Just a general question, as someone who works within the industry. Has anyone ever executed any transactions using cryptocurrency as the medium of exchange for collectibles? If so, and if you are willing to disclose, was the item up for exchange sealed product or graded cards?
I imagine for such an arrangement to be adequate, it would need to be performed in-person, and of course the counterparties bearing credibility.
Woah, this is awesome to see and I assume this is just one of many, thanks for sharing!
I’ve paid with Bitcoin for MTG cards before (though this was several years ago at this point). It works the same way as any other form of payment. You send the money and the other party sends the cards. It’s basically like doing a wire transfer since I don’t think there’s any way to reverse crypto transactions – so make sure you’re buying from a trustworthy seller.
Yes. Met in person at a local card shop. Graded card. I was paid in Monero. We waited about 10 minutes for the transaction to fully confirm. No problems. Would definitely consider accepting it again. Seems kind of strange that there isn’t more people using it honestly since the economics of it make perfect sense considering you can cut out credit card processing fees, ebay fees, paypal fees and so on.
Fun fact, MtGox, a notorious Bitcoin exchange that was hacked for billions of dollars worth of BTC back in the day, was initially a platform to trade digital MTG cards.
Correct, it is extremely difficult (and expensive) to reverse transactions, one could even argue “impossible” with a network as distributed as Bitcoin. Thanks for sharing.
That’s awesome to hear, I’d say it’s not often to find any counterparties who are willing to use it as a medium of exchange. I think the UX in committing to a deal such as so, is quite unattractive. Especially in times like these and if the buyer is abroad but also if someone isn’t experienced with using digital currencies, there is a steep learning curve for the average individual.
From an economical perspective, you’re right, it’s a more efficient way to maximize your sales. What would be more interesting is not using digital assets that are prone to volatility such as USDC or DAI (stablecoins, pegged to USD). As one may be liable for CGT (Capital gains tax) after executing a deal if the price of the commodity increases while the counterparty still has it in their possession.