Join us on The Crypto Podcast as we delve into the intricate world of digital payments with industry veteran Joe Zahaitis. With over 30 years of experience in credit card processing, Joe brings a unique perspective to the evolving landscape of cryptocurrency. In this episode, he shares his journey from a crypto skeptic to a dabbler, exploring the philosophical challenges and exciting potential of digital assets as a payment vehicle. We discuss the current challenges of crypto exchanges, the hidden fees in traditional merchant processing, and the urgent need for simplification in the crypto transaction process. Joe also offers invaluable advice for merchants on vetting payment providers and understanding their effective rates. Tune in for a candid conversation that demystifies crypto payments and offers a glimpse into the future of finance.
What we Discussed:
0:00 Welcome & Introduction
0:37 Joe's 30-Year Career in Payments
1:35 The Crypto Journey: Skeptic to Dabbler
2:58 Crypto as a Payment Vehicle
3:51 The 'Kludgy' Reality of Exchanges
5:29 Crypto as a Cash Transaction
8:04 Platform Fraud & Spammers
9:02 The Rise of 'Friendly Fraud'
10:08 Identity Fraud in Digital Assets
11:41 NFTs and Utility Scams
13:22 Fraud at the Speed of Electrons
14:05 Synthetic Identity Fraud
14:35 Card Brands' Toehold in the Market
15:21 The Responsibility Gap in Fraud
25:00 The Cost of Small Transactions
25:34 Per-Item vs. Percentage Fees
26:52 Mitigating Low-Ticket Costs
28:02 Consumer Protection & Velocity Checking
29:26 Real-Life Fraud Example: Apple Store Chicago
31:12 PIN vs. Signature Security
32:02 Saving vs. Credit Culture
41:48 Joe's 'Big Bold Statement' on Banking
42:22 The Exchange Monopoly
43:11 The Potential for 0.1% Fees
43:52 Simplifying Global Remittances
44:34 Currency Complexity & Stablecoins
45:52 The Legitimacy of the Ledger
46:42 Dues and Assessments
47:22 The 'Trading Places' Analogy
48:19 Crypto ATMs Explained
49:34 The Mad Dash to the Bottom
50:21 The Wild West: Betamax vs. VHS
51:00 The 'Fog' of Relevancy
52:08 Blocking Innovation: Stripe & New Businesses
53:36 Stripe's $250 Minimum Withdrawal
54:19 Overnight Investment & The Float
54:50 FX Trading & The 'Black Box'
55:56 Joe's New Podcast: 'Hard Currency'
56:58 Where to Find Joe: Zaidis.com
57:33 Contacting Joe's Admin: Julie
57:51 Outro & Closing Remarks
How to Contact Joe Zahaitis :
https://www.zahaitis.com/
https://www.facebook.com/jzahaitis
https://www.instagram.com/jzahaitis/
https://www.linkedin.com/in/joezahaitis/
All about Roy / Brain Gym & Virtual Assistants athttps://roycoughlan.com/
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