Husires (OP)
Legendary
Offline
Activity: 1582
Merit: 1284
|
Some news talked about Binance intention to create a Binance Pay (beta) Binance Pay is a contactless, borderless and secure cryptocurrency payment technology designed by Binance. Binance Pay (beta) allows you to pay and get paid in crypto from your friends and family worldwide. Will such services succeed, and cryptocurrencies will be my reserve for these platforms?
|
|
|
|
|
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
bL4nkcode
Copper Member
Legendary
Offline
Activity: 2142
Merit: 1305
Limited in number. Limitless in potential.
|
|
February 10, 2021, 12:35:18 PM |
|
Well, if their payment gateway does not require kyc, and the wallet is different from the binance account. I mean if its independent of the current account since binance is known about this, the same to their mining pool.
Like you can just import the xpub of your wallet to generate address then I guess that would be better and I maybe try it (currently using blockonomics).
|
|
|
|
logfiles
Copper Member
Legendary
Offline
Activity: 1960
Merit: 1639
Top Crypto Casino
|
Just another avenue where people are going to waste money in fees in form of processing fees, service charges, exchange rate etc. If one want to send or pay money to someone across the boarders, why not just be direct. Send BTC or ETH from one address to another?
Am i missing any information regarding the benefits of this payment gateways?
|
|
|
|
OmegaStarScream
Staff
Legendary
Offline
Activity: 3458
Merit: 6099
|
|
February 10, 2021, 01:18:55 PM Last edit: February 10, 2021, 02:02:37 PM by OmegaStarScream |
|
Well, if their payment gateway does not require kyc, and the wallet is different from the binance account. I mean if its independent of the current account since binance is known about this, the same to their mining pool.
Like you can just import the xpub of your wallet to generate address then I guess that would be better and I maybe try it (currently using blockonomics).
I doubt it would be non-custodial. I'm expecting something similar to PayPal.me where one has to give his username (or email/phone number) to be able to receive funds. Edit: I didn't knew they released it already, so as guessed : https://www.binance.com/en/support/faq/d6fabc736d1f4e7fb60e56afe6d1f3b9Apparently, the feature will be built-in inside the exchange phone app. This is no different from doing an "internal" transfer with another binance's user using his address. It's just a more convenient way.
|
|
|
|
Findingnemo
|
|
February 10, 2021, 02:19:54 PM |
|
Some news talked about Binance intention to create a Binance Pay (beta) Binance Pay is a contactless, borderless and secure cryptocurrency payment technology designed by Binance. Binance Pay (beta) allows you to pay and get paid in crypto from your friends and family worldwide. Will such services succeed, and cryptocurrencies will be my reserve for these platforms? Something like Google Pay? But cryptos are already digital and we can transfer between wallets then why we need an app to transfer Bitcoin? If they have such app then it is going to be custodial and something like internal transfer between coinbase accounts.
|
| | . .Duelbits. | │ | ..........UNLEASH.......... THE ULTIMATE GAMING EXPERIENCE | │ | DUELBITS FANTASY SPORTS | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ████████████████▀▀▀ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | . ▬▬ VS ▬▬ | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ███████████████████ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | /// PLAY FOR FREE /// WIN FOR REAL | │ | ..PLAY NOW.. | |
View ArchiveReport to moderator
|
|
|
bL4nkcode
Copper Member
Legendary
Offline
Activity: 2142
Merit: 1305
Limited in number. Limitless in potential.
|
|
February 10, 2021, 06:13:35 PM |
|
Apparently, the feature will be built-in inside the exchange phone app. This is no different from doing an "internal" transfer with another binance's user using his address. It's just a more convenient way.
Ah, yes. But it would be better if using this feature will reduce the fee unlike the withdrawal fees which cost more, well, it has zero fees but how about sending to external wallets if possible and without fees as well. The only downside is this one which is unreasonable, its like a blockchain.com exchange that needs to wait days before it can be withdrawn/transfer. Please note that funds received in Binance Pay will only be available for transfer to other wallets after 24 hours.
|
|
|
|
notblox1
Legendary
Offline
Activity: 2044
Merit: 1263
Logo Designer ⛨ BSFL Division1
|
|
February 11, 2021, 01:11:17 AM |
|
Looks like Binance exchange and CZ are looking to try and earn money in all possible ways and BinancePay may be some alternative for PayPal and similar payment processors. Problem with this is that I doubt they can make it available worldwide, and United States will probably be excluded from this with some other countries. Good thing about it is that there are no fees for using BinancePay (for now)
|
|
|
|
Darker45
Legendary
Offline
Activity: 2562
Merit: 1855
🙏🏼Padayon...🙏
|
|
February 11, 2021, 03:09:13 AM |
|
The only downside is this one which is unreasonable, its like a blockchain.com exchange that needs to wait days before it can be withdrawn/transfer. Please note that funds received in Binance Pay will only be available for transfer to other wallets after 24 hours. Definitely not the only downside on this. Actually, the biggest downside on this is that you need to undergo identity verification first. That makes this not too attractive for me. Well, to those who don't mind revealing themselves this might be good. Looks like Binance exchange and CZ are looking to try and earn money in all possible ways and BinancePay may be some alternative for PayPal and similar payment processors. Problem with this is that I doubt they can make it available worldwide, and United States will probably be excluded from this with some other countries. Good thing about it is that there are no fees for using BinancePay (for now) No problem if they won't make it available worldwide immediately. Growth is a gradual process, after all. And this is actually offered to selected Binance.com users only. Which means that citizens of countries who are restricted to use Binance.com like the US citizens will not be able to use this. But who knows in the future?
|
|
|
|
SFR10
Legendary
Offline
Activity: 2982
Merit: 3409
Crypto Swap Exchange
|
|
February 11, 2021, 11:09:05 AM |
|
Will such services succeed, and cryptocurrencies will be my reserve for these platforms?
Initially, I thought it's going to be a "proper" payment gateway but after visiting the link OmegaStarScream provided, IMHO they've brought something to the table that's too insignificant. - I do know it's a dynamic system [not totally useless] but they've also made everything to be much more complicated than it should be [too many unnecessary steps in the process] so personally, I can't see a massive success for this.
|
|
|
|
decodx
|
|
February 11, 2021, 04:03:29 PM |
|
I first thought it would be a payment processor for online shops. But it looks like the Binance Pay was designed to make it easier to send funds from users to users. Someone mentioned processing fees, according to the FAQ, it looks like there won't be any: What are the fees for using Binance Pay? No, you do not need to pay any fees for using Binance Pay. https://www.binance.com/en/support/faq/d6fabc736d1f4e7fb60e56afe6d1f3b9Looks like this is gonna be off-chain transactions.
|
|
|
|
R |
▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | | | 4,000+ GAMES███████████████████ ██████████▀▄▀▀▀████ ████████▀▄▀██░░░███ ██████▀▄███▄▀█▄▄▄██ ███▀▀▀▀▀▀█▀▀▀▀▀▀███ ██░░░░░░░░█░░░░░░██ ██▄░░░░░░░█░░░░░▄██ ███▄░░░░▄█▄▄▄▄▄████ ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ | █████████ ▀████████ ░░▀██████ ░░░░▀████ ░░░░░░███ ▄░░░░░███ ▀█▄▄▄████ ░░▀▀█████ ▀▀▀▀▀▀▀▀▀ | █████████ ░░░▀▀████ ██▄▄▀░███ █░░█▄░░██ ░████▀▀██ █░░█▀░░██ ██▀▀▄░███ ░░░▄▄████ ▀▀▀▀▀▀▀▀▀ |
| | | ██░░░░░░░░░░░░░░░░░░░░░░██ ▀█▄░▄▄░░░░░░░░░░░░▄▄░▄█▀ ▄▄███░░░░░░░░░░░░░░███▄▄ ▀░▀▄▀▄░░░░░▄▄░░░░░▄▀▄▀░▀ ▄▄▄▄▄▀▀▄▄▀▀▄▄▄▄▄ █░▄▄▄██████▄▄▄░█ █░▀▀████████▀▀░█ █░█▀▄▄▄▄▄▄▄▄██░█ █░█▀████████░█ █░█░██████░█ ▀▄▀▄███▀▄▀ ▄▀▄▀▄▄▄▄▀▄▀▄ ██▀░░░░░░░░▀██ | | | | | | | . ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ ░▀▄░▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄░▄▀ ███▀▄▀█████████████████▀▄▀ █████▀▄░▄▄▄▄▄███░▄▄▄▄▄▄▀ ███████▀▄▀██████░█▄▄▄▄▄▄▄▄ █████████▀▄▄░███▄▄▄▄▄▄░▄▀ ████████████░███████▀▄▀ ████████████░██▀▄▄▄▄▀ ████████████░▀▄▀ ████████████▄▀ ███████████▀ | ▄▄███████▄▄ ▄████▀▀▀▀▀▀▀████▄ ▄███▀▄▄███████▄▄▀███▄ ▄██▀▄█▀▀▀█████▀▀▀█▄▀██▄ ▄██▀▄██████▀████░███▄▀██▄ ███░█████████▀██░████░███ ███░████░█▄████▀░████░███ ███░████░███▄████████░███ ▀██▄▀███░█████▄█████▀▄██▀ ▀██▄▀█▄▄▄██████▄██▀▄██▀ ▀███▄▀▀███████▀▀▄███▀ ▀████▄▄▄▄▄▄▄████▀ ▀▀███████▀▀ | | OFFICIAL PARTNERSHIP FAZE CLAN SSC NAPOLI | | |
|
|
|
|