OpenNode – Bitcoin Payment Processor

51•gurjeet•59m ago

Comments

Hasz•43m ago

Very impressed at net cost. I used to run a small ecom business targeting total prices in the range of $3-10. At $3, payment processing is nearly 11-12% of costs, which is absurd, more if you amortize the occasional chargeback/fraud. Lightning can do it for <<0.1% net cost even at the low end, which is incredible. There are plenty of these kinds of vendors on eBay, Aliexpress etc that would be willing to adopt with a bit of help.

For whoever posted, your cost calculator should be first thing on the page, and you "How we calculated this number" link is broken

nohell•18m ago

Monero is even cheaper and more useful as cadh because it's private. Anyone can see Bitcoin history and where the user got their coins.

dfish•13m ago

They are both useful. Monero is a bit more tricky to use, there is no concept of Lightning network, you still have to wait around 7 minutes for the transaction to settle. It's not bad, but it is different. The transparency in Bitcoin is a feature not a bug.

nohell•9m ago

CIA uses Bitcoin for intelligence gathering: https://cryptobriefing.com/cia-bitcoin-intelligence-gatherin...

Really? Did we IT people decide giving up privacy for security is a good idea?

Anon1096•7m ago

I would guess the price for payment processing drops tremendously when you don't need to handle fraud or chargebacks at all. It's for sure worse for consumers but I do think it has its place (for example adult content that has huge chargeback risk or straight up blocked by other processors).

w4yai•39m ago

Glad to see such initiative on bitcoin !

mikelovenotwar•38m ago

Broken link on the pricing page "How did we calculate this number " -> https://help.opennode.com/en/articles/3179796-where-are-open... -> "Uh oh. That page doesn’t exist. Try searching for your answer or just send us a message."

samantha-wiki•38m ago

Is it open source? If not, why choose the name “OpenNode”?

askonomm•30m ago

Just like how OpenAI is open source.

giancarlostoro•18m ago

Open as in "The door is open come in and give us your money"

pelagicAustral•29m ago

OpenAI rings a bell

Retr0id•27m ago

"Open as in wallet"

iamsaitam•18m ago

Avoid trademarking fees! No need to spend money on trademarking what can't be trademarked ;)

a3w•13m ago

So, OpenAI is certainly never trademarked? /s

cwmma

octocop•37m ago

Looks solid

jdw64•34m ago

American-style words are really hard these days. I thought 'open' meant source code is available, but at some point, starting with OpenAI, it seems like 'open' has come to mean 'we'll open your wallet.

repelsteeltje•15m ago

The ambiguity of the word "Open" has a long history. Going back to at least late 1980s, when X Window "skin" OPEN LOOK (by AT&T - Sun consortium) had license issues and Open Source Foundation started work on OSF Motif.

mothballed•31m ago

If they don't swoop in with random check-ins hassling you for docs for "muh KYC" and "muh AML compliance" the moment you do anything outside of the boring middle ground then they're ahead of basically 99+% of all the other tradfi-interlocking offerings.

dfish•14m ago

It is what it is. You have to implement KYC if you want fiat rails. A merchant can't KYC every single person that comes to the store. But you could build a system to eventually ban wallets that could be tied to criminal activity.

The merchant can also pick to use Lightning and keep the Bitcoin instead of selling it for fiat.

aantix•31m ago

Genuine question - why would someone hold bitcoin for regular, everyday purchases?

The buying power is all over the place.

mothballed•30m ago

This has tradfi banking ramps. You don't need to hold it. You can treat BTC as basically a payment network instead of something like the visa/mastercard cartel.

Retr0id•23m ago

afaict, the main advantages of buying things with crypto are (potentially) lower transaction fees and latencies, and less red tape restricting who can buy what from whom. If you use a "tradfi onramp", doesn't it negate all of that? Why not just use tradfi all the way, for that transaction?

mothballed•15m ago

There is no requirement to use the tradfi ramps. It is merely offered as an option. But as it pertains to banking in the USA, a couple differentiating qualities I will offer before the goalposts will inevitably be shifted yet again to damn my response

1) Settlement time (wires only sporadically free in US, plus usually settle slower)

2) Irreversibility.

3) The tradfi ramps, if used, only have to be OK with crypto ramp, rather than the whole host of underlying transactions. It is conceivable some banks will tolerate crypto while not tolerating, say, directly handling a particular transaction.

4) Lowered friction for international transaction

5) One or both sides can be unbanked.

jancsika•13m ago

> (potentially) lower transaction fees

Citation needed. I'm looking at the transaction fees for lightning network and they are in the range of FedNow or RTP.

For Bitcoin it's not even close.

</transactionFeeDiscussion>

charcircuit•29m ago

>Bitcoin - the only legitimate cryptocurrency secure enough for transacting at scale.

I prefer the trend of using stable coins for payment instead. I think merchants are much more willing to work with a digital dollars than with something with constantly fluctuating value.

dfish•16m ago

Stablecoins can be censored. You deposited into Huobi 5 years ago? Banned. Now we keep your stablecoins, thanks for playing.

You can't censor Bitcoin.

nohell•12m ago

As a Chinese person I can confirm. Monero is the way.

nohell•13m ago

Stablecoins frequently get frozen by Tether and Circle for arbitrary reasons, as if an AI system is flagging

pixelatedindex•27m ago

I’m a little confused by the fees. In their pricing page (https://opennode.com/pricing) it says:

You request $100, the customer pays 0.00152 BTC, and then you get $99.

But 0.00152 BTC is almost $100? If I’m a business why would I pay $100 in BTC fees for a $100 transaction?

What is this solving? I’ll never understand crypto.

Edit: nvm I’m dumdum. Will get coffee. Thanks to everyone who replied.

bastawhiz•24m ago

It sounds like the fee is about $1.00: the delta between $100 and $99.

jonbwhite•22m ago

You don't. They are accepting $100 worth of BTC, converting it to dollars and giving you the dollars. They are basically operating like a credit card processor with a 1% fee, allowing you to accept bitcoin but operate in dollars.

dfish•22m ago

The merchant requests 100 USD. The user pays X BTC equivalent to 100 USD. The merchant receives 99 USD aka the fee is 1 USD

tremarley•20m ago

$100 is the transaction value,it is not the cost of the transaction fees.

The fee is $1. They charge a 1% fee for instant payouts.

nohell•16m ago

Why not just accept Monero? It acts more like cash. Do you really want to leak every transaction you've ever done, every time you buy something?

Bitcoin is surveillance capitalism dream!

futurecat•11m ago

They've been in business for a long time and I used them when I experimented with QR code for street artists to receive tips. OpenNode is very simple to implement!

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