Every Country Needs Bitcoin Payment Processors

[ikevin8me]

I've talked to some merchants who are not interested in accepting Bitcoin because the exchange rate fluctuates and it is simply too volatile. I've explained that services provided by Bitpay and Coinbase in the US protects against any fluctuation, which means the price you sell is the price you'll get in your bank account. My point here is many people (ie. merchants) are still shying away from accepting Bitcoin because they don't understand this.

I now realize that in order for Bitcoin to gain more adoption worldwide, there needs to be Bitcoin payment processors for every country. If you think about it, every country's domestic banking system is different, and only a local business would understand the domestic needs and provide tailored services.

I've written an article on my blog explaining how to become a Bitcoin Payment Processor, specifically to insulate the risks of exchange rate fluctuation for both the merchant (client) and the exchanger (the business).

http://blog.ikevin.me/bitcoin-business-opportunity-how-to-become-a-payment-processor/

If your country does not yet have a Bitcoin payment processor, or Bitpay.com has not entered your market yet, I think it is a great opportunity to make the first move.

Let me know your thoughts... for discussion.

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[Payment21]

I think there are many people who would want to start a payment processor. However, I think the number of consumers who seek to pay in bitcoins is still too small for every country to have its own bitcoin payment processor. Otherwise, this sounds like a good idea especially considering the diversity of legal requirements in countries  around the world

[LTU_btc]

In our country we have two payment processors - Coingate and Spectrocoin. But it's still not become popular. Business are not very intersted to accept bitcoins because they don't know much about it or have negative opinion. And maybe these services are not advertised enough to get attention.

[davis196]

In our country we have two payment processors - Coingate and Spectrocoin. But it's still not become popular. Business are not very intersted to accept bitcoins because they don't know much about it or have negative opinion. And maybe these services are not advertised enough to get attention.

Merchants are afraid about using bitcoin because of two reasons.
1.The goverments can decide to ban bitcoin and all their btc revenue might dissapear.
2.Risk of getting scammed when they try to trade their btc revenue for fiat money.
Yes,they still have to use fiat money despite the fact that they will adopt bitcoin.

[hatshepsut93]

In our country we have two payment processors - Coingate and Spectrocoin. But it's still not become popular. Business are not very intersted to accept bitcoins because they don't know much about it or have negative opinion. And maybe these services are not advertised enough to get attention.

Merchants are afraid about using bitcoin because of two reasons.
1.The goverments can decide to ban bitcoin and all their btc revenue might dissapear.
2.Risk of getting scammed when they try to trade their btc revenue for fiat money.
Yes,they still have to use fiat money despite the fact that they will adopt bitcoin.

There are much more reasons like price volatility, confirmation time, legal paperwork, etc. Also many merchants just don't see any benefit since Bitcoin adoption is relatively low, so accepting it will not boost their sales significantly. And to increase adoption we need to start with creation of bitcoin jobs, so people can earn and later spend bitcoins.

[neochiny]

In our country we have two payment processors - Coingate and Spectrocoin. But it's still not become popular. Business are not very intersted to accept bitcoins because they don't know much about it or have negative opinion. And maybe these services are not advertised enough to get attention.

Mine's got a great exchange, that provides a lot of services. Coins.ph.
I don't know how it is for other countries but here, Buying and selling of bitcoins is super easy. I don't have to go through p2p just to buy or sell, plus they've got numerous payment/payout options.
I can pay my utility bills, insurance, tuition fees, phone credits, and a lot more! It's all through the exchange. They handle it all for me. They deal with the merchants themselves so, we don't haver to worry about it and just use the services we want.
The drawback? Verification. They require ID and selfie verification.

[Payment21]

In our country we have two payment processors - Coingate and Spectrocoin. But it's still not become popular. Business are not very intersted to accept bitcoins because they don't know much about it or have negative opinion. And maybe these services are not advertised enough to get attention.

I agree with you. Bitcoin payment processors will only get more business with more business willing to include bitcoin as a payment option for their customers. But that also means that there should be awareness among the population on the benefits or the rise of reasons to use bitcoins such as new laws on currency such as what happened in India recently.

[BrewMaster]

first  we need more people knowing about bitcoin.
second we need most of these people become more and more willing to spend bitcoin instead of just hoarding it and trading it.

then the merchants will automatically increase in numbers, and as a result someone would make a payment processor to handle all the requests.

if you make a payment processor and there is no merchants you fail.
if there is merchants but there are no user who is willing to spend then you fail again.

[Idrisu]

first  we need more people knowing about bitcoin.
second we need most of these people become more and more willing to spend bitcoin instead of just hoarding it and trading it.

then the merchants will automatically increase in numbers, and as a result someone would make a payment processor to handle all the requests.

if you make a payment processor and there is no merchants you fail.
if there is merchants but there are no user who is willing to spend then you fail again.

from  my country the people that know about bitcoin are very few and because of this, using bitcoin as a payments processors may not be profitable. The idea is good and that is how it should be if bitcoin will be accepted worldwide. I am into bitcoin because I can easily exchanged it online through and exchangers. I do believe that one day bitcoin will be adopted and every country will get full knowledge of bitcoin and others cryptocurrencies.

[Bitcoinsummoner]

In our country we have two payment processors - Coingate and Spectrocoin. But it's still not become popular. Business are not very intersted to accept bitcoins because they don't know much about it or have negative opinion. And maybe these services are not advertised enough to get attention.

Merchants are afraid about using bitcoin because of two reasons.
1.The goverments can decide to ban bitcoin and all their btc revenue might dissapear.
2.Risk of getting scammed when they try to trade their btc revenue for fiat money.
Yes,they still have to use fiat money despite the fact that they will adopt bitcoin.

You got the point and i think they always thinking about this ince bitcoin is anonymous they can still trust them.. like other payment proccesor here in my country there are also anonymous transaction but not in bitcoin they are not dealing if they are using the service for scamming so if bitcoin will use it locally more people will scam because its more easier and get their bitcoin and use bitmixer to withdraw in other ways..

[shinratensei_]

http://blog.ikevin.me/bitcoin-business-opportunity-how-to-become-a-payment-processor/

If your country does not yet have a Bitcoin payment processor, or Bitpay.com has not entered your market yet, I think it is a great opportunity to make the first move.

Let me know your thoughts... for discussion.

There are some in my country but it can't be accommodating all of the transaction(bitcoin network). In this time every country doesn't seriously need bitcoin. The bitcoin network is still have a problem, the dev must fix it before starting the massive adoption. Too many unconfirmed transaction yesterday.

[pinkflower]

I've talked to some merchants who are not interested in accepting Bitcoin because the exchange rate fluctuates and it is simply too volatile. I've explained that services provided by Bitpay and Coinbase in the US protects against any fluctuation, which means the price you sell is the price you'll get in your bank account. My point here is many people (ie. merchants) are still shying away from accepting Bitcoin because they don't understand this.

I now realize that in order for Bitcoin to gain more adoption worldwide, there needs to be Bitcoin payment processors for every country. If you think about it, every country's domestic banking system is different, and only a local business would understand the domestic needs and provide tailored services.

I've written an article on my blog explaining how to become a Bitcoin Payment Processor, specifically to insulate the risks of exchange rate fluctuation for both the merchant (client) and the exchanger (the business).

http://blog.ikevin.me/bitcoin-business-opportunity-how-to-become-a-payment-processor/

If your country does not yet have a Bitcoin payment processor, or Bitpay.com has not entered your market yet, I think it is a great opportunity to make the first move.

Let me know your thoughts... for discussion.

Why dont you make the first move since you think its so profitable and advantageous. The problem with people like you is you want others to do something so that your BTC investment will grow in value for you to sell for fiat.

If you think posting here will change things, it wont. Answer this first. Why would anyone want to run a BTC payment processor and how profitable would it be?

[Patatas]

One disadvantage with this system :  Payment Processors will need the merchants to follow the rules and regulations laid by their government which involves paying taxes as well.Even though somehow the payment processor is started,they won't do as good as people will try to stay away from a service which is backed up b the government laws.They don't mind using common exchanges like localbitcoins which has a bit of a higher margin value and it's safe.

[audaciousbeing]

I understand your position and its a good idea and at the same time its an untapped market for countries where bitcoin is just getting the right awareness and exposure. But where the issue lies is the fact that most businesses are not ready to take the risk of having a new payment system without recourse to what the law says and this has been a bane of problem especially in countries where government have taken a position on the negative about bitcoin itself.

[FLoving]

I think there are many people who would want to start a payment processor. However, I think the number of consumers who seek to pay in bitcoins is still too small for every country to have its own bitcoin payment processor. Otherwise, this sounds like a good idea especially considering the diversity of legal requirements in countries  around the world

Everyone is waiting for the other side to take the start and in this way in some countries the business via bitcoin do not get established if someone will take the start to accept bitcoin or to start the payment processor then the other will start it for their work and in this way bitcoin will get established in that country.

[avatar_kiyoshi]

My point here is many people (ie. merchants) are still shying away from accepting Bitcoin because they don't understand this.

Bitcoin is fit for people who interested to an innovative technology and for people who wants to learn about it. I think if they want to, they will call you to explain more.
Plus people around/the market of the merchant is aware to bitcoin? It's need to considering, cause the market is the important thing for a merchant.

Also the legalization of bitcoin for every country is the problem.
It's need a lot educate, advertising and become better network.

[cengsuwuei]

my country is not support use bitpay.com
but my country is ready legal company, is open bitcoin exchanger service pair local fiat money in my country, and open service same bitpay.com too