From Start to Giving Up: Why It's Hard for Individuals to Independently Create Web3.0 Payment Systems!!!
Individuals want to create a Web3 payment system (like an app for receiving and transferring money using cryptocurrency), initially thinking it's super simple: write some code, connect a wallet, and they can take down Alipay and Stripe. But as they progress, it falls apart, why?
1. No License, Illegal: To operate payments, you must have a financial license and comply with anti-money laundering (KYC), which individuals cannot apply for, and you could be shut down by regulators as soon as you launch.
2. Money Can't Come In or Go Out: Users need to buy cryptocurrency with RMB or convert cryptocurrency back to RMB, which requires collaboration with banks or payment companies. But banks get scared off when they hear 'crypto' and won’t give you access.
3. You Bear All the Losses: If money is hacked, scammed, or if there are bugs in the contract, it’s all your responsibility. An individual lacks funds and a team, and a single incident could lead to bankruptcy.
4. No One Uses It: Regular people find it troublesome (they have to download a wallet and remember private keys), and merchants are also afraid of risks, leaving it only for people within the circle to play around.
So…!!! Web3 payments may look fancy, but they are actually hard work that burns money, relationships, and licenses. It’s a dead end for individuals; only large companies (like Binance) can withstand it.
If you want to play around, don't try to reinvent the wheel from scratch; use ready-made options (like Solana Pay or Circle's interface) and create a small tool to experiment with, but don’t go all in!!!
