Too simple of an dapp?

I was thinking of a dapp that would make using the Eth network more accessible and usable to a variety of people. I cam across a simple idea that I’m sure tons of others have devised, and wanted to know why such a thing is not possible / or already done.

The idea is similar to Paypal. You can use Paypal to make secure purchases online by connecting your bank account to your paypal account. Similarly, we can use (lets call PayEth) to securely pay online. You would connect your Eth wallet to your PayEth account, and whenever prompted to pay for something online or in store, your PayEth account would convert the equivalent crypto balance to USD (or other currency) and complete the payment.

I’m sure I glossed over some fundamental details that are the reason this doesn’t exist. Could you poke holes in my idea and highlight the flaws?

Sorry if this question is noobish, I am just getting started and wanted to hear your thoughts

What do you think?

10 Points
Upvote Downvote

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

One Comment

  1. The only problem with utilizing fiat in your apps like USD is that your whole project changes and you basically have to register as a sort of banking service with the government. You also have to aquire a variety of licenses and large fees you have to pay to act as a facilitator of fiat money. Thats largely the reason why many ethdevs don’t handle fiat in their dapps.

Goldmine Finance, the next goldrush

🏹 BTH 🎯 Bot Hunter Token | Track & Report & Eliminate Bots🤖 Earn Rewards | Unique Concept | Launch this Month