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Does chess.com really not accept anymore cryptocurrency payments?

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seaview19

Can't be true, or? But under Settings/Membership&Payment/Membership Plans I find no crypto payment option anymore...

And the official chess.com information backs this:

https://support.chess.com/en/articles/9473098-what-payment-methods-does-chess-com-accept

Since when and why crypto payment is gone on chess.com? And when it will be back?

Martin_Stahl
seaview19 wrote:

Can't be true, or? But under Settings/Membership&Payment/Membership Plans I find no crypto payment option anymore...

And the official chess.com information backs this:

https://support.chess.com/en/articles/9473098-what-payment-methods-does-chess-com-accept

Since when and why crypto payment is gone on chess.com? And when it will be back?

I believe crypto options have been removed and I don't think there are currently plans to bring them back.

JailhouseTaught
Crypto markets are nearly completely unregulated and it makes sense that a site like Chess.com would not accept crypto payments.
JailhouseTaught
You might as well accept magic beans for payment. They’re not stupid
JailhouseTaught
“Hey accept this digital payment for $69 that could be worth $14 when you wake up in the morning.” Yeah, same reason they don’t take stock as payment for membership pretty much
seaview19

As somebody with 20+ years banking experience, I can tell you that these are no arguments: you can hedge positions, you can immediately exchange them, etc. etc. All variants cost some small percentage fees, but most people pay with paypal and paypal costs the accepting part also some percentage. Fact is that the fees are nothing compared to the loss of clients who solely want to pay with crypto, mainly for privacy reasons. This is the year 2024: crypto is nowadays accepted in nearly all online shops. Elon Musk thinks that crypto is the future and in Europe real estate agents start to accept crypto even as payment for expensive houses, even the SEC allows now ETFs in crypto.

So this chess.com decision is highly questionnable and it is somehow amusing that many "oldfashioned" online shops accept crypto and the nr. 1 online chess tech site does not.