Making crypto succeed in the real world?

[Vindberg]

Awhile ago, there were headlines in the news regarding "700 million android phones" having backdoors pre-installed on them by china:

Pre-installed Backdoor On 700 Million Android Phones Sending Users' Data To China

WASHINGTON — For about $50, you can get a smartphone with a high-definition display, fast data service and, according to security contractors, a secret feature: a backdoor that sends all your text messages to China every 72 hours.

Security contractors recently discovered preinstalled software in some Android phones that monitors where users go, whom they talk to and what they write in text messages. The American authorities say it is not clear whether this represents secretive data mining for advertising purposes or a Chinese government effort to collect intelligence.

International customers and users of disposable or prepaid phones are the people most affected by the software. But the scope is unclear. The Chinese company that wrote the software, Shanghai Adups Technology Company, says its code runs on more than 700 million phones, cars and other smart devices. One American phone manufacturer, BLU Products, said that 120,000 of its phones had been affected and that it had updated the software to eliminate the feature.

https://www.nytimes.com/2016/11/16/us/politics/china-phones-software-security.html

Before cell phones could be utilized as a major hub of finance, a more concentrated effort could be required to secure them. Better standardized practices to better eliminate data mining and backdoors. Of course, this could be impossible given backdoors are sometimes included by state intelligence/surveillance and there is a push for large corporations like apple to utilize weaker encryption standards (or no standards) on products like iphone.

I like that someone is thinking about ways to encourage crypto mass adoption.

Maybe if every active person on this forum told 10 people they know about bitcoin, and those 10 people each told 10 of their friends about it, some type of viral campaign could be worked out?

I've tried to do it in the past. I tried to give people I know bitcoin for free in the hope that they would use it and maybe see its not that bad a thing. Maybe they would even like it and use it in the future. Not a single person accepted the free btc I wanted to give them. lol I guess they are too nice or maybe I look like a nigerian prince?

If phone security is still an issue, then we still need some kind of card or detached device like Ledger to do payment? Or maybe just use phones for smaller everyday payments and an extra device for large transactions, or a simple time-delayed "confirmation" from a third-party phone.

Sadly I didn't know you then when giving away free btc!!! I guess education of crypto needs to come before adoption.

[Vindberg]

Those are not bad ideas but I do not think it's going to work for several reasons, first of all you want cryptocurrency wallets installed in every single phone, but if my phone came with an application like that and I didn't use cryptocurrencies I'll just uninstall it, second we do not need adoption of crypto wallets we need adoption of cryptocurrencies, if I am not holding cryptocurrency I do not need a wallet, and for your second and third point I do not think that is really necessary.

Yes I agree, this type of ideology may work in a perfect world but in the real world this is not going to happen.

For the questions- ICO have been doing this, they are trying to create wallets for their own coin. I have a lot of coins from bounties that have their own wallet.
Wallet alliance - I do not think that will work, but if you mean wallet that support multiple coins, I am using Jaxx and it supports multiple coins.
for the third question - I do not think it is going to ever happen.
[/quote]

Yes, I am talking about multi-currency crypto wallets. The question also remains, who will convert between crypto assets, the customer wallet or the merchant? It could be implemented at both ends I guess. Im trying to find those ICO's that are closing this loop from consumer to merchant.

Currently in Denmark, its the merchant that pays the fees for each transaction and usually 700 USD for a creditcard machine to get started + annual subscription fees. They would be interested in a cheaper solution. However, customers have not interest in holding crypto, unless they can get an interest rate on it? Currently its zero procent in the fiat bank!

[kaya11]

This is something that would happen if there are no more regulations in the crypto market and all countries will adopt the payments via digital currencies-even the countries that are still developing. This is the ideal world that most of us wants and I hope and yearn for this day to happen. The new generations should be learning this new type of technology in that way they can carry the torch and pass it to the next one- innovated and modified better for a better world to use.

[Idrisu]

I think regulations and adoptions are the major things that need to be done if we are going to see cryptocurrencies been use by all works of life. Wallets providers need to come up with a good infrastructures that well influenced public adoptions because many people are arguing how comfortable it is for one to used bitcoin for petty transactions.

[Xtrafa]

I think in future bitcoin lead some parts of economical activities and many of countries are accept bitcoin one by one.

[Wexnident]

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.

Well, the best important thing to make it  be possible to happen is the use and presence of the internet connections. No doubt, this will be a chance to happen but maybe it takes much more time because like what some other's said it is not an easy things and there's a lot of things that we needed to consider first. But if it will be happen, I believe that it makes benefits to us most specially in doing transactions.

[The Alchemlst]

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.

True, there are a lot of obstacles that cryptocurrencies need in order to overcome these challenges regarding its acceptability and I think it is still on its early age in that issues. First it should be able to breakthrough its barriers like internet connnection availability and tools/establishments that would provide bitcoin friendly experience then I guess everything will follow. Also they should be able to manage the high fees that we are experiencing in every transactions.

[Domenc]

I don't think why most of the people underestimate the power of internet and explaining that government has a subsequent hold upon internet and can easily block the crypto sites. Also, internet facility is still not available to large scale users which can also be disturbance for making crypto succeed. I think both mobile and internet should be accessible to everyone in order to make crypto succeed in real world.

[Ejanend]

I think in future bitcoin lead some parts of economical activities and many of countries are accept bitcoin one by one.

If you ask my honest opinion in this matter, bitcoin does affect the economy of a country. As we all know that the economy of a country depends on the income of its individuals. If more people are earning then more stability is found in its finance. Bitcoin has provided job opportunities to thousands of people hence improving things a bit. But it is still unknown to majority of world population.

[GoldenLad]

This may sound like a perfect idea, but this same idea may be a problem and probably increase crime because may arm robberies may want to stop people on the road and hold them at a gun point to forcefully collect their phone and demand for their coins. Bitcoin and other cryptocurrency has been criticized by the government as being a promoter of crime, doing this may sound as making it more possible.

[cryptomoon1004]

Ease of use is an important key point for ensuring that cryptos succedd in real world... Do check out TIP Blockchain which is working on the same

[kodtycoon]

I think it's pretty hard to make a successful crypto in the real world, although it looks easy to apply in a payment method on the smartphone, but at least crypto must be supported first by the developers and also the government, because there are many who against the crypto in the real world, that's what kept him stuck so far.

[lehuong]

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/.

V.

Want to make successful companies in this world is also a lot of problems in which to say is the first to build the legal framework on taxes, build more ctypto transaction machine ...

[Mancung]

it is not simple as that.. as many regulations will follow after that, and not every country will approve it. To make it succeed in the real world, we going to need every country to accept that, and how could it happen when there is some countries has banned any transactions using cryptocurrencies ??

[patarfweefwee]

The solution is simple. The OP already laid it out. But then again it is not that easy. For example, adoption alone is hard to do. The volatility of crypto currency itself will deter owners to get them. A volatile currency means your services and good's price will also be volatile.

[TonyFat]

crypto currency will necessarily become popular, because these are new technologies that are safe and honest

[drachman]

The solution is simple. The OP already laid it out. But then again it is not that easy. For example, adoption alone is hard to do. The volatility of crypto currency itself will deter owners to get them. A volatile currency means your services and good's price will also be volatile.

The adoption of cryptocurrencies seems hard right now because most people are very comfortable with the current fiat economy but as soon as the system begins to fall, and unfortunately we do not know when that is going to happen, we're going to see fast adoption, at that point people will finally realize that they have been lied by their governments all their lives.

[Kray]

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

For now we haven’t arrived at that phase yet, maybe we should be patient waiting fork Bitcoin for Lightning Network so that at least transaction can be done as soon as possible. then the next problem is its volatility is very frightening to the merchant, whether we talk about fee or worrying the merchant is afraid if forgot to exchange his Bitcoin. But if we become sellers then we should use Bitcoin as a medium of exchange, as a support for wider application of Bitcoin with real action.

[Elmughni]

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 is a good quote, I think 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. we will see in the future, it will happen.

[EddyGameta]

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

The demand isn’t as big as the risk that they will face, it’s possible but we still have to be patient waiting for Lightning Network to be able to transact fast so the transaction in the store will not hung up just by 1 Bitcoin transaction only. But there is nothing wrong to invite or advise merchants to accept Bitcoin as a medium of exchange.