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Presnus (OP)
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May 25, 2018, 05:21:36 PM
 #1

Guys,

This has been stuck in my head for some time and I thought it's about time to write it down and get some input/feedback.

So what are two major problems in crypto?

1. With some banks it's illegal to buy crypto with your bank account and bank accounts have been closed in the past for this reason. This is stopping some people of buying bitcoins or go through localbitcoins.

2. People that want to pay invoices/bills (like electricity bill => miners etc), have the issue of converting crypto into fiat and withdraw it to their bank accounts (or maybe they don't even own a bank account anymore). Withdrawing money from an exchange also means clear exposure to the banks, so they could shut down your account as well as you are interacting with exchanges.

So what could be a solution?

Have a localbitcoins type of site where you can do the following:

Example
Mister X needs to pay his electricity bill with crypto. He posts the bill data to the site and the crypto he wants to pay with. Once someone wants to buy crypto they simply pay the bill for mister X and they get the crypto unlocked in the escrow.


This can be done with ETH smart contracts in a totally decentralised way, even with Aragon governance. There should be some kind of trust/rating system as well.

Just a very rough idea, but want to get this discussion going.



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May 25, 2018, 05:23:34 PM
 #2

I can't remember where i read this on the forum, but i think there was an ICO which just exactly fulfilled this purpose. Others paying for things such as your electricity bill. I'll see if i can find it..

I was quite skeptical about it, maybe partially because i didn't really understood what it really was about.

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May 25, 2018, 05:43:16 PM
 #3

I can't remember where i read this on the forum, but i think there was an ICO which just exactly fulfilled this purpose. Others paying for things such as your electricity bill. I'll see if i can find it..

I was quite skeptical about it, maybe partially because i didn't really understood what it really was about.

Would love to see that.
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May 25, 2018, 06:54:34 PM
 #4

Guys,

This has been stuck in my head for some time and I thought it's about time to write it down and get some input/feedback.

So what are two major problems in crypto?

1. With some banks it's illegal to buy crypto with your bank account and bank accounts have been closed in the past for this reason. This is stopping some people of buying bitcoins or go through localbitcoins.

2. People that want to pay invoices/bills (like electricity bill => miners etc), have the issue of converting crypto into fiat and withdraw it to their bank accounts (or maybe they don't even own a bank account anymore). Withdrawing money from an exchange also means clear exposure to the banks, so they could shut down your account as well as you are interacting with exchanges.

So what could be a solution?

Have a localbitcoins type of site where you can do the following:

Example
Mister X needs to pay his electricity bill with crypto. He posts the bill data to the site and the crypto he wants to pay with. Once someone wants to buy crypto they simply pay the bill for mister X and they get the crypto unlocked in the escrow.


This can be done with ETH smart contracts in a totally decentralised way, even with Aragon governance. There should be some kind of trust/rating system as well.

Just a very rough idea, but want to get this discussion going.




Yes this is a good idea to pay that bills from another user using escrow but we have some other selling options also other than bank transactions if you can find one of the crypto trader at you locale will be better to covert your fiat into crypto and vice versa.
But these ate tough days fir the crypto investors who want to use crypto for firect payment maybe in near future the conditions may change hopefully.

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May 25, 2018, 07:06:46 PM
 #5

Guys,

This has been stuck in my head for some time and I thought it's about time to write it down and get some input/feedback.

So what are two major problems in crypto?

1. With some banks it's illegal to buy crypto with your bank account and bank accounts have been closed in the past for this reason. This is stopping some people of buying bitcoins or go through localbitcoins.

2. People that want to pay invoices/bills (like electricity bill => miners etc), have the issue of converting crypto into fiat and withdraw it to their bank accounts (or maybe they don't even own a bank account anymore). Withdrawing money from an exchange also means clear exposure to the banks, so they could shut down your account as well as you are interacting with exchanges.

So what could be a solution?

Have a localbitcoins type of site where you can do the following:

Example
Mister X needs to pay his electricity bill with crypto. He posts the bill data to the site and the crypto he wants to pay with. Once someone wants to buy crypto they simply pay the bill for mister X and they get the crypto unlocked in the escrow.


This can be done with ETH smart contracts in a totally decentralised way, even with Aragon governance. There should be some kind of trust/rating system as well.

Just a very rough idea, but want to get this discussion going.



There would be issue if you get the payment in bitcoin to change with fiat cash but if you do taxation reports properly then you do not get any problem. Here in my country there is no rules and regulation about the bitcoin.
Still we do make the tax filing with the 15 percentage since me and team making money from service related projects.
If you do the same you do not need to fight banking side at all mate. Smart contract will work as you said for sure.
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May 25, 2018, 10:29:25 PM
 #6

You know what this seems to be familiar because i know there's some exchanges that offers this kind of services and your only problem is that your account might be stopped by the government because of your involvement in the cryptographic currency.

Some exchanges offers a payment for any bills for your local country and you don't have a problem with the bank with it, unless you will be verified by using the KYC option so that banks can verified who is this user and they have a set of limits for every cash-ins and cash outs for every accounts depending on the level of your verification.

I guess almost exchanges with a KYC offers this kind of services through to their local people.

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May 25, 2018, 11:07:52 PM
 #7

It looks like same as coins.ph from Philippines you can pay the electric bill and other local bills, but the problem it needs a KYC first to be able to have an account in coins.ph and you must live in Philippines.

As of now the only way that I could see would be a good alternative for this I think physical bitcoin debit card without a KYC for privacy purposes since GDPR (General Data Protection Regulation) release a new policy this is a great alternative cryptocurrency debit card with online apps that you can pay online with bitcoin or altcoin.

However, about your example, it is just like a trading, but he is paying the bill to receive the altcoin or bitcoin. I think it is better to keep all process instant than waiting for other people to pay the bill of Mister X.

Customers are always looking for an instant so this is not a good idea.

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May 26, 2018, 01:48:10 AM
 #8

Example
Mister X needs to pay his electricity bill with crypto. He posts the bill data to the site and the crypto he wants to pay with. Once someone wants to buy crypto they simply pay the bill for mister X and they get the crypto unlocked in the escrow.
with this example, you just want to be a middle-man and charge fee on the transaction?
why not just establish a business type of payment service, accepts crypto and makes fiat payment on customer's behalf?
next you just need to sell your crypto balance to refill and keep enough balance on your fiat account
you need to do some good book keeping to maintain good cash flow and to time your crypto selling for maximum profit

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May 26, 2018, 04:09:58 AM
 #9

Example
Mister X needs to pay his electricity bill with crypto. He posts the bill data to the site and the crypto he wants to pay with. Once someone wants to buy crypto they simply pay the bill for mister X and they get the crypto unlocked in the escrow.
with this example, you just want to be a middle-man and charge fee on the transaction?
why not just establish a business type of payment service, accepts crypto and makes fiat payment on customer's behalf?
next you just need to sell your crypto balance to refill and keep enough balance on your fiat account
you need to do some good book keeping to maintain good cash flow and to time your crypto selling for maximum profit
This would complicate since the money would be accumulated into his business would still comes to crypto. I would tell if how he gonna refill fiat if his dependent also into that money. Conversion would always be the issue on here but if you do act as a middle man and your country is way not too tight when it comes to cryptocurrency involvement then this would be a good service for those people who do have big problems when it comes to conversion with their cryptocoins.

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May 26, 2018, 05:14:47 AM
 #10

For now since there is still no stand alone bitcoin merchant in my place. The best thing to do the transaction without any problem is through exchangers. If you are in the philippines this method is very effective. In which you just have to simply exchange your bitcoin amount to your local currency through their site.

This is very effective especially if the certain exchanger site is a very well established one. We can even pay using alternative crypto currencies like ETH that can easily be converted to our local currency.
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May 26, 2018, 09:17:52 AM
 #11

well I don't know about other countries , but in my country it was a big challenge to buy or sell bitcoin since the banking here sucks and most of the popular ewallets don't support my country
the best solution was creating a facebook group for crypto where the admins are trusted and well know , we have been selling and buying bitcoin directly using the admins of the group as an escrow

the admins there are nice and they handled all the deals smoothly without even taking a penny unless you want to tip them
so such solution may make your life easier without the need of dealing with banking stuffs , but of course you need a solid group with solid admins

not sure if such idea of having smart contract for it may be good , but if it really makes things easier for some people then someone should go for it
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May 26, 2018, 10:37:01 AM
 #12

Example
Mister X needs to pay his electricity bill with crypto. He posts the bill data to the site and the crypto he wants to pay with. Once someone wants to buy crypto they simply pay the bill for mister X and they get the crypto unlocked in the escrow.
with this example, you just want to be a middle-man and charge fee on the transaction?
why not just establish a business type of payment service, accepts crypto and makes fiat payment on customer's behalf?
next you just need to sell your crypto balance to refill and keep enough balance on your fiat account
you need to do some good book keeping to maintain good cash flow and to time your crypto selling for maximum profit
It would be much simpler. Actually nowadays many people complicate with complicated explanation, but in fact all transactions can be done much simpler by utilizing data verification and also the number of transactions that we have. Trust all these things to technology, because I believe a technology can do all the math calculations very well and most importantly is the security it has. As long as everyone has access to the transactions he or she performs then security will be the main priority that will be held in a financial transaction using crypto.
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May 26, 2018, 10:50:11 AM
 #13

Your idea is somehow similar to how "atomic swaps" work (with involvement of fiat on one end [for your idea]).
- One of the problems that can occur for such cases, is how easily this method connects the person that paid those bills to the other involved party, so if something goes wrong with the other person, the one that paid those bills can get in trouble as well.

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May 26, 2018, 10:52:17 AM
 #14

This can be done with ETH smart contracts in a totally decentralised way, even with Aragon governance. There should be some kind of trust/rating system as well.
This can be done with simple bitcoin based website without the need of a shitty smart contract  based on Ethereum.People don't want to deal with all those gas complexities when they can keep things simple and straight forward.

Use the same concept of localbitcoins to your idea -- An automated escrow that holds payment and a service provider that does things for bitcoin.Escrow is released after the job is done.
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May 26, 2018, 03:07:21 PM
 #15

Guys,

This has been stuck in my head for some time and I thought it's about time to write it down and get some input/feedback.

So what are two major problems in crypto?

1. With some banks it's illegal to buy crypto with your bank account and bank accounts have been closed in the past for this reason. This is stopping some people of buying bitcoins or go through localbitcoins.

2. People that want to pay invoices/bills (like electricity bill => miners etc), have the issue of converting crypto into fiat and withdraw it to their bank accounts (or maybe they don't even own a bank account anymore). Withdrawing money from an exchange also means clear exposure to the banks, so they could shut down your account as well as you are interacting with exchanges.

So what could be a solution?

Have a localbitcoins type of site where you can do the following:

Example
Mister X needs to pay his electricity bill with crypto. He posts the bill data to the site and the crypto he wants to pay with. Once someone wants to buy crypto they simply pay the bill for mister X and they get the crypto unlocked in the escrow.


This can be done with ETH smart contracts in a totally decentralised way, even with Aragon governance. There should be some kind of trust/rating system as well.

Just a very rough idea, but want to get this discussion going.


That is a good idea. But the process will take some time.
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May 27, 2018, 11:48:56 AM
 #16

Guys,

This has been stuck in my head for some time and I thought it's about time to write it down and get some input/feedback.

So what are two major problems in crypto?

1. With some banks it's illegal to buy crypto with your bank account and bank accounts have been closed in the past for this reason. This is stopping some people of buying bitcoins or go through localbitcoins.

2. People that want to pay invoices/bills (like electricity bill => miners etc), have the issue of converting crypto into fiat and withdraw it to their bank accounts (or maybe they don't even own a bank account anymore). Withdrawing money from an exchange also means clear exposure to the banks, so they could shut down your account as well as you are interacting with exchanges.

So what could be a solution?

Have a localbitcoins type of site where you can do the following:

Example
Mister X needs to pay his electricity bill with crypto. He posts the bill data to the site and the crypto he wants to pay with. Once someone wants to buy crypto they simply pay the bill for mister X and they get the crypto unlocked in the escrow.


This can be done with ETH smart contracts in a totally decentralised way, even with Aragon governance. There should be some kind of trust/rating system as well.

Just a very rough idea, but want to get this discussion going.








I think is due to fact that Fiat currency is “legal tender” backed by a “central government.” It can take the form of physical dollars (for example paper Federal Reserve notes), or it can be represented electronically, such as with bank credit. The government controls the supply and you can pay your taxes with it. Whiles Cryptocurrency  is not “legal tender” and it is not backed by a central government or bank, though it is decentralized and global. Its form is more like bank credit sans the bank (in that it is represented digitally, but not backed by a bank or government). An algorithm controls the supply and you can’t pay your taxes with it, instead you have to pay taxes on it).
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May 27, 2018, 01:20:49 PM
 #17

It's definitely worth to try but as a user myself who pays my bills, mobile & game credits to a trusted platform like coins.ph, I would still go with them.
Honestly, I'm not confident to give my bills data (my info) to a random single person, even his/her rating is good.

Trusted company<A single person in the internet.
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May 27, 2018, 09:09:54 PM
 #18

Guys,

This has been stuck in my head for some time and I thought it's about time to write it down and get some input/feedback.

So what are two major problems in crypto?

1. With some banks it's illegal to buy crypto with your bank account and bank accounts have been closed in the past for this reason. This is stopping some people of buying bitcoins or go through localbitcoins.

2. People that want to pay invoices/bills (like electricity bill => miners etc), have the issue of converting crypto into fiat and withdraw it to their bank accounts (or maybe they don't even own a bank account anymore). Withdrawing money from an exchange also means clear exposure to the banks, so they could shut down your account as well as you are interacting with exchanges.

So what could be a solution?

Have a localbitcoins type of site where you can do the following:

Example
Mister X needs to pay his electricity bill with crypto. He posts the bill data to the site and the crypto he wants to pay with. Once someone wants to buy crypto they simply pay the bill for mister X and they get the crypto unlocked in the escrow.


This can be done with ETH smart contracts in a totally decentralised way, even with Aragon governance. There should be some kind of trust/rating system as well.

Just a very rough idea, but want to get this discussion going.





This is already happening on LBC with a lot of traders in my country.

It's called BPay here (not sure what the system is called in other countries), but essentially, if you want to pay a bill, you can go do that without any involvement of a bank account by selling your bitcoins. Pretty similar to your idea.

So yes, this is a proven idea that will work. But what we don't see is an entire platform devoting all of their resources to this idea of a "bills exchange". It could be a service that can be successful, however, I don't really think it'll work that well on a large scale, as there is only a finite amount of bills that one needs to pay.
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