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Author Topic: Making crypto succeed in the real world?  (Read 1037 times)
Vindberg
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May 03, 2018, 09:36:04 AM
 #1

Hi, I would love to hear your input on this.

As I see it, we need crypto wallets installed on every phone possible to ensure the readiness of everyday payment with crypto assets. Once customers are ready to pay, the stores will follow.

At least three things needs to happen:

1) Adoption of crypto wallets needs to increase (preferable with pre-funded assets)
2) Each wallet provider needs to agree on a standard protocol for payment (Maybe Payment Request API (W3))?
3) Store owners need a merchant app to receive payment with further integration into multiple accounting systems.

Have you seen anyone doing this?
Do we need a wallet alliance that can stipulate a standard?
What else needs to happen besides regulation?

Best crypto greetings,
Vindberg
https://validators.com
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May 03, 2018, 10:32:55 AM
 #2

If that would have been easy then it could have been already being followed everywhere. But its not! Merchants fear because they have to track the sales, earnings, pay taxes and much more. There is no provision for this purpose yet and thats why they might not just accept it so easily. For customers it gets difficult to wait in the coffee shop until they get sufficient confirmation of the bitcoin process. So there are not single but many problems in using this currency. Until the time we dont see huge set up for this then we cant see any progress as whole really.


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May 04, 2018, 12:44:27 AM
 #3

I think we are not arriving at that stage yet, at this time we still struggle with the government regulation and how to make bitcoin to be mass adopted so the price fluctuations could be controlled, how to create a fast and cheap transaction, many stores complained that the btc price is too fluctuate and they can't predicted their profit and if the price fluctuate too much its very inconvenient for them to accept crypto, when this thing could be settled then we will enter the infrastructure stage which is the wifi and the wallet setting

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May 04, 2018, 03:49:50 AM
 #4

Hi, I would love to hear your input on this.

As I see it, we need crypto wallets installed on every phone possible to ensure the readiness of everyday payment with crypto assets. Once customers are ready to pay, the stores will follow.

At least three things needs to happen:

1) Adoption of crypto wallets needs to increase (preferable with pre-funded assets)
2) Each wallet provider needs to agree on a standard protocol for payment (Maybe Payment Request API (W3))?
3) Store owners need a merchant app to receive payment with further integration into multiple accounting systems.

Have you seen anyone doing this?
Do we need a wallet alliance that can stipulate a standard?
What else needs to happen besides regulation?

Best crypto greetings,
Vindberg
https://validators.com
Similar to this happens in coins.ph; I store my bitcoins in this app, and then it gives me lists of merchants that accept payment from them in Philippine Peso. Once I have decided which item to purchase, coins.ph converts my bitcoin into local currency and then sends payment to the merchant. It made it simple rather than cashing out.

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May 04, 2018, 03:57:19 AM
 #5

If that would have been easy then it could have been already being followed everywhere. But its not! Merchants fear because they have to track the sales, earnings, pay taxes and much more. There is no provision for this purpose yet and thats why they might not just accept it so easily. For customers it gets difficult to wait in the coffee shop until they get sufficient confirmation of the bitcoin process. So there are not single but many problems in using this currency. Until the time we dont see huge set up for this then we cant see any progress as whole really.
You are absolutely correct! It is hassle free if we just need our cellphone, the internet connection but as to the proces it might take time. There are just things in this world that crypto currency will not make it easier, just like what you said, purchasing a coffee, or anything that can be quickly done with our fiat money. Most especially when there is a problem with the internet connection.

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May 04, 2018, 08:39:49 AM
 #6

If that would have been easy then it could have been already being followed everywhere. But its not! Merchants fear because they have to track the sales, earnings, pay taxes and much more. There is no provision for this purpose yet and thats why they might not just accept it so easily. For customers it gets difficult to wait in the coffee shop until they get sufficient confirmation of the bitcoin process. So there are not single but many problems in using this currency. Until the time we dont see huge set up for this then we cant see any progress as whole really.

I looks like the lightning network could make the transaction fast as any VISA payment and function offline with later synchronization. Its true that merchants lack integration with the old systems - Not seeing anyone doing this besides maybe https://utrust.com/.

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May 04, 2018, 09:44:15 AM
 #7

Making cryptocurrency widely acceptable by merchant is possible, The responsibility is on the developer of blockchain, cryptocurrency fans, cryptocurrency investors and government. The merchants are scared because of some drastic fluctuation in price which may affect their income. Most time cryptocurrency fans will spread FUD that cause fluctuation, The developers have to make the transaction to go through within some seconds. Government should stop the banning and regulation issues. The sky will not even be the limit of the rate of acceptance of cryptocurrency by merchants.

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May 04, 2018, 09:46:36 AM
 #8

Yeah, i agree it is still very rusty and needs many improvements to the system to be properly functional. But there are already numerous services providing payments with bitcoin and etherium, so we have some first steps in the right direction.
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May 04, 2018, 09:49:51 AM
 #9

I am trying right now to aggregate as many coins of alternative currencies as I can now to have a great benefit in future

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May 04, 2018, 09:52:23 AM
 #10

Hi, I would love to hear your input on this.

As I see it, we need crypto wallets installed on every phone possible to ensure the readiness of everyday payment with crypto assets. Once customers are ready to pay, the stores will follow.

At least three things needs to happen:

1) Adoption of crypto wallets needs to increase (preferable with pre-funded assets)
2) Each wallet provider needs to agree on a standard protocol for payment (Maybe Payment Request API (W3))?
3) Store owners need a merchant app to receive payment with further integration into multiple accounting systems.

Have you seen anyone doing this?
Do we need a wallet alliance that can stipulate a standard?
What else needs to happen besides regulation?

Best crypto greetings,
Vindberg
https://validators.com


https://www.coindesk.com/lightning-nfc-new-plan-bring-bitcoin-retail/


I think this article touches on wider adoption and some potential methods we could use to get there. I think a standardised protocol would have to be introduced in order to reach the mainstream adoption we all want to see. I have no doubt these things will be developed. It's easy to get caught up in the bubble within cryptocurrency but we are still extremely early and allot of the infrastructure still hasn't been developed
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May 04, 2018, 10:27:56 AM
 #11

Hi, I would love to hear your input on this.

As I see it, we need crypto wallets installed on every phone possible to ensure the readiness of everyday payment with crypto assets. Once customers are ready to pay, the stores will follow.

At least three things needs to happen:

1) Adoption of crypto wallets needs to increase (preferable with pre-funded assets)
2) Each wallet provider needs to agree on a standard protocol for payment (Maybe Payment Request API (W3))?
3) Store owners need a merchant app to receive payment with further integration into multiple accounting systems.

Have you seen anyone doing this?
Do we need a wallet alliance that can stipulate a standard?
What else needs to happen besides regulation?

Best crypto greetings,
Vindberg
https://validators.com
It's not about wallets, I think that if we are looking at wallet's perspectives then the bitcoin's community is pretty good at this, we have about 10-15 different wallet available for each kind of  operating system, most of the wallets are open source and bugs are being found really fast by the community, active contributes are available at most of the wallet's githubs channels, and UI is easy.
We should work on spreading the word other then producing more wallets systems.

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May 04, 2018, 10:35:06 AM
 #12

What else needs to happen besides regulation?
What needs to happen for crypto to succeed in the real world besides regulation is not a wallet alliance that can stipulate a standard(since that would make btc centralized), but the instantaneous transaction speed that takes 5 minutes at most to get confirmations for it to be usable by merchants and their customers. One way to achieve it IMO is doing transactions using the same wallet(for example coinbase to coinbase) for an almost instant transaction speed.

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fiulpro
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May 04, 2018, 11:59:58 AM
 #13

Having an app to send  by customers and a merchant app for the store owners wont suffice the task of transaction with bitcoins or any other cryptocurrency.
Just because the customera are ready with an app to pay, ut is not necessary that the store owners will come with with the acceptance.

It all depends on the nod from government for such transactions to be called legal tender.
The store owners need to keep record of every sale they do for taxation purposes and unless government allows such transaction, the store owner cannot simply recieve bitcoins as a payment.

For sending it among friends and relatives it is a normal thing, but cryptos to be used as a legal tender in daily day to day transactions would require more secure and backed platform than what it is right now.
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May 04, 2018, 12:25:35 PM
 #14

One way to achieve it IMO is doing transactions using the same wallet(for example coinbase to coinbase) for an almost instant transaction speed.

We don't need centralized services for that. If that's your way to 'achieve' your goal, then what's the point of using crypto at all? One could just keep using PayPal's platform to move value back and forth.

LN is going to bring what we want, and it's just a matter of time. If enough merchants are on board in your local area, you could connect to them and start moving value back and forth instantly, and that without needing centralized services. The only thing we need is clients making it easy for everyone to participate, and once that's the case, mass adoption will follow. Our aim should be to distance ourselves from everything that's centralized, not to get further stuck into it as you are suggesting.

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May 04, 2018, 12:29:20 PM
 #15

Visa and MasterCard should add the ability to pay with cryptocurrency from their cards. I wonder how soon they'll do it.
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May 04, 2018, 12:57:11 PM
 #16

Hi, I would love to hear your input on this.

As I see it, we need crypto wallets installed on every phone possible to ensure the readiness of everyday payment with crypto assets. Once customers are ready to pay, the stores will follow.

Even if these mobile wallets have crypto wallets installed and have balances on them, where would those be used? The cryptospace is nothing but a speculative paradise for traders and fat hopefuls alike. Merchants are too scared to touch bitcoin due to its volatility, so even if there's people who have the currency, what good can it do to crypto especially if these people decided to sell their cryptoassets?

At least three things needs to happen:

1) Adoption of crypto wallets needs to increase (preferable with pre-funded assets)
2) Each wallet provider needs to agree on a standard protocol for payment (Maybe Payment Request API (W3))?
3) Store owners need a merchant app to receive payment with further integration into multiple accounting systems.

Have you seen anyone doing this?

1. That means wealth distribution, and no, that wouldn't even help on widespread adoption. People can just sell their bags knowing that it has value and just stick to fiat.
2. Aren't they doing that already?
3. There isn't enough interest for the merchants to accept bitcoin ATM, but that idea has already been brought up should there be a surge of merchants wanting to get paid with bitcoin.

Do we need a wallet alliance that can stipulate a standard?
What else needs to happen besides regulation?

We don't need any wallet alliance of some sort to help with adoption. Regulations help the cryptospace mature; it is a vital component of adoption but that isn't enough. People need reasons to come into the cryptospace, and places to spend is really the thing we need right now to get that adoption going.

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May 04, 2018, 01:10:48 PM
 #17

If Crypto wants to succeed in the real world, I think people need to invent more technology to meet the needs of people's lives through crypto. So we hope Crypto grows closer to our lives.
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May 04, 2018, 01:43:43 PM
 #18

I'd say a wallet standard being established would contribute to Bitcoin's utility. It's often criticized for being too complicated or having bad user experience in general. If pretty much all wallets worked the same, then it should tone down criticisms on that end.

I don't know if a merchant app is completely necessary though. I mean, it probably is for large chains, but small stores should be able to get away with simply using a wallet app of their own.

That being said, I'd say it's too soon to address this problem because the network can't even handle large scale demand in the first place lol. Lightning could very well be the answer to both scalability and usability if it matures well.

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May 04, 2018, 02:22:16 PM
 #19

If Crypto wants to succeed in the real world, I think people need to invent more technology to meet the needs of people's lives through crypto. So we hope Crypto grows closer to our lives.
Technologies qbout crypto is more than enough to sustain all the needs of the people in the world,whats the problem is the People needs to adapts crypto in their daily lives and this must be addressed,if people in the world will only use lall the technologies offered by crypto world,well maybe success in everything inside this community is indeed
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May 04, 2018, 04:05:57 PM
 #20

Similar to this happens in coins.ph; I store my bitcoins in this app, and then it gives me lists of merchants that accept payment from them in Philippine Peso. Once I have decided which item to purchase, coins.ph converts my bitcoin into local currency and then sends payment to the merchant. It made it simple rather than cashing out.

You realize that you're actually using a bank, that is actually exchanging your coins at a rate for fiat and pays in fiat?
What control do you have over that wallet and the coins in it? None!
Tomorrow they can get "hacked" and your coins are gone.

Visa and MasterCard should add the ability to pay with cryptocurrency from their cards. I wonder how soon they'll do it.

Just as the guy above.
I'm really amazed how easy you guys can hand over your bitcoins to a company without thinking it over at least once.
What would change then? How it would be different from paying with a normal cc with fiat money



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