w/ Fedoracoin Payment Processor - Rising up as coinpayments.net shuts down.

[hercules1600]

As many of you may have heard coinpayments.net is shutting down as of March 31st 2014.

"It is with a heavy heart that we have to announce the closure of CoinPayments.net."

I for one will hate to see them go as it was awsome to see their logo and know I did not have to change my alt-coins in to Bitcoins to spend them. They have made it so easy to make alt-coin payments and for many alt-coins they kept them a float so I would like to say thank you coinpayments.net for all you have done for the crypto community.

That being said,

I think the timing of the w/ Fedoracoin Payment platform being released couldn't have happened better.

For those that do not know what this platform is, well, it is a payment platform, but not like you are used to, not for crypto currencies anyways.

How it usually works when paying with cryptocurrency.

The price of an item on your website is set in FIAT. USD CAD EUR
You connect to a payment platoform such as Bitpay or Coinpayments.net sending the price of the purchase being made in FIAT currency. USD, CAD, EUR
The payment platform connects to an exchange to figure out the exchange rate of the coin.
The rate is determined and the amount of coins to satisfy the price in FIAT is required to make a purchase.
     eg. You purchase something that is $600, you pay in Bitcoin, a Bitcoin is worth $600 on the exchanges. The cost of the item is 1 Bitcoin. (plus fees)

How the w/ Fedoracoin Payment Platform works

The price of an item on your website is in TIPS Fedoracoins
You connect to the payment platoform and send the price of the item.
The platform creates and presents a payment address to receive payment.
Payment is made and the cryptocurrency is deposited in to your account.

With this process their is no exchanging coins to FIAT or vice versa, no extra connections to find a price. Simply a price, a payment address, and a dashboard to keep track of your orders.

The payment processor will also be able to use BTC and LTC which of course are the 2 big boys in crypto. Who knows if they will ever accept more but the development team is very commited and it is definitely something to take a look at as an online store owner or developer looking to implement a simple donation button with a bit more security.

I also believe that this type of payment platform is necessary for alt-coins and the likes to be taken seriously as a currency in any way. Currently many alt coins only have an "exchange value" their is no faith in the value of a coin being sustained. To have even Bitcoin become more stable I believe the first step will be for people to put a price based on how many Bitcoins it is worth instead of how many dollars it can be changed to.

https://coinpayments.net
https://pay.withfedoraco.in

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[1715307102]

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[MMos]

great idea, now lets see where this takes TIPS!

[poornamelessme]

I can't help but think that this would catch on better if the devs fully supported the name change to Tips. A Tips Payment Processor would appeal to to a lot more people, I'd think.

FedoraCoin as a name is sort of nonsense to most people... sort of like calling it FunnyHatCoin... the meme stuff worked for doge, but I wouldn't count on it working for other coins.

[hercules1600]

I can't help but think that this would catch on better if the devs fully supported the name change to Tips. A Tips Payment Processor would appeal to to a lot more people, I'd think.

FedoraCoin as a name is sort of nonsense to most people... sort of like calling it FunnyHatCoin... the meme stuff worked for doge, but I wouldn't count on it working for other coins.

With the Fedora in their it may be a bit harder to spread, its true, many people will only see the meme. But I beleive with the Dev work, that we may not always see until bam huge updates, is something that will keep it at least talked about enough that it can slowly spread over time.

Plus, once the brand is established, the w/ , the processor could be called anything really, brand it for any coin name.

w/ Bitcoin
w/ Litecoin
w/ TIPS

My thoughts anyway, I just think this type of processor is the best way to give coins a true value instead of an exchange value, and kudos to them for being the first to do it that way.