On the Coil developers site there’s a page proudly answering the question who is web monetized?
You’ll some familiar sites in there: CSS Tricks, A List Apart, and even this humble website, adactio.com.
But lest you think that this social proof is in any way an endorsement, I should probably clarify what my experience with Coil has been like.
Coil itself is grand. You get an identifier and you add it to your website in a
meta element, much like you would do with indie web endpoints for webmentions or micropub.
The problem is with how you then actually get hold of any money that is owed to you from micropayments. Coil doesn’t handle this directly. You have to set up a “wallet” with a third-party service and therein lies the problem.
They are all terrible.
I’m not talking about the hoops you have to jump through to set up an account. I get it. This is scary financial stuff so of course I’ll need to scan my passport and hand over loads of information (more than is needed to open an actual bank account with, say, Monzo).
No, the problem is the stench of crypto.
I tried Stronghold for a while. They really, really don’t want you to use boring old-fashioned currencies like the euro or the pound. There’s also Gatehub. Same. And there’s Uphold. Also a shell game.
I’ve been using Coil and Uphold for a while now, and I’ve amassed a grand total of £6.06 — woo-hoo! So I log into my account and attempt to transfer that sweet, sweet monetisation and …I can’t.
The amount needs to be greater than or equal to £11.53 GBP
But I can still exchange that £6.06 for magic beans like Bitcoin, XRP, and Ether.
The whole thing smells of grift and it feels icky to be in any way associated with it. I understand why Coil needs to partner with existing payment providers, but it would be nice if just one of them weren’t propping up ponzi schemes. If anyone has found a way to get web monetisation to work without needing like you need to take a shower afterwards, I’d love to hear about it.