Bitcoin & Payment processors :-<

[b3llsf1l3s]

bitcoin should be an alternative to p2p payment, but in my opinion bitcoin is very inefficient if transacted in the real world or face-to-face transactions, bitcoin is more efficient when transacted in the digital world or cyberspace because in my opinion bitcoin is for digital and fiat for real

if this continues, the possibility is that there will be no development for crypto itself, so it only rotates in cyberspace, and we know that there is still manipulation of crypto until now, if only we could bring crypto to real life, then that can reduce price manipulation

[1715641629]

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[Al-e_x]

it happened because bitcoin was not accepted globally. except in some countries that have good development, such as Japan.

besides, this indicates to us that fiat cannot be eliminated, and fiat will be used in the future for transactions, but fiat will lose in competition with bitcoin and the crypto world.

[libert19]

bitcoin should be an alternative to p2p payment, but in my opinion bitcoin is very inefficient if transacted in the real world or face-to-face transactions, bitcoin is more efficient when transacted in the digital world or cyberspace because in my opinion bitcoin is for digital and fiat for real

if this continues, the possibility is that there will be no development for crypto itself, so it only rotates in cyberspace, and we know that there is still manipulation of crypto until now, if only we could bring crypto to real life, then that can reduce price manipulation

Crypto marketcap is very small compared to other markets. This 'manipulation' is mostly caused by mainstream media, that adds negative view of crypto to masses.

[ngm22585]

bitcoin should be an alternative to p2p payment, but in my opinion bitcoin is very inefficient if transacted in the real world or face-to-face transactions, bitcoin is more efficient when transacted in the digital world or cyberspace because in my opinion bitcoin is for digital and fiat for real

if this continues, the possibility is that there will be no development for crypto itself, so it only rotates in cyberspace, and we know that there is still manipulation of crypto until now, if only we could bring crypto to real life, then that can reduce price manipulation

Crypto marketcap is very small compared to other markets. This 'manipulation' is mostly caused by mainstream media, that adds negative view of crypto to masses.

I definitely agree with this.  I'm no conspiracy theorist by any means, but it isn't hard to tell that when it comes to cryptocurrency, many mainstream media outlets have a clear agenda.

[Zrs]

I have also experienced same thing.Bitcoin transaction is slower than normal transaction. Compare to paypal and other payment system, bitcoin takes more time to do the transaction.I think in future bitcoin transaction should be  faster.

[pooya87]

i don't think this is necessarily a bad thing for bitcoin and bitcoin adoption. we have merchants that don't have the time or ability to learn things and setup a secure payment gateway on their own generating new addresses, getting price, checking transaction for risks of double spend,... and a lot of other things. hiring someone may not even be an option where they are located or may even cost more!
so by using a payment processor they pay a small fee but still accept bitcoin in a safe way and also are not worried about volatility. i'd say it is a good thing because everyone is a winner in this scenario. the merchant for accepting bitcoin easily and for bitcoin and customer because there is a place which is accepting bitcoin.

the 10 minute rule is strange though because it is the average time between the blocks so their failure rate should be higher than normal even during no-backlog times and even with high fees.

I think they implemented the 10 minute rule to reduce the impact of volatility, but unfortunately this time limit is too short for

most of the tx's that I have done before. Payment processors should look into this problem and I have send them emails in

this regard. This kind of thing might become very problematic in the future, because customers might become frustrated with

stuff like this. I have not received my refund yet, because they are waiting for their Bitcoin specialist to do the refund. 

i think basically anything that is fixed time like this will encounter a lot of problems. bitcoin's network, blocks, fees,... are all dynamic and any service that is designed to work with them needs to also be dynamic and flexible otherwise it will need to be manually controlled and updated every hour on the hour!

[gesdan]

we all hope that bitcoin can be the payment system in the offline store and online store in the world, so all people that have the bitcoin can use their bitcoin to buy some things or pay some service with their bitcoin without change it into a real money first, it will more simple than use the real money

[efxtrader]

I think its need more time for bitcoin and cryptocurrency to become like we do payment in merchant. Merchant only interesting on fiat right now because their supplier should be paid with fiat and they paying salary with fiat. I am believe with improvement, bitcoin can be a good currency and more faster confirmation

[ShowOff]

I think its need more time for bitcoin and cryptocurrency to become like we do payment in merchant. Merchant only interesting on fiat right now because their supplier should be paid with fiat and they paying salary with fiat. I am believe with improvement, bitcoin can be a good currency and more faster confirmation

So to solve that problem is we need more adoption, it means everyone should use bitcoin as daily life first to get adopted in merchant. I think it is work in opposite ways because merchant need to solved first, then supplier will interested and start to adopt bitcoin too.

[Kprawn]

i don't think this is necessarily a bad thing for bitcoin and bitcoin adoption. we have merchants that don't have the time or ability to learn things and setup a secure payment gateway on their own generating new addresses, getting price, checking transaction for risks of double spend,... and a lot of other things. hiring someone may not even be an option where they are located or may even cost more!
so by using a payment processor they pay a small fee but still accept bitcoin in a safe way and also are not worried about volatility. i'd say it is a good thing because everyone is a winner in this scenario. the merchant for accepting bitcoin easily and for bitcoin and customer because there is a place which is accepting bitcoin.

the 10 minute rule is strange though because it is the average time between the blocks so their failure rate should be higher than normal even during no-backlog times and even with high fees.

I think they implemented the 10 minute rule to reduce the impact of volatility, but unfortunately this time limit is too short for

most of the tx's that I have done before. Payment processors should look into this problem and I have send them emails in

this regard. This kind of thing might become very problematic in the future, because customers might become frustrated with

stuff like this. I have not received my refund yet, because they are waiting for their Bitcoin specialist to do the refund. 

i think basically anything that is fixed time like this will encounter a lot of problems. bitcoin's network, blocks, fees,... are all dynamic and any service that is designed to work with them needs to also be dynamic and flexible otherwise it will need to be manually controlled and updated every hour on the hour!

You cannot make things like this too complicated, because if you do, merchants will not adopt it. Bitcoin must be very user

friendly or it will not be attractive for both merchants and customers to use. This is why the Lightning Network took too much

time in the beginning to take off, because it was too complicated. Payment processors have their Pros and Cons, but at this

stage the Cons out weigh the Pros. 

[mekie]

The long confirmation time is a very big block on the wider acceptance of Bitcoin, especially when you consider  that contactless debit and credit cards are almost instantaneous and will accept or decline your card in seconds. Until confirmation times become almost instantaneous and transaction fees are really cheap (the best merchant account providers are below 1% depending on volume) then it wont be widely accepted.

[semes]

This is the biggest problem in front of bitcoin and other crypto coins. Nobody wants to wait half an hour during a payment. The transaction confirmation should be much shorter. Otherwise, P2P cannot be used as a payment tool.

[solkinsolali]

If the use of bitcoin for payment at shopping centers could take as much as 10 mins to process, then how many customers will they attend to in a day. That means the business will slow down.

[BrewMaster]

This is the biggest problem in front of bitcoin and other crypto coins. Nobody wants to wait half an hour during a payment. The transaction confirmation should be much shorter. Otherwise, P2P cannot be used as a payment tool.

there are a lot of ways to overcome this problem from both the merchants' end and the customers. for instance most sites have a sign up account (like Amazon or steam for example) the customer doesn't have to wait that long based on their account activity and age,... and that is just the centralized way of doing it.
there are simple transaction and network analysis that can be performed to deterministically decide how risky accepting a transaction is.
and finally we have lightning network that will make bitcoin transactions instant and practically free!

[tegarp90]

The original idea with Bitcoin was supposed to be a alternative P2P payment network....Right?

The other day, I happen to walk into a food merchant and they had a "Bitcoin Accepted here" sticker plastered onto the

window, but on further inquiry they said that they only accept it, if payment was done via a specific payment processor. They

do this because they are only interested in the converted fiat and not in the Bitcoin and the customers have to be identified via

this service.  (Also a auditors requirement) 

This is not real Bitcoin adoption and adds no value for Bitcoin, so why do we celebrate this, when merchants do this?


I also used one of these payment processors to buy something on a ecommerce site and they have a 10 minute countdown for

your transaction to confirm, if this does not happen within that 10 minutes... you are offered a refund to the Bitcoin address of

your choice. (I lost a 45% discount on a purchase that was only valid for a day, because my transaction confirmation took

longer than the required 10 minutes.) 

What do you think about this?

Yeah this is why not many people yet adopted bitcoin.
The transaction system is still not stable, sometimes it really fast but sometimes it stucked.
It need to be developed so many people will adopt bitcoin as a payment method