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Author Topic: Faster bitcoin alternative tied in to bitcoins?  (Read 2544 times)
bitcoinaddict
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June 24, 2011, 05:55:18 PM
 #21

Ok, so it seems best case scenario requires some sort of payment processor to 'guarantee' the transaction, similar to Visa/MC.

How would such a system be developed?  Would you use smart-cards with certificates, USB devices, account number and pin number required to be memorized, qr code on smart phone coupled with a merchant bar code scanner?

It would be nice to have a payment processing system that charged a MUCH lower percentage than Visa/MC (typically 1.5-3% plus a per transaction fee).  If you could set up a bitcoin payment processing system that charged, say 0.5% or similar and no transaction fee you would have a huge advantage and probably be able to get a faster adoption rate by the merchant community.  If it didn't require any fancy dedicated terminals that cost money or could break it would be an even bigger bonus.

But it has to be simple to use and set up, similar to a credit card machine.  Think of the amount of training a typical retail employee gets, it will be very little.



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June 24, 2011, 06:07:59 PM
 #22

I think the easiest way to do it would be to add BTC as a new currency on the existing system of magstripe readers.  Smiley

Of course, if you don't want to wait for Visa, MC or Discover to catch on, it'll have to be all online.  Start with a website, then add an API that lets ecommerce developers and POS vendors add your system as another payment method.

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