Wow  this is probably the best solution for bitcoin payments I have seen so far. I have a couple of questions though. 1. How do I join the DEX network? 2. Will the app work in the US? You simply register and verify your account on the Plutus DEX platform when its launched early next year. And yes the app will be available to use in the US. |
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12K hits in 8 mins. Thanks forum: http://plutus.it/ |
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Bitcoin accepted everywhere. That’s the dream, right? Just like you, we want every merchant to accept Bitcoins and other digital currencies. But the fact is most merchants have been slow to get on board – which is understandable. They’re not clued up about crypto like you, so they’re naturally sceptical about it. And a merchant that starts to accept Bitcoin is still a notable celebration that echoes on the community message boards. We want to change that. The problem is we have a big chicken and egg issue with Bitcoin. Without enough merchants, Bitcoin will struggle to become mainstream. But without mainstream use merchants don’t have enough incentive to accept it. Take NFC contact-less card payments, for example. Three years ago the market was at a standstill at around £650m. It has since grown tenfolds and is predicted to reach £17.7 billion next year in the UK alone. This is thanks to a small company called Transport of London, which was one of the first merchants to accept contactless payments, moving us faster towards a cashless society. Plutus solves this problem by circumventing it. Instead of trying to dig a tunnel through the mountain, we’ve built a fast road around it. Plutus uses the existing infrastructure to give you a technology that lets you pay with Bitcoin at dedit card (contactless) accepting merchants worldwide, using your Plutus mobile wallet. The store does not need to accept Bitcoin, which makes Plutus a extremely efficient way to spend your digital currencies. Instead of using a third part exchange for conversion we use a true peer to peer decentralised [DEX] method for transfer of value. We're at the early alpha phase and conducted a first succesful instore test today. So we wanted to introduce this to the community for your valuable feedback and support. Website: https://plutus.itEvergreen blog post covering important questions: https://plutus.it/blockchain/infographic-how-do-we-expand-the-use-of-bitcoin/Twitter: https://twitter.com/Plutus_TapPayI am getting the same error as the above user mentioned. I do not fully understand how this work. So, basically I can pay using Bitcoin at any shop that accept Dedit (debit?) card. I just need to use my phone NFC functionality to make my phone a dedit (debit?) card? Yes precisely. Bitcoins you deposit are converted to your local currency on the DEX network and funded on to your virtual debit card to spend at NFC checkout terminals worldwide. Explained in this blog here: https://plutus.it/blockchain/infographic-how-do-we-expand-the-use-of-bitcoin/Ddos, should be up shortly. |
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"In the Bitcoin community, a merchant starting to accept the digital currency is still a notable celebration that echoes throughout the message boards. It’s a surprisingly difficult accomplishment. But we believe that our new development can duplicate this feeling of sheer vindication and make it happen worldwide. We didn’t want to wait. Although it has been great for marketing the Bitcoin brand, it hasn’t really changed consumer behaviour. Most of these merchants are either local, or places where a consumer might only shop a few times in their life." https://plutus.it/blockchain/infographic-how-do-we-expand-the-use-of-bitcoin/ |
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How do I sign up to become a buyer on the network?
On our website after its launch in Q1. When will users see the benefit of low fees, if services like these add fees onto every transaction and also "mask" that you are using Bitcoin? This for me, is a mix between BitPay and Xapo? The real idea about Bitcoin, is for people to use it directly and to receive immediate reward, due to the low fees. To answer your question on merchants, I would say that you need to highlight the advantages of lower fees and also the new payment channel that are being opened.  We wanted to stay with the philosophy of Bitcoin and remove ourselves as the intermediary and rely on smart contracts instead. The p2p exchange happens without the need of us to hold the digital currency. Its true, the merchant doesn't receive Bitcoin but you (the user) is still using Bitcoin. The store doesn’t even need to be aware of this. The app uses a smart contract to provide you with the bitcoin address of a trader willing to buy your coins, and your deposit will automatically be exchanged to the merchant’s local currency for payment. This is also done so the user gets the best rate and low fees when dealing directly with the trader. Service fees will be offset to the traders who profit from buying the coins, not the person using the app for his shopping. The idea behind Plutus is not to be disruptive and bring about a change to the payments industry. Simply making it easier to spend Bitcoin for every day use, with out the need of a merchant accepting it. |
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Getting merchants to accept Bitcoin has been a uphill battle even for some of the well funded payment processor. We gave a good example of NFC payments being stuck at a standstill before booming to new heights because of London Transport. Same can happen with Bitcoin if the technology makes it more common for everyday use. Merchants will follow the trend as they have done in the past. But even if they don't, you can still pay with Bitcoin and they will receive fiat at the NFC checkout terminal, which is why we built Plutus to help the community spend their Bitcoin at any merchant they want instead of having to wait for widespread merchant adoption. From our comments above and the recent QA on reddit ( https://redd.it/3sabrd) anyone will notice Plutus is absolutely intended for users who get paid in bitcoin, earn bitcoin through mining, receive bitcoin remittances, or travel a lot. Unlike fiat, the bitcoin is converted to local currency automatically. This especially addresses freelancers, the unbanked and anyone who doesn't want handover their coins to a third party to manage. |
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This seems like a good idea, but it's very, very similar to the current bitcoin debit cards that have been very popular lately. Eventually fees weigh in a bit... And what we want is merchants accepting Bitcoin NFC payments  I hope this is a good and affordable service, nevertheless, it will certainly be very handy  Sure you can look at it that way but only that its much more convenient and cheaper with Plutus. With Bitcoin debit cards you have to: 1. Fill out a lenghty form. 2. Send bitcoins to a third party (this has its own risks). 3. Pay for physical card issuance. 4. Wait for upto 20 days to receieve your card. 5. Get unfair conversion rate. OR You can simply download the Plutus app, deposit a small amount to your phone, get the best rate on conversion (decentralised market) and by the time you get to the store you will be able to spend it effortlessly. |
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Our team is currently working on a platform that will make it possible to pay with Bitcoin at any NFC terminal in the world. Our goal was to make it more decentralized than others. This is why we have created a decentralized exchange where traders will immediately purchase your bitcoins, which automatically charges your virtual NFC credit card with the local currency of your merchant. This makes Bitcoin NFC payments fast and seamless without having to wait for adoption. PLUTUS.it is a world where everyone accepts Bitcoin.You can check out our website and sign up for updates: http://plutus.it (we launch in Q1 of 2016) But speaking of Bitcoin adoption, what we really wanted to do is ask the community - what are your best ideas for convincing merchants to view Bitcoin as a serious currency? You will get a chance to be an early adopter of Plutus and be one of the first to test the beta. We really want to know how Bitcoin can be spread effectively through social media and word of mouth, and we believe that some of you will have clever ideas to contribute. Let's try and start a Bitcoin revolution. We'd love any feedback you can throw our way. your service, is basically localbitcoins then.. but instead of wire transfers, its funding to a virtual debit card.. ok i get that part. which is.. kinda ok, for people that want to use fiat retailers without the hurdles (hoping you have removed the hurdles localbitcoins has). but i do not yet see your plan or business model showing us how you will get all these NFC fiat retailer to get onboard. so here are my idea's 1(a). virtual visa charge X% per transaction(merchant usually gets hit by that) 1(b). NFC merchants usually buy/lease the sensor equipment and need to subscribe to payment processor contracts. 1(c). you(PLUTUS) would take a cut somewhere in the middle either as a fee or by messing with the conversion value to bite out of the spread so bitcoin user, paying bitcoin merchant can offer discounts because (a)(b)(c) wont be needed. you(PLUTUS) can still make profit when the merchant wants to convert their received btc into fiat, so relax you still have a role. 2. to be considered a serious currency. bitcoin needs to be useful to buy toilet paper, baked beans, bread and milk.. so although using things like Dell, Overstock as prime examples of bitcoins validity. i think you need to get some of the grocery/supermarket chains onboard. then transport networks.. then taxi's, and whatever else may use NFC.. (if NFC is what you are concentrating on) which im sure your plan is.. afterall the NFC technology(face to face shopping locations) is useless to dell and overstock(remote shopping sites) Walmart for instance would be the biggest shining light media attention for bitcoin, if they started accepting it.. then all the starbucks and other retailers would follow If you insist on a analogy then yes you can look at it that way. However Plutus follows the philosophy of Bitcoin more closely by connecting you directly with traders who buy your bitcoins in return for funding your contactless card. This means we don't have any hot wallets, which takes away the risk of cyber theft and the only middle man to trust in this case; is the smart contract. We'll soon be doing a short proof of concept documentary for Plutus. This will cover most of the things you mentioned like buying groceries and everyday payments. Not as good as the merchant directly accepting bitcoin but its a step towards convenience nonetheless. They may notice that there is an entire profit industry built on their reluctance to accept it. Merchants usually only respond to market pressure and cold hard stats. |
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They use existing infrastructure that lets Bitcoiners take hold of the many locations offering Tap & Pay solutions. So essentially every merchant out there with a Tap & Pay setup becomes a 'bitcoin accepting merchant' without them even knowing it. So its basically the same as paying with a bitcoin debit card where it does not matter whether the merchant accepts bitcoin or not as they get paid in fiat as for any other transaction. Maybe this is the way to go to drive mass adoption of bitcoin. Instead of trying to get all merchants onboard use their existing technology in this way so they all indirectly become bitcoin merchants. The key difference between Circle Pays NFC and Plutus is it uses a decentralized exchange for the trading. The Plutus spokesperson claims: “Plutus mitigates counterparty risk, improves liquidity, and has numerous other benefits. We wanted to make sure that users did not have to rely on us as a middleman.” I like this idea of having the transactions go through a decentralised exchange. Not sure if I understand it correctly but this should mean that you should be able to get the 'best' exchange rate each time when a transaction is made. I like this idea of having the transactions go through a decentralised exchange. Not sure if I understand it correctly but this should mean that you should be able to get the 'best' exchange rate each time when a transaction is made.
It's possible that they're selling the BTC through the Liquid sidechain, which I believe is up and running as of a few weeks now. That would satisfy the description of "decentralised exchange", and makes alot of sense seeing as Liquid can be the only credible working decentralised exchange right now. If this idea delivers the promises, I'd be all over it. Go Plutus. Hi Guys, You can visit our recent Q&A on reddit, here you will find some useful answers on Plutus. https://redd.it/3sabrd |
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