Accept Nano (crypto) as a feeless payment option

[Meides]

I'd like to suggest to add Nano, a crypto, as a payment option for Steam. My reasons for this:

1. It's a feeless crypto. The cost savings for Steam, even after using a crypto exchange to convert to USD, would be literally millions. Keep some for Steam, and pass some on to us in cheaper prices, we're all happy.
   
2. It's an instant crypto. I know Bitcoin was accepted before, but that had issues because the price would literally change between sending Bitcoin and it arriving minutes if not hours later. Nano takes literally 0.2 seconds to fully settle, and can be instantly exchanged into dollars.
   
3. It's great for the environment. Nano is extremely energy efficient, the whole network could run on the power output of a single wind turbine.
   
4. It makes it fantastically easy to purchase from anywhere in the world. When I'm abroad it's surprisingly difficult to pay for stuff on Steam. Nano knows no borders, so it seems perfect for this.
   
5. It's 100% secure. PayPal sometimes gives trouble, payment processors go offline and such. Nano has been online for over 5 years, over 70 million transactions done, with not a single missed transaction.

Implementing it shouldn't be hard, a lot of services/exchanges/businesses have done so already. If there are any difficulties, I'm sure the Nano Foundation would love to help out: https://nano.org/connect.

Thanks for considering this suggestion.

[Meides]

İlk olarak cinedine tarafından gönderildi:

And this is where your suggestion falls apart.
They have to convert it and extract it from whatever exchange platform and that's where fees are involved. *You* might not have any as a private person, but a business is different. Look up merchant fees for whatever crypto exchange you use.
Whoever takes a crypto and pays out in fiat has at the very least operating cost to cover. And if they pay out, somebody has to cover the banking or transaction fees for that.

So all these wonderful arguments for Nano, that it is fee less, that is requries less energy, that it is quick ... all fall apart because in order for them to use it there have to be additional steps.
Why is this so hard to understand?

The 0.1% trading fee is where Binance makes their money. And I'm being conservative with the 0.1% here - I get 0.06% myself and the more you use them, the lower the rate is.

They make their money on the trades, not the withdrawal and deposit fees.

I'm not in any way saying Binance does this out of the goodness of their hearts, lol. So let me just be clear, one more time:

Nano as a network is feeless. Nano can be exchanged for fiat on any of a number of exchanges. These exchanges have massive volume. They make their money, mostly, on trading fees. Binance is as great example of this. The trading fee is about 0.1%, if we're being conservative. At higher volume, this trading fee becomes lower. This is where they make their money, not on the deposit/withdrawal fees.

There is a wide margin between the 0.1% this would cost Steam in a conservative scenario and the 1-5% they pay now to accept creditcard/paypal etc payments. So even in a scenario where Binance decides to throw overboard their business plan and start trying to make a profit on withdrawals/deposits, and Steam has to pay 0.5% in withdrawal fees, this would STILL be cheaper for them than the alternative options.

I genuinely very much appreciate the fact that people that work at Steam will be able to judge these sort of suggestions on merit, rather than on the comments of someone that apparently refuses to understand that cost savings are essential for a business.

But in your sales pitch you said it is stable not volatile.

Again it is NOT a debit card, credit card, linked to a bank with a supported currency on Steam it is a CURRENCY you want as a payment option which needs to be stable and it is tied to the hip of Bitcoin, rise or fall.

Steam does not convert at the checkout for SUPPORTED currencies. Seriously you won't get Nano sales person of the year if you do not understand the basics.

Can you give me the full quote on where I said it's stable? Because what I believe I have been trying to make clear here all along is that at the timeframes Steam would be holding Nano, it would be stable, because Nano is so instant that you can convert it into dollars - instantly. Therefore for all intents and purposes, when Steam says a game costs you $50, you pay the Nano equivalent of $50, and Steam sends those Nano on to an exchange (or routes your payment directly to the exchange), and converts them into dollars, it might have become 49.95 or 50.05, but for all intents and purposes it will still be $50. It will definitely be close enough to $50 that it is a far lower "loss or gain" than the payment processing costs are.

I think you genuinely misunderstand me. I am saying that I want to add it as a payment method. Right now, I'm in Europe. If I want to buy a game, it shows me an EUR figure and gives me payment options. I suggest to add Nano there. In other words - you pay an EURO amount, converted into Nano. I am not suggesting to add Nano as a currency that Steam prices in directly, I am suggesting it as a cheaper payment method.

Read literally the first line of my suggestion:

I'd like to suggest to add Nano, a crypto, as a payment option for Steam. My reasons for this:

[Nx Machina]

@ Senatus

Try reading the article you keep ignoring.

https://captainaltcoin.com/nano-coin-price-prediction/

Here is a sample:

However, Nano is very weak in terms of business growth, they have almost no merchant market penetration and noone outside of crypto circles knows about them, ergo – their brand presence is very weak, almost non-existent.

Your sales pitch isn't sounding so good now.

[Meides]

İlk olarak Nx Machina tarafından gönderildi:

@ Senatus

Try reading the article you keep ignoring.

https://captainaltcoin.com/nano-coin-price-prediction/

Here is a sample:

However, Nano is very weak in terms of business growth, they have almost no merchant market penetration and noone outside of crypto circles knows about them, ergo – their brand presence is very weak, almost non-existent.

Your sales pitch isn't sounding so good now.

I've replied to the article, and I think it's entirely irrelevant to the discussion here. As you keep completely ignoring, I am suggesting to make Nano a payment option so that EUR and USD transactions can be settled using the Nano equivalent of whatever price is being charged. The long term price of Nano has absolutely no bearing on that whatsoever.

I'd also say that the guy is way off in his assessment, the price has gone approximately x4 since he wrote it. It's currently already trading at a higher price than the $3.53, $3.10 and $1.10 he refers to as possible values by December 2021, lol.

[Nx Machina]

İlk olarak Senatus tarafından gönderildi:

İlk olarak Nx Machina tarafından gönderildi:

@ Senatus

Try reading the article you keep ignoring.

https://captainaltcoin.com/nano-coin-price-prediction/

Here is a sample:

However, Nano is very weak in terms of business growth, they have almost no merchant market penetration and noone outside of crypto circles knows about them, ergo – their brand presence is very weak, almost non-existent.

Your sales pitch isn't sounding so good now.

I've replied to the article, and I think it's entirely irrelevant to the discussion here. As you keep completely ignoring, I am suggesting to make Nano a payment option so that EUR and USD transactions can be settled using the Nano equivalent of whatever price is being charged. The long term price of Nano has absolutely no bearing on that whatsoever.

I'd also say that the guy is way off in his assessment, the price has gone approximately x4 since he wrote it. It's currently already trading at a higher price than the $3.53, $3.10 and $1.10 he refers to as possible values by December 2021, lol.

You do not get to decide what is relevant. Nano is the topic.

So I repeat:

https://captainaltcoin.com/nano-coin-price-prediction/

Here is a sample:

However, Nano is very weak in terms of business growth, they have almost no merchant market penetration and noone outside of crypto circles knows about them, ergo – their brand presence is very weak, almost non-existent.

Almost non-existent - I guess that is why you are pushing your sales pitch.


As for your previous post.

Nano is a CURRENCY - It is not pay in Euro convert to Nano, you would be paying in Nano.

Keep the story straight first it is pay in Nano then convert to USD. Terrible sales pitch.

[Radene]

İlk olarak Senatus tarafından gönderildi:

Please read up on the definition of what a shareholder is. Valve is privately owned, but those that privately own it have shares in Valve Corporation.

https://www.quora.com/Who-owns-Valve-Corporation

Maybe that helps.

Sure. That "we don't know because Valve does not make such information public" at the end really sells it. And, well....Quora....anyone can write anything there.

Come on. I'd say that those supporting this idea are acting in good faith - I personally am responding to pretty much anything you guys post, while my posts get picked apart and out of the 10 things I say, some here misunderstand one piece of it and then focus further on that.

Of course you would say that. I, on the other hand, would say that you're acting like a mix of salesman and evangelist, and in it only for your own benefit.

[Meides]

Sure. That "we don't know because Valve does not make such information public" at the end really sells it. And, well....Quora....anyone can write anything there.

My dear god. Tell me - how do you think the ownership of Valve works? Explain me that, and then maybe I will understand your reasoning well enough to reply.

Of course you would say that. I, on the other hand, would say that you're acting like a mix of salesman and evangelist, and in it only for your own benefit.

That's fine, but can we for everyone's benefit perhaps focus on the message, rather than the messenger? Can we focus on what is actually being suggested, rather than who suggests it? Can we judge it based on whether it would be an actual improvement for Steam, or whether it is not?

İlk olarak Nx Machina tarafından gönderildi:

You do not get to decide what is relevant. Nano is the topic.

So I repeat:

https://captainaltcoin.com/nano-coin-price-prediction/

Here is a sample:

However, Nano is very weak in terms of business growth, they have almost no merchant market penetration and noone outside of crypto circles knows about them, ergo – their brand presence is very weak, almost non-existent.


As to your previous post.

Nano is a CURRENCY - It is not pay in Euro convert to Nano, you would be paying in Nano.

Keep the story straight first it pay in in Nano then covert to USD. Terrible sales pitch.

I genuinely wonder now whether you are trolling.

Nano has a market cap of what, $700 million? Kappture, a British company, is using Nano in their Point of Sale terminals. Many crypto payment merchants have Nano included as an option. Nano is listed on tons of exchanges. It's doing over 200k transactions a day on a normal day.

Do you prefer to rely on one article that is clearly so ridiculously wrong that it got the price wrong even after just 2 months, or do you want to read up on what Nano actually is and does?

As to the reason I said it is not relevant - he is making a price prediction. Just to be absolutely clear, and I cannot believe I need to repeat this again - this is not relevant for Steam. They do not hold any Nano. They will charge me $25 to buy a game, or €25, or whatever you want to charge. I then select the payment option Nano. If 1 Nano = €5 currently, I pay 5 Nano. Payment received, Steam converts that Nano right back into Euro, so they have €25.

If you are trolling you are doing an excellent job at it, because this is getting truly ridiculous. Can someone pitch in here to let me know whether there is ANY other way I can explain this?

[76561198423935189]

Mine crypto with playing game :)

[Nx Machina]

İlk olarak Senatus tarafından gönderildi:

I genuinely wonder now whether you are trolling.

Nano has a market cap of what, $700 million? Kappture, a British company, is using Nano in their Point of Sale terminals. Many crypto payment merchants have Nano included as an option. Nano is listed on tons of exchanges. It's doing over 200k transactions a day on a normal day.

Do you prefer to rely on one article that is clearly so ridiculously wrong that it got the price wrong even after just 2 months, or do you want to read up on what Nano actually is and does?

As to the reason I said it is not relevant - he is making a price prediction. Just to be absolutely clear, and I cannot believe I need to repeat this again - this is not relevant for Steam. They do not hold any Nano. They will charge me $25 to buy a game, or €25, or whatever you want to charge. I then select the payment option Nano. If 1 Nano = €5 currently, I pay 5 Nano. Payment received, Steam converts that Nano right back into Euro, so they have €25.

If you are trolling you are doing an excellent job at it, because this is getting truly ridiculous. Can someone pitch in here to let me know whether there is ANY other way I can explain this?

Still not pulled in by the terrible sales pitch but I am fascinated how you are confused over your own wording.

You WANT Nano as a PAYMENT option which means if it is added to Steam it would be as a currency because guess what Nano is a CURRENCY (a crypto currency).


1) What is a payment? - The act of paying or the state of being paid. An amount paid.

2) What is a currency? - Money in any form when in actual use as a medium of exchange

3) What Nano? - It is a currency.

4) What Nano is not - It is NOT a debit card, credit card, bank account, Paypal etc.


As for the article it is totally relevant to Nano as an entity BUT when faced with the truth you try to avoid it.

https://captainaltcoin.com/nano-coin-price-prediction/

Here is a sample:

However, Nano is very weak in terms of business growth, they have almost no merchant market penetration and noone outside of crypto circles knows about them, ergo – their brand presence is very weak, almost non-existent.


Damn that won't go down well at the next sales meeting.

[Otonashi]

İlk olarak Nx Machina tarafından gönderildi:

You do not get to decide what is relevant. Nano is the topic.

So I repeat:

https://captainaltcoin.com/nano-coin-price-prediction/

Here is a sample:

However, Nano is very weak in terms of business growth, they have almost no merchant market penetration and noone outside of crypto circles knows about them, ergo – their brand presence is very weak, almost non-existent.

Almost non-existent - I guess that is why you are pushing your sales pitch.

Nano isn't a company, it's a currency. The market cap of a currency has nothing to do with the function of a currency. Comparing market caps is pointless -- you would be implying that Bitcoin, Ethereum and Cardano have any business being digital cash. Bitcoin, while designed to be cash, is now unusable as cash, while Ethereum and Cardano are platforms on which applications run; their currencies are merely a byproduct. We don't trade in gold bars, silicon and lithium, we trade in dollar bills. Nano is the (digital) dollar bill of cryptocurrency.

[Meides]

İlk olarak Nx Machina tarafından gönderildi:

Still not pulled in by the terrible sales pitch but I am fascinated how you are confused over your own wording.

You WANT Nano as a PAYMENT option which means if it is added to Steam it would be as a currency because guess what Nano is a CURRENCY (a crypto currency).


1) What is a payment? - The act of paying or the state of being paid. An amount paid.

2) What is a currency? - Money in any form when in actual use as a medium of exchange

3) What Nano? - It is a currency.

4) What Nano is not - It is NOT a debit card, credit card, bank account, Paypal etc.


As for the article it is totally relevant to Nano as an entity BUT when faced with the truth you try to avoid it.

https://captainaltcoin.com/nano-coin-price-prediction/

Here is a sample:

However, Nano is very weak in terms of business growth, they have almost no merchant market penetration and noone outside of crypto circles knows about them, ergo – their brand presence is very weak, almost non-existent.


Damn that won't go down well at the next sales meeting.

My god. How hard is this to understand.

I go here: https://store.steampowered.com/checkout?cart=4066158871277127074&microtxn=-1, to add 5 Euros to my account. I select a payment method there. Rather than Paypal, I select Nano. It shows me a QR code. I scan the QR code, and it tells me I'll be sending 1 Nano. I hit okay. On Steam's side, they get the 1 Nano, and they instantly automatically convert it into Euros.

How. Is. This. Difficult.

Stop implicating me as being with the Nano Foundation team. I am not. I am just enthusiastic about the possibilities this offers.

[Nx Machina]

İlk olarak Otonashi tarafından gönderildi:

İlk olarak Nx Machina tarafından gönderildi:

You do not get to decide what is relevant. Nano is the topic.

So I repeat:

https://captainaltcoin.com/nano-coin-price-prediction/

Here is a sample:

However, Nano is very weak in terms of business growth, they have almost no merchant market penetration and noone outside of crypto circles knows about them, ergo – their brand presence is very weak, almost non-existent.

Almost non-existent - I guess that is why you are pushing your sales pitch.

Nano isn't a company, it's a currency. The market cap of a currency has nothing to do with the function of a currency. Comparing market caps is pointless -- you would be implying that Bitcoin, Ethereum and Cardano have any business being digital cash. Bitcoin, while designed to be cash, is now unusable as cash, while Ethereum and Cardano are platforms on which applications run; their currencies are merely a byproduct. We don't trade in gold bars, silicon and lithium, we trade in dollar bills. Nano is the (digital) dollar bill of cryptocurrency.

Have I personally stated it is a business or a currency? That's right it was currency.

If you have issues with the article I linked contact the author.

[SwampMoccasin]

What does the price of Nano has to do with this? Transaction duration for nano is under 1 second. It's price is stable during that time. Bitcoin was removed as a payment option because by the time Valve received the Bitcoin (hours or days), it's value was different from the time the transaction began.

[Otonashi]

İlk olarak Nx Machina tarafından gönderildi:

Have I personally stated it is a business or a currency? That's right it was currency.

Indeed, you have. In which case we are in agreement.

I meant to point out that Bitcoin and Ethereum both have significantly more market penetration and brand presence, despite having no business being digital cash, but fumbled with my words. Market penetration and brand presence can be established; function cannot.

[cinedine]

İlk olarak Senatus tarafından gönderildi:

İlk olarak Nx Machina tarafından gönderildi:

Still not pulled in by the terrible sales pitch but I am fascinated how you are confused over your own wording.

You WANT Nano as a PAYMENT option which means if it is added to Steam it would be as a currency because guess what Nano is a CURRENCY (a crypto currency).


1) What is a payment? - The act of paying or the state of being paid. An amount paid.

2) What is a currency? - Money in any form when in actual use as a medium of exchange

3) What Nano? - It is a currency.

4) What Nano is not - It is NOT a debit card, credit card, bank account, Paypal etc.


As for the article it is totally relevant to Nano as an entity BUT when faced with the truth you try to avoid it.

https://captainaltcoin.com/nano-coin-price-prediction/

Here is a sample:

However, Nano is very weak in terms of business growth, they have almost no merchant market penetration and noone outside of crypto circles knows about them, ergo – their brand presence is very weak, almost non-existent.


Damn that won't go down well at the next sales meeting.

My god. How hard is this to understand.

I go here: https://store.steampowered.com/checkout?cart=4066158871277127074&microtxn=-1, to add 5 Euros to my account. I select a payment method there. Rather than Paypal, I select Nano. It shows me a QR code. I scan the QR code, and it tells me I'll be sending 1 Nano. I hit okay. On Steam's side, they get the 1 Nano, and they instantly automatically convert it into Euros.

How. Is. This. Difficult.

Stop implicating me as being with the Nano Foundation team. I am not. I am just enthusiastic about the possibilities this offers.

Or you just convert your bloody Nano and pay in Euro to begin with instead of asking Steam to carry the conversion and transaction fees.

Because that's what every single crypto suggestion comes down to:
- I have crypto I can't do anything with
- but if I convert it into fiat I lose money
- please Steam let me pay in my crypto
- and take the loss yourself.

[Otonashi]

İlk olarak cinedine tarafından gönderildi:

Or you just convert your bloody Nano and pay in Euro to begin with instead of asking Steam to carry the conversion and transaction fees.

Because that's what every single crypto suggestion comes down to:
- I have crypto I can't do anything with
- but if I convert it into fiat I lose money
- please Steam let me pay in my crypto
- and take the loss yourself.

I believe this has been addressed countless times, including in the post.

İlk olarak Senatus tarafından gönderildi:

It's a feeless crypto. The cost savings for Steam, even after using a crypto exchange to convert to USD, would be literally millions. Keep some for Steam, and pass some on to us in cheaper prices, we're all happy.

A Nano transaction costs nothing. A Paypal transaction costs an extra 2.9% + $0.30. The fee for converting Nano to USD or Euros (e.g. 0.1% for Binance) is less than what Paypal charges.

https://www.paypal.com/us/webapps/mpp/merchant-fees