Instant crypto payments in stores

[ivarvw]

Imagine the year 2025, when everyone has wallets with different crypto's in it: people will probably want to buy things with it in stores. The problem is that people do not want to wait half an hour for several block confirmations.

Will there ever be a world where people can pay with any cryptocurrency in a store? Will we need some kind of smaller 'buffer' wallet, that allows people to buy things instantly with a crypto paycard, so that the actual amount is taken from the address later? What about all these different cryptocurrencies; you can't ask a store to have 500 different wallets.

Just curious if there is a solution to this problem.

[owolabiayodele]

Imagine the year 2025, when everyone has wallets with different crypto's in it: people will probably want to buy things with it in stores. The problem is that people do not want to wait half an hour for several block confirmations.

Will there ever be a world where people can pay with any cryptocurrency in a store? Will we need some kind of smaller 'buffer' wallet, that allows people to buy things instantly with a crypto paycard, so that the actual amount is taken from the address later? What about all these different cryptocurrencies; you can't ask a store to have 500 different wallets.

Just curious if there is a solution to this problem.

There will be, with emerging tech such with speed like ripple and this Tangle Tech Used by IOTA....There is infinite possibility...Only that cryptos without good Value might not be possible for such use.

[bob123]

Fast, digital and secured payments are the goal of bitcoin. We are still in a pretty early phase of bitcoin.
How the goal of fast (and secured) payments is going to be achieved can't be said yet. It might be with the implementation of the lightning network.
But it may also be another solution which hasn't been thought of yet.
Segwit and the LN bring more than enough mid-term scaling to consider a solution for the long-term scaling issue.
But basically what you describe can be simply achieved with the lightning network (https://lightning.network/).

[leopard2]

Lightning network of course. It's sort of like a prepaid bitcoin account. You charge it and then you can spend even very small amounts with low fees and instant transactions.

My guess is that 2018 will bring us the first working LN-enabled Bitcoin clients and - if that works - Bitcoin Core is going to see a significant price increase.

If it does not work, BCH is going to be king.

Does anyone know if LN necessarily requires a third party (which could enforce KYC or gox you)? Or could a LN channel be supported on, say, Bitshares or some other platform?  

IOTA is messy and Ripple is like a bank, if you use Ripple you could just use VISA or Amex or Mastercard.

[herojess0]

There should be a bank or a visual bank of bitcoin and other type of currency. Then we can save and bank in and make more transactions.

[kymatic]

There should be a bank or a visual bank of bitcoin and other type of currency. Then we can save and bank in and make more transactions.

Some people think that lightning network will function in this way.

[cpfreeplz]

You're asking about something that's clearly explained in many different places. The lightning network. Just google it and go from there. No other crypto will standard a chance vs. Bitcoin.

[hugeblack]

Bitcoin was very fast and you need less than 1 hour waiting for confirmed.
Segwit and lightning network will solve this problem in the future.
you can try predicate credit card which takes a long time to be loaded and fast time when dealing.
------- load it at night and used it to buy things with it in stores.------------

[ranochigo]

The problem is that people do not want to wait half an hour for several block confirmations.

No reasonable store will force their customers to stand there and wait for several block confirmations. In the past, most of the stores did not require a single confirmation since it isn't that easy to double spend Bitcoins nor is it a huge risk for a small value item. Currently, it isn't an option, obviously due to the transaction fees.

Will there ever be a world where people can pay with any cryptocurrency in a store? Will we need some kind of smaller 'buffer' wallet, that allows people to buy things instantly with a crypto paycard, so that the actual amount is taken from the address later? What about all these different cryptocurrencies; you can't ask a store to have 500 different wallets.

Just curious if there is a solution to this problem.

Yes. If you use an offchain solution, its instant and free. Examples are Coinbase, Bitpay etc. I don't believe every store should accept all the cryptos either.

Other than that, lightning network would help.

[Maveth13]

Assuming by that time transaction fees are as low as just cents, and transaction time is almost instant, applying to most cryptocurrencies. People would still be reluctant to spend and use their coins(especially bitcoins) to buy things particularly with low price because of high volatility. Sure there's people who would use it but only few and for big transactions.

[snipetr]

Yes, this is one of the problem for bitcoin to come in routine use. As all we see bitcoin as a future currency, for that it must be easy and fast to handle, this is todays need of fast and quick life style. And bitcoin and other cryptocurrencies having strength to overcome these problems. Now a days people all over the world realised the benefits of cryptocurrencies and hence demand going to increse day by day. And this demand going to solve these problems to cryptocurrencies become in routine use.
And that will happen soon....

[DomainTorrent]

Imagine the year 2025, when everyone has wallets with different crypto's in it: people will probably want to buy things with it in stores. The problem is that people do not want to wait half an hour for several block confirmations.

Will there ever be a world where people can pay with any cryptocurrency in a store? Will we need some kind of smaller 'buffer' wallet, that allows people to buy things instantly with a crypto paycard, so that the actual amount is taken from the address later? What about all these different cryptocurrencies; you can't ask a store to have 500 different wallets.

Just curious if there is a solution to this problem.

By that time, technology would have revolved into a more advanced and a more sophisticated one. I foresee easier and faster transactions and perhaps done instantly. Cryptocurrency will make its way to every citizen of the world where it will become one of the regular currencies for day to day transactions. A special type of wallet will be developed to cater along with all these cryptocurrencies. That's how I see it.

[Accessence]

Yes and this is not even a far-fetched technology. We already have the right components in place and need to place them all together to make things work for Bitcoin. Already multiple projects like TenX and Monaco and working to make in-store payments through cryptocurrencies convenient for everyone.

[Oceat]

I think you were expecting some kind of technology that will make any cryptocurrency as a fiat currency that you can easily give in and take out anytime. Lightning Network will work just like that because of its capability to transact your cryptocurrency in just a second. So it will be like this, that you wanted to happen to any users of cryptocurrency but it will force the store owner to take a lot of different wallet too and you know how much bunch of different wallet that already exist and not thinking that there will be more cryptocurrencies that will keep on coming.