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Author Topic: This is how mass adoption looks like.  (Read 520 times)
bitmover
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January 27, 2021, 08:12:31 PM
Last edit: January 28, 2021, 04:04:06 PM by bitmover
Merited by dothebeats (2), Tstar (2), lionheart78 (1), ChrisPop (1), KonstantinosM (1), ipanks (1), BlackHatCoiner (1)
 #1


Somewhere in Brazil.
translated from portuguese:
Quote
We accept cryptocurrencies:
Bitcoin
Tron
Ethereum
XPCoin (soon)

Meat
Fish
Chicken
Mocoto (calf's foot jelly)
minced meat
buchada (typical low cost brazilian food)

water
gas
coal
ice
eggs


Mass adoption is not about banks, neither about instituional money.

This is mass adoption.
I just want to buy coal, eggs and chicken with bitcoin.


this is the way

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January 27, 2021, 08:37:05 PM
Merited by bitmover (1)
 #2

Lots of places think they're aiding adoption by having a Bitcoin ATM in their store, but it would be far better if more small companies could start accepting Bitcoin directly in exchange for goods like this place is.  Sadly, it will involve some extra effort on behalf of the store proprietors to do that in most jurisdictions, though.  If you're not using a payment provider to convert it to your national currency right away, you'd probably need some decent software, like BTCPay Server or a really good accountant to sort out the bookkeeping side of things.  Small businesses have to be careful there, because they are an easier target for regulators and governments for tax enforcement compared to individuals.

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January 27, 2021, 08:42:30 PM
 #3

It's awesome to see what BTC was able to achieve in it's short lifespan. To see some random shop in Brazil open his arms (and marketing) in order to fully embrace and advertise that it now accepts a cryptocurrency as a way to exchange goods, it's something really awesome. It's this kind of mentality that we need if we want BTC to go to even greater highs Smiley

Keep it up random brazilian shop owner !  Smiley

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January 27, 2021, 08:48:13 PM
 #4

Eversince 2017 up to present, here in my country still adopt the system on bitcoin with the presence of fiat conversion. They're compatible on most payment method like online transaction on bills of electricity, mobile loading, banking payment and more features coming.
It's awesome to see, that nowadays people who've been using bitcoin were now starting to become transparent this way of showing how convenience would come into your hand.
Hopefully Government would realize the importance of it, and won't disrupt it's ongoing development in the future. Basic necessities like food and other household stuffs aren't yet present for its payment unless supermarket will also divert on this type of cashless payment.

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January 27, 2021, 08:48:56 PM
 #5

I've seen several phone repair shops in my area that accepts bitcoin since 2018, and have continued to do so until now. The bigger shops however, wouldn't want to do this move just yet. Why? Probably because of regulations, and the complications it brings re: tax. Once the regulations, tax, and all the legalities and loopholes have been addressed, maybe that's the time we'll see more of this--hopefully--in the future.

It'll start with legalizing these things 'technically' before we get to see the boom into adopting it.

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January 27, 2021, 08:49:30 PM
 #6

Who wants to use bitcoin when it takes 10 minutes to make a transaction?

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January 27, 2021, 08:53:00 PM
 #7

This is the freest thing I've ever seen in a while.  Cheesy

Unfortunately, this can't work except if they do pay taxes. Also, I observe inconvenience from the seller, the operator of the business, if that's the only shop that accepts bitcoin around there. Traditionally, the man that runs a similar business is already uncertain about his profit. He has to predict it, by measuring things like expenses. Can you imagine that he also have to consider the uncertainty of the crypto's prices?

Although, in the long term, when more shops like this one, accept cryptocurrencies then the price will be less fluctuating. Think about it, the more shops, the more it'll look as a medium of exchange.

Who wants to use bitcoin when it takes 10 minutes to make a transaction?
LN.





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January 27, 2021, 08:56:34 PM
 #8

Who wants to use bitcoin when it takes 10 minutes to make a transaction?

Depending on the transaction amount, you don't necessarily need to wait for a confirmation.

For low amounts (e.g. some drinks or a meal), if some attributes are met (e.g. no RBF-flag set and no conflicting transaction has been found in the network), accepting 0-conf transactions can be pretty safe.
I mean, you can never completely negate fraud. But you also can't with credit cards.

Further, i doubt lots of people would walk in and double-spend for a burger..


The 10 minute confirmation time is not an issue in this case IMO.
And the Lightning network will further solve this "issue".


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January 27, 2021, 09:14:19 PM
 #9

This is the freest thing I've ever seen in a while.  Cheesy

Unfortunately, this can't work except if they do pay taxes. Also, I observe inconvenience from the seller, the operator of the business, if that's the only shop that accepts bitcoin around there. Traditionally, the man that runs a similar business is already uncertain about his profit. He has to predict it, by measuring things like expenses. Can you imagine that he also have to consider the uncertainty of the crypto's prices?

Although, in the long term, when more shops like this one, accept cryptocurrencies then the price will be less fluctuating. Think about it, the more shops, the more it'll look as a medium of exchange.

Who wants to use bitcoin when it takes 10 minutes to make a transaction?
LN.

Definitely, the owner is closely monitoring the btc and other alt prices in the market. Now, that's a tedious job. Wonder how often he changes the price of his goods? But maybe, he has only one site he is basing his conversion rates, and one possible is their local crypto-exchange. It will be good to see shops like this that you can find even in rural areas.

By the way, is the XP coin referring on the photo is the experience points coin - https://www.coingecko.com/en/coins/xp#markets?

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January 27, 2021, 09:19:48 PM
 #10

It's good to see some real life utilisation of crypto currency and bitcoin in particular because this somewhat restores our faith in the technology instead of just considering it as an investment medium. But wouldn't it be a hassle for the seller if the value of Bitcoin or any other altcoin's drops aftersale? Either the owner who accepts bitcoin and other crypto will immediately convert it into stable coins like USDT or else he is either losing out big time or gaining huge profit as per the market situation.

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January 27, 2021, 09:38:09 PM
 #11


Mass adoption is not about banks, neither about instituional money.

This is mass adoption.
I just want to buy coal, eggs and chicken with bitcoin.


this is the way
We do all hope for this but these places would really be just on some few count that will be accepting Bitcoin and the rest will really be sticking out with those traditional money transactions.

They cant really just able to handle its volatility.For some this wont matter but for majority of them will really be looking on this way.This is a common reason for them to hindered out
on going to full adoption scale.

Using up our own coins on establishments like this or any other service physically then that could really give us some good feeling but well these places were
just limited out and the rest will be sticking on what they had been used to.

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January 27, 2021, 10:05:40 PM
 #12



Mass adoption is not about banks, neither about instituional money.

This is mass adoption.
I just want to buy coal, eggs and chicken with bitcoin.


this is the way

Definitely agree!  If the institution adopts Bitcoin, it is called institutional adoption.  Masses portrays to people, from ordinary to small-medium businesses.  If this set of group of people started to accept Bitcoin as a mode of payment and transact with them regularly, then we can really see the real concept of mass adoption.
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January 27, 2021, 11:07:41 PM
 #13

Hoping they will disregard XRP  Cheesy (kidding).

This is one of ton ways to spread mass adoption, by just doing this, a lot of people will become more curious on Bitcoin or other cryptocurrency and they will try to use it.

I am curious if they are using some payment processors or just doing manually to pay cryptocurrency.

I can't wait to try to use my Bitcoin to buy some items/services in our local areas.





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January 27, 2021, 11:12:31 PM
 #14

Its more than a shop offering goods for payment in Bitcoin, its about creating a new
ecosystem where people can earn Bitcoin so they can Hodl it and spend it.
Maybe this will happen over time where people have the opportunities to offer goods
and services in return for Bitcoin payment so they in turn can buy goods and services.

FIAT becomes redundant and people control their own finances.


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January 27, 2021, 11:33:17 PM
 #15

Look like that in the country, Bitcoin has been used for daily needs and legal fro payment method.
This is exactly a mass adoption of BTC and also another cryptocurrency.
This is not a big company but being brave to take risks with this kind of payment. If it is about the daily needs, and even this is not about only big companies, this merchant has proven that everyone can use BTC for payment.

However, rules are still gonna be rues. We may not be able to ignore or avoid rues if we are living in a country where Bitcoin is still not legal for payment. And this really happens. So, merchants will really take high risks if using this kind of business, but if they think about the future, it will mean many things.

But, this is what makes the mass adoption cannot grow up so significantly because of the rule in the countires.

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January 27, 2021, 11:37:36 PM
 #16

If this is happening right now, what are we going to experience in the next decade? We are already in the digital era and I foresee this to replicate to other continents. Mass adoption is when small businesses accepting digital currencies as a mode of payment

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January 28, 2021, 12:40:46 AM
 #17


Unfortunately, this can't work except if they do pay taxes.
Quote
this is the kind of place that mostly takes only cash. They are not used to pay taxes. This is like very familiar and small business. In a small town.. I didnt took the photo, but j have seen a lot of similar places in country.

Who wants to use bitcoin when it takes 10 minutes to make a transaction?

People are more honest than you think. Specially simple folk
They sell things there for 1 to 10 usd. Nobody is going to make a RBF transaction to rob them. They can get 0 conf tx.

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January 28, 2021, 01:00:23 AM
 #18

This looks interesting. A convenience store that accepts crypto payments. We are actually near Mass adoption. Although not all are really convinced with crypto payments being so convenient because of the high fees, but if they will see such stores like this who allow netizens to pay in crypto forms, those who aren't aware about it will have an interest to know cryptocurrency.
 
 Some areas in my place like gasoline station, bars and small stores which I have seen and go there personally hasn't that well used at the moment. Ive talked to the owners and managers and ask them if adoption of crypto payments are going smoothly but sad to say, only few use it as a payment method.

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January 28, 2021, 03:54:11 PM
 #19

I think that could happen when the government approves the bitcoin existence, so we will see many local stores or cafes that will accept crypto, especially bitcoin and other top coins. If that is happening in many places, mass adoption can grow, and we will see many people will try to use bitcoin.

But with the high fee of bitcoin transactions now can make people think twice to use bitcoin just to buy something in the local store because they can still fiat or debit/credit card or other digital money. Maybe they will use bitcoin as their investment than spend or buying in the store. After all, that promotion can attract attention from people who see that and can have the curiosity to know more about bitcoin.





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January 28, 2021, 04:12:19 PM
 #20

Wow! That's quite a way to go and what an elaborate sign post. Should the merchant be successful in managing his or her business, it would go a long way in motivating other business outlets to adopting cryptocurencies as a medium of payment and maybe bring in a few investors to cryptos too. There is no better way to preach cashless policy better than this way and the merchant stands to gain more should accumulated coins rise.
I really hope countries with a stiff regulation on cryptos would see merchants like this and know that crypto isn't the enemy but a new and easy means of transacting.

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