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Author Topic: BTC payment only?  (Read 1904 times)
TomWilson32959
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March 12, 2018, 06:29:03 PM
 #1

As of now I know that BTC is more on Payment. In the future will we utilize a Smart Contract-like?
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March 18, 2018, 07:54:53 AM
 #2

Many many payment system using blockchain such as XLM(Stellar), XVG(Verge) and ...etc

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March 18, 2018, 08:00:34 AM
 #3

smart contracts aren't really complicated things that requires some weird advanced or dedicated thing. it can already be done in bitcoin to some extent. but since bitcoin is a currency having things like what you see today in form of Smart Contracts is not really wise on bitcoin.

in any case there are works being done to add such features but as side chain (if i am not mistaken, or maybe second layer). long story short if you are interested in this check out RootStock www.rsk.co which is what i am talking about.

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Manoharachan
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March 18, 2018, 08:15:04 AM
 #4

I also prefer to use bitcoin for transactions because in time as well as other things bitcoin has a better advantage, it's the one that makes the attraction for me.
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March 18, 2018, 08:19:34 AM
 #5

I think more than 1 system Grin
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March 18, 2018, 08:21:17 AM
 #6

BTC is actually not very practical for payments and transactions for 2 reasons :

* High transaction costs
* Slow confirmation times

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March 18, 2018, 08:50:21 AM
 #7

BTC is actually not very practical for payments and transactions for 2 reasons :

* High transaction costs
* Slow confirmation times
Yes absolutely right! but if you and merchants can use coinbase then it's going to easy and super fast.







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Df9898
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March 18, 2018, 08:54:57 AM
 #8

I think if the payment entirely using bitcoin I think many problems later on so payment via bitcoin it seems to me if the payment through the bitcoin then cash no and the person who cannot do online transactions will confused and cause a loss as a lack of food and many more.
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March 18, 2018, 09:18:54 AM
 #9

Most of DEV learn to code anything using smart contract such as a payment system Grin
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March 18, 2018, 10:11:55 AM
Merited by dbshck (1)
 #10

BTC is actually not very practical for payments and transactions for 2 reasons :

* High transaction costs
* Slow confirmation times
Yes absolutely right! but if you and merchants can use coinbase then it's going to easy and super fast.
.. but if your using coinbase... then you back to using third party systems again... which negates the whole point and purpose of what bitcoin was suppose to be about

EG
if your just going to swap 'balances' within coinbases user database you might aswell just be using paypal.

funny part is that if coinbase/bitpay say that they can send a merchant a FIAT wire transfer the next day.. it just proves that the FIAT wire transfer only takes a day

the whole point of bitcoin was that merchants should directly accept bitcoin for their goods and then that merchant pays salaries and its suppliers in bitcoin the same day. without the need to put funds into an account/address/channel that requires another persons agreement/control/signature

just having bitcoin as a asset currency but rely on third party services as they payment method/gateway/route makes bitcoin no better than fiat as a currency. which then just reduces its utility to be just a asset

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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March 18, 2018, 10:18:06 AM
 #11

BTC's last use should be as payment and investment, BTC as payment method, which can be more acceptable.


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March 18, 2018, 10:29:40 AM
 #12

As of now I know that BTC is more on Payment. In the future will we utilize a Smart Contract-like?

Bitcoin is likea  currency however smart-contract is a protocol intended to verify or facilitate a credible transactions or in more simple words agreement that can be enforced through a blockchain.

Bitcoin protocol can be used to create smart contracts. https://particl.io/ is doing this by using Bitcoin-based smart contracts to manage funds in their trustless escrow.

You can read some details here https://bitcoinmagazine.com/articles/yes-bitcoin-can-do-smart-contracts-and-particl-demonstrates-how/

BTC is actually not very practical for payments and transactions for 2 reasons :

* High transaction costs
* Slow confirmation times
Bitcoin is still evolving multiple solutions are on the table already like SegWit, Sidecahins or Off-chain. We should give some time and best out of it will come yes these are the current issues but theseare  solvable. Bitcoin community is working to hard address all these.
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March 18, 2018, 11:17:23 AM
 #13

Yes I think bitcoin is great for payment tools like bills, because it makes it easy for someone to invest and pay, but not all of our bills can use bitcoin like paying for school....
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March 18, 2018, 02:30:40 PM
 #14

That depends on what community wants, but surely will disagree and say use altcoin for smart contract. But Bitcoin already have something similar , even though it's far more simple with limited usage and non-turing complete (which means not support complex smart contract).
Also, there are 2 better smart-contract proposal which are Simplicity and Ivy for Bitcoin, even though both aren't mean for complex smart-contract.

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March 18, 2018, 02:34:40 PM
 #15

BTC is actually not very practical for payments and transactions for 2 reasons :

* High transaction costs
* Slow confirmation times
I think bitcoin is suitable for large payments. With Bitcoin you can conduct transactions all over the world extremely fast at extremely low cost, guaranteeing privacy and high security. Particularly, in addition to the purchase, you can also create your own Bitcoin thanks to a powerful enough computer.



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rext
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March 18, 2018, 02:38:14 PM
 #16

BTC's last use should be as payment and investment, BTC as payment method, which can be more acceptable.


Bitcoin can be used to pay for the following benefits:
- Bitcoin makes trading happen fast
- Bitcoin trading at extremely low cost
- Confidential information can not be stolen using Bitcoin

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jokowi
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March 18, 2018, 02:45:25 PM
 #17

I think bitcoin is only suitable for paying large amounts of money because the bitcoin value is quite high. It is difficult to buy a bottle of water that you use bitcoin to pay
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March 18, 2018, 03:01:15 PM
 #18

As of now I know that BTC is more on Payment. In the future will we utilize a Smart Contract-like?


It isn't something that is impossible to do in terms of technicality but if you take into consideration all the current issues of bitcoins today, it would be hard as fuck to use it as a Smart Contract-like coin that you are saying. It just can't work as long as these issues that bitcoin has or drawbacks like waiting time for confirmations and high fee transactions.
TomWilson32959
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March 18, 2018, 03:27:57 PM
 #19

Thank you all for your inputs, i'm learning more and more Smiley
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July 04, 2018, 04:23:20 AM
 #20

 Wink Wink I think we will be able to use smart souvenirs in the future.  Wink Wink
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