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Author Topic: Solution For Services Who Want To Adopt Bitcoin  (Read 279 times)
mrcash02
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November 23, 2017, 08:29:10 PM
 #1

It's a big concern from businessesmen to start accepting Bitcoins on their stores, restaurants, etc. And one of the main reasons is because the time the transaction takes to be confirmed is too long. Then I was thinking what could be useful for them: To let their customers open a account on the service's site and add BTCs to their balances.

Then, when the customer goes the place and buy/pay for something, the amount will be deduct from this balance. So you don't need to worry about sending low transactions paying expensive fees and about waiting too much time to have your transaction confirmed.

What do you think?

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November 23, 2017, 09:02:54 PM
 #2

In a way, it's already there. People can sign up for a Bitcoin related debit card and then just deposit a certain number of coins in their account, which from that point will be their balance. It will allow you to pay almost everywhere in the world, and in some cases even withdraw cash money through ATM's and stuff. If we look at businesses accepting Bitcoin through third party payment processors such as BitPay, and you include a proper fee, and at the same time your transaction value isn't higher than for example $50-$100 (there is a limit, but not exactly sure what hight), it mostly will not require you to wait for that first confirmation. If you include a lower overall fee, then you will have to wait. The lower the fee, the more exposed they are to double spend attacks.

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November 24, 2017, 04:12:01 PM
 #3

In a way, it's already there. People can sign up for a Bitcoin related debit card and then just deposit a certain number of coins in their account, which from that point will be their balance. It will allow you to pay almost everywhere in the world, and in some cases even withdraw cash money through ATM's and stuff. If we look at businesses accepting Bitcoin through third party payment processors such as BitPay, and you include a proper fee, and at the same time your transaction value isn't higher than for example $50-$100 (there is a limit, but not exactly sure what hight), it mostly will not require you to wait for that first confirmation. If you include a lower overall fee, then you will have to wait. The lower the fee, the more exposed they are to double spend attacks.

The debit card is an interesting option, but this way we still need fiat, I believe the idea is to skip completely fiat and use only Bitcoin, only this way the transaction will be fully decentralized. If each site gave the chance to each user have his balance on site, we could send money to the balance with low fee days before you would need to buy something.

For an example: I want to go to a restaurant on Saturday, then days ago I can already fund my restaurant's account with BTC with low fee transaction, it will be enough time to have my balance updated until the day I need the money. Then the restaurant just debits the bill later, instantly, after the dinner.

Nice feature for airlines businesses too that force you to use credit cards...

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November 24, 2017, 07:12:06 PM
 #4

Maybe there can be developed a "separate" bloclchain specifically made for caffes, restaurants, etc... places when you would need a fast transaction. It would be working like when you make a transaction, it would store bitcoins on a separate blockchain that would be implemented in the original one during the non-working hours ~5 hours. So with that, the transaction would be done instantly and then later on synced to the main one.



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tomahawk9
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November 24, 2017, 08:00:27 PM
 #5

Most of the business (restaurants, online retailers, sites like Steam, etc) that accept Bitcoin are using BitPay or Shopify as the platform for btc payments, that specifically deal with those kind of problems (low fee tx, long wait times). To be honest, there's no real solution other than the full implementation of Segwit, and the Lightning Network. For now, everyone knows about the scalability problem (vendors and buyers) so I doubt people aren't already prepared to pay high fees (or at least not an extremely low fee) to buy stuff.

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player514
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November 24, 2017, 10:26:34 PM
 #6

It's a big concern from businessesmen to start accepting Bitcoins on their stores, restaurants, etc. And one of the main reasons is because the time the transaction takes to be confirmed is too long. Then I was thinking what could be useful for them: To let their customers open a account on the service's site and add BTCs to their balances.

Then, when the customer goes the place and buy/pay for something, the amount will be deduct from this balance. So you don't need to worry about sending low transactions paying expensive fees and about waiting too much time to have your transaction confirmed.

What do you think?

Why is it necessary to load money into the account? Instead, the seller can just use an autopayment site like bitpay or rocketr. These already have full implementations for their payment processors and there have been few known issues with their payment functions. If some large corporation tried to centralize payments, they would run into issues with refunds and people who don't understand how BTC works.

mrcash02
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November 25, 2017, 02:10:05 AM
 #7

It's a big concern from businessesmen to start accepting Bitcoins on their stores, restaurants, etc. And one of the main reasons is because the time the transaction takes to be confirmed is too long. Then I was thinking what could be useful for them: To let their customers open a account on the service's site and add BTCs to their balances.

Then, when the customer goes the place and buy/pay for something, the amount will be deduct from this balance. So you don't need to worry about sending low transactions paying expensive fees and about waiting too much time to have your transaction confirmed.

What do you think?

Why is it necessary to load money into the account? Instead, the seller can just use an autopayment site like bitpay or rocketr. These already have full implementations for their payment processors and there have been few known issues with their payment functions. If some large corporation tried to centralize payments, they would run into issues with refunds and people who don't understand how BTC works.

To skip the "middleman" service. These services are really useful and interesting, but why must people use them?

There could be other options if wished...

player514
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November 25, 2017, 02:16:23 AM
 #8

It's a big concern from businessesmen to start accepting Bitcoins on their stores, restaurants, etc. And one of the main reasons is because the time the transaction takes to be confirmed is too long. Then I was thinking what could be useful for them: To let their customers open a account on the service's site and add BTCs to their balances.

Then, when the customer goes the place and buy/pay for something, the amount will be deduct from this balance. So you don't need to worry about sending low transactions paying expensive fees and about waiting too much time to have your transaction confirmed.

What do you think?

Why is it necessary to load money into the account? Instead, the seller can just use an autopayment site like bitpay or rocketr. These already have full implementations for their payment processors and there have been few known issues with their payment functions. If some large corporation tried to centralize payments, they would run into issues with refunds and people who don't understand how BTC works.

To skip the "middleman" service. These services are really useful and interesting, but why must people use them?

There could be other options if wished...

Regardless of which service people use, the ones that I stated or the idea that OP had, there would always be a middleman. In op's situation, he's stating that the middleman is this other service that acts like a debit card account. It still is a middleman service, but it may be not as clean as bitpay or the selling sites are.

mrcash02
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November 25, 2017, 03:18:10 AM
 #9

It's a big concern from businessesmen to start accepting Bitcoins on their stores, restaurants, etc. And one of the main reasons is because the time the transaction takes to be confirmed is too long. Then I was thinking what could be useful for them: To let their customers open a account on the service's site and add BTCs to their balances.

Then, when the customer goes the place and buy/pay for something, the amount will be deduct from this balance. So you don't need to worry about sending low transactions paying expensive fees and about waiting too much time to have your transaction confirmed.

What do you think?

Why is it necessary to load money into the account? Instead, the seller can just use an autopayment site like bitpay or rocketr. These already have full implementations for their payment processors and there have been few known issues with their payment functions. If some large corporation tried to centralize payments, they would run into issues with refunds and people who don't understand how BTC works.

To skip the "middleman" service. These services are really useful and interesting, but why must people use them?

There could be other options if wished...

Regardless of which service people use, the ones that I stated or the idea that OP had, there would always be a middleman. In op's situation, he's stating that the middleman is this other service that acts like a debit card account. It still is a middleman service, but it may be not as clean as bitpay or the selling sites are.

No. OP says for an example: You go to a fast food shop and this fast food has a site online which allows you to have a balance on it in Crypto-Currency (no middleman, it's between you and the fast food only). Then you buy some food and pay (maybe tipping a code that belongs to your account), right after the amount is debited from your balance on the site. The buyer is dealing directly with the seller, vice-versa.

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November 25, 2017, 03:58:01 AM
 #10

It's a big concern from businessesmen to start accepting Bitcoins on their stores, restaurants, etc. And one of the main reasons is because the time the transaction takes to be confirmed is too long. Then I was thinking what could be useful for them: To let their customers open a account on the service's site and add BTCs to their balances.

Then, when the customer goes the place and buy/pay for something, the amount will be deduct from this balance. So you don't need to worry about sending low transactions paying expensive fees and about waiting too much time to have your transaction confirmed.

What do you think?

Its very good idea to open an account to in any store like you said.
But for any new interpreneur that just open their store that will difficult.
Why? It needs the high trust of customer then customer without worry open account and put some balance in account.

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November 25, 2017, 07:53:42 AM
 #11

It's a big concern from businessesmen to start accepting Bitcoins on their stores, restaurants, etc. And one of the main reasons is because the time the transaction takes to be confirmed is too long. Then I was thinking what could be useful for them: To let their customers open a account on the service's site and add BTCs to their balances.

Then, when the customer goes the place and buy/pay for something, the amount will be deduct from this balance. So you don't need to worry about sending low transactions paying expensive fees and about waiting too much time to have your transaction confirmed.

What do you think?

This is a concern really but at the same time a lot of alternatives are being provided it might not be to the extent we want it but the timing can be reduced and at same time the fees can be eliminated. What you proposed is something I have seen happen for a peer to peer site. What is made available is an API which a merchant can install on his site, if I as a buyer wants to pay, this linked up to the site itself, the transfer is done and no transaction fee is paid, confirmation time is even the fastest I have ever seen.

But the concern is that, you cannot force your clients to open account on your preferred site but hopefully things can get better with all the various development going on.

Kingofbitcoin12345
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November 25, 2017, 08:23:41 AM
 #12

Loving the idea but my only concern is the fluctuating price of bitcoin in a certain time of transaction.. Is the price be depend upon the bitcoin in usd converted or a fix btc.. If so does the value-added-tax deducted accordingly.. I’m a fast food/restaurant lover person and this alternatives might give much benefits for bitcoin enthusiast in all the world.. Hope it can be implemented in a country that I’m living now.. This concept also works as a promotional platform with cryptocurrency..

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November 25, 2017, 01:08:02 PM
 #13

Most of the business (restaurants, online retailers, sites like Steam, etc) that accept Bitcoin are using BitPay or Shopify as the platform for btc payments, that specifically deal with those kind of problems (low fee tx, long wait times). To be honest, there's no real solution other than the full implementation of Segwit, and the Lightning Network. For now, everyone knows about the scalability problem (vendors and buyers) so I doubt people aren't already prepared to pay high fees (or at least not an extremely low fee) to buy stuff.

Hopefully Segwit will have full support for implementation. The faster the transactions the brighter the future for such platforms or processes to accommodate solutions to businessmen. But yes, it's will cost a bit higher.

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November 29, 2017, 11:44:33 PM
 #14

So if the restaurants, online retailers, sites like Steam can adopt bitcoin for services is a big solution, because by using bitcoin we easyly used by that and fast so we dont make it hard for us by using that.

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