assume a conversion would get made behind the scene so that miners would get paid. But this lowers the burden to get new customers on board.

I know eg with cryptokitties or cyber punks I need to purchase with Ether. I think that is great as it supports what it seems to be the importance of those purchases happens to be. But if they went mainstream could they - technically - accept fiat?

Sorry for rambling and hope that question makes sense!

Eric

I understand that you want to buy some ethereum with the fiat cash. If I am right you have to go to the sites like localbitcoins that will give a way to buy the ethereum or bitcoins with the Fiat cash.

You will find the better profit for the amount you are exchanging there. Normally LBC traders give high price than you find the preev or Google price chart.

[Ericc22]

Thanks for the response. Sorry I think I was not clear.

This is more of a theoretical question. I have wallets, own crypto including Ether. I have made purchases with that Ether. In doing so I have found the process to be tedious. Too burdensome for mainstream users.

So I am wondering if a mainstream consumer can make a purchase on an Ethereum blockchain with just a credit card? This would at least remove one barrier.

Thanks!

[kaya11]

Thanks for the response. Sorry I think I was not clear.

This is more of a theoretical question. I have wallets, own crypto including Ether. I have made purchases with that Ether. In doing so I have found the process to be tedious. Too burdensome for mainstream users.

So I am wondering if a mainstream consumer can make a purchase on an Ethereum blockchain with just a credit card? This would at least remove one barrier.

Thanks!

You can find some brokers or go the site of Coinmama. I'm pretty much sure that they accept payments using credit cards but the fees are so high rather than buying bitcoin and exchange it to ether in exchanges. Where do you live by the way, because some sellers are limited to costumers who's countries are banned.

[Aamir1]

For sure. There are credit cards available for cryptocurrencies that can be used to pay for anything where cards are accepted. The only thing might bother is the fees and charges of those cards and their services. You may need to pay less if you manually do a transaction for buying something, but in a credit card, it would charge more for the service i guess. I'm not totally confident about this as i have never used any cryptocurrency card services yet, but i know that it is possible. Just google it and you will get a lot of results, including their service fees etc.

[Ericc22]

Just thinking about this further, if a purchase on an Ethereum blockchain is made with $s, there has to be an exchange from $s to ether to pay the miners, right? At that point would the app be functioning like an exchange and subject to regulations? And tax consequences from the exchange?

Thanks!

[lazaretraft]

There are places online that you can find where they are able to accept credit cards. You just need to check which fees would suit you better.

[gantez]

Just thinking about this further, if a purchase on an Ethereum blockchain is made with $s, there has to be an exchange from $s to ether to pay the miners, right? At that point would the app be functioning like an exchange and subject to regulations? And tax consequences from the exchange?

Thanks!

I understand what you mean and I don't think an app is able to do an automatic and instant conversion of fiat to an altcoin. I'm yet to be abreast of that.

Thanks for the response. Sorry I think I was not clear.

This is more of a theoretical question. I have wallets, own crypto including Ether. I have made purchases with that Ether. In doing so I have found the process to be tedious. Too burdensome for mainstream users.

So I am wondering if a mainstream consumer can make a purchase on an Ethereum blockchain with just a credit card? This would at least remove one barrier.

Thanks!

You can find some brokers or go the site of Coinmama. I'm pretty much sure that they accept payments using credit cards but the fees are so high rather than buying bitcoin and exchange it to ether in exchanges. Where do you live by the way, because some sellers are limited to costumers who's countries are banned.

I think Op needs to do a research on brokers or sites that do a conversion, it is possible and thats the solution if he wants to avoid the stress of coversion.

[hieuho381]

There are places online that you can find where they are able to accept credit cards. You just need to check which fees would suit you better.

You can use paypal, webmoney, Perfectmoney, USD ... to buy into bitcoin or altcoin to accept transactions. Take a close look at the website you use accept payment in any form so that you can pay to avoid losing money. Be careful with your property.

[Mark12115]

just buy on exchanges such as cryptopia, yobit, binance or whatever!