Vlad
People (including many in the "crypto space") often fail to distinguish between sender privacy and receiver privacy - and that both sides can legitimately have different requirements.
Kagi, as the Receiver of crypto payments, is a regulated, tax paying entity and it certainly doesn't want to "hide" the fact that they received income via crypto rails. In fact, it is more than likely that they just want to convert into USD asap, in the most cheap and least-bookkeeping hassle way.
It is thus perfectly legit to use a payment processor - which Kagi will have to KYC themselves (but not the user!!) with.
The Users, as the Sender of payments, on the other hand want to "hide" that they spent their coins to Recevier Kagi.
It is thus up to the User to select a crypotocurrency for payment that is inherent "private" such as Monero or, in the case of public blockchain such as Bitcoin, don't pay with with utxos that are associated to their real-life identity. But again, this the job of the user - not the merchant (Kagi)! They should make sure their personal privacy requirements are met, and that they are not shooting themselves in the foot. This is what's ruihildt is confusing imho.
What to choose now?
Assuming Kagi's requirements are:
- accept Bitcoin and Monero as the most asked-for coins
- not hiding this income, and thus be totally fine with KYC-ing themselves (Kagi) with a third-party
- easy integration and reporting (e.g. for bookkeeping)
- convert cryto into fiat (USD)
I would recommend Coinpayments.net as the payment processor . Why?
- They support Bitcoin and Monero. which should make everyone on this thread happy
- They also support Bitcoin Lightning payments (as opposed to Coinbase), which is a novel instant-transfer mechanism of Bitcoin that has much lower fees and much better privacy for the sender. This is a huge draw for the Bitcoin portion of the users (certainly me). While to Kagi,it doesnt make much of a difference (since they receive everything into their custodial Coinpayments walllet anyway), but it would make additional users happy (= moar customers)
- The user does not have to reveal their identity to the payment processor. They just pay the invoice to CP anonymously, and CP communicates back to the merchant "Payment success"
- They take a pretty low transaction processing fee of 0.5%. - vs 1% at Coinbase.
- They support crypto-to-crypto swaps inside their wallet. This is useful for Kagi when they want to consolidate prior to cash out, as they do not have to cash out ten different balances individually. If you fear the exchange rate fluctuation, you could also swap periodically into USDT (Tether) stablecoin.
- Good merchant tools (API, payment button, shopping cart etc) https://www.coinpayments.net/merchant-tools
NOTE: it does not directly support conversion into USD. For that you would need an additional account at an exchange. I would recommend one that supports BTC Lightning (LN), such as Kraken.com or Bitfinex (not Coinbase) but you are free to choose. If you perfer to convert your balance into stablecoins, then you may not care too much.
