Crypto payments postponed

Once again, the flaw of centralized systems reveals itself. That is discontinuity. This website utilizes free and open source software called WordPress, which has a standard commerce plugin called WooCommerce. Both of these systems are very secure, durable, and in some respects decentralized.

There was a third system involved called CoinPayments, and they are discontinuing services in the United States. Through them as the fiat payment processor via another centralized exchange, I was able to offer payments in a variety of cryptocurrencies. I had selected Bitcoin and Litecoin, of course, and to give Ethereum a bone, Shiba Inu.

Given that my whole system here is dependent on these outfits continuing to get up in the morning, I have to suspend CoinPayments and seek a new solution.

The reason provided by CoinPayments has everything to do with the market in the U.S. and its regulatory environment. For instance, the value of one Litecoin is roughly the same as one Mammoth belt. If I receive dollars, I am taxed on the profit of that sale. If I convert crypto to dollars, then I am taxed on capital gains, but all I did was make a sale. This environment was created by centralized banking and secured by federal taxation.

Held Gear believes in the power of cryptocurrencies toward a people powered economy and that these currencies will be essential when Held open up to international sales.

Short of returning to a pre-networked, pre-telegraphed world, the likelihood of a non-digital currency dominating our system in the future is almost zero. Whatever it is, it should be networked by the people.

Looking forward to reaching a solution and reintroducing crypto in a more directly managed way. It might not be possible in the WooCommerce checkout system. I might offer cash mail order and crypto transactions using a form module. We shall see.

By Held

Held produces industrial strength vegan gear handmade in America.

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