Increasing acceptance level - Cryptocurrency

[Vaskiy]

Below is a pic that's been taken on a ride. Everyone might be familiar with the Autorickshaw of India. In some part people term them as Autowala.The auto rickshaw is called with different names on different countries including auto, auto rickshaw, baby taxi tuk-tuk, 3wheel, bao-bao, tukxi. The operators are very common people who have their living out of the earning through this rental rides. They've started accepting cryptocurrency is something big and shows the increasing level of cryptocurrency acceptance.

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[mk4]

Is this your photo? If so, mind telling us how they accept cryptocurrencies? I assume they probably use a lightning wallet for instantaneous bitcoin transactions, but what about the likes of ETH?

[avikz]

I believe it's in Bengaluru. Is it a decision taken by the local Auto Union? Because the sign-board says "we" instead of "I". Any Autowala can accept cryptos as per their own will but I am little skeptical how this transaction will work. Did you try paying through cryptos? If yes, please share your experience. Because it's a splendid news for crypto community of India. It's actually a granular level crypto adoption which is very very important for the growth in the market.

[lablab03]

People nowadays is getting smarter when it comes promoting bitcoin.   Well to be honest that's a good idea but only if your country not against with crypto currency coz it is like a double pay when bitcoin price is increasing in the market. Lmao Whereas instead of using any digital currency that nothing and it just makes the payment more easier unlike bitcoin that you have chance to make it grow coz its like holding.

[icopress]

Is this your photo? If so, mind telling us how they accept cryptocurrencies? I assume they probably use a lightning wallet for instantaneous bitcoin transactions, but what about the likes of ETH?

Nice try ... but you forgot to mention that paying with the Lightning Network is especially useful when a passenger only needs to travel one or two stops. Although, most likely, payment is accepted only in bitcoins, and regardless of transaction costs, all passenger transactions are confirmed by miners from the Autoricksh pool.

[dothebeats]

It's good and all but certainly not something that is economically feasible, unless we're using cryptocurrencies with low transfer fees and are also fast to confirm.

Great to see that the common folk are seeing cryptocurrencies in a different way. Perhaps a lot of them are thinking that cryptocurrencies are get-rich-quick vehicles due to other people's testimonials, but we couldn't blame them though if they are living in awful conditions.

[Shenzou]

It is good to see that people are more and more accepting of the fact thst cryptocurrencies have became and will a part of our lives, and even though it is not something that seems efficient or economical now sonce fees and transactions time is high, but implementing the idea in the people's daily lives is a huge step toward gloabal adaptation.

[haidil]

Is every passenger a cryptocurrency? Not really.
so very ineffective if applied. Just use paper money to pay for it, as this is more of a direct transaction where passengers don't have to have crypto and are still effective with paper money. Oh, maybe if one of the passengers has shitcoin can it be exchanged? only for a distance of 1 kilometer at the current price of shitcoin?

[noorman0]

Back to the issue of legality and scalability.

Running a crypto-based business in countries that tend to be oppressive or gray will hinder crypto adoption. Even when the crypto adoption level has been high, it can return to zero only because of the government ban policy.
Also, given that crypto transaction fees fluctuate as well as their own prices, efficiency will be a problem for a retail-scale business or service especially if it's in countries with low economic standards. Customers will not actually take advantage of that payment method.

[isaac_clarke22]

Same question as mk4, OP. More like how does the payment take place?
Do you all use a third-party app to transact for the ride or is it an LN?

Here in my country, some claim to accept Bitcoin payment but they use a custodial wallet which is not kind of what I expected on how other people adopt Bitcoin as an alternative payment method.

[dataispower]

This is great idea, we hope companies like Uber, Google, Amazon and all the major tech companies follow suit and even pay their workers in stable coins. This is the beginning of the expansion of BTC as payment system

[DibiaVxosis]

As time goes on crypto keeps getting more traction, people are getting to see the importance, it's just a matter of time we will keep seeing more adoption of bitcoin and altcoins, bigger companies and investors will start coming in thereby pushing the value of bitcoin higher, crypto plays a big role in the world today standing out as a form for investment and also a store of value.

[uneng]

That is a very good signal for crypto currency. Sectors of society like this are the ones which we need to see adopting crypto, because they are highly demanded by the common citizens in a daily basis.

With the popularization of internet access everywhere, scenes like this one are going to be become a lot more common from now on. But I believe P2P transactions are still a daydream. If crypto payment method is going to be highly adopted, it's probably going to be done through a third party platform that may work as a crypto bank or something like this, so the transactions can be done instantly without paying expensive fees.

[Hippocrypto]

Below is a pic that's been taken on a ride. Everyone might be familiar with the Autorickshaw of India. In some part people term them as Autowala.The auto rickshaw is called with different names on different countries including auto, auto rickshaw, baby taxi tuk-tuk, 3wheel, bao-bao, tukxi. The operators are very common people who have their living out of the earning through this rental rides. They've started accepting cryptocurrency is something big and shows the increasing level of cryptocurrency acceptance.

~snip~

I'm curious what cryptocurrency really applies for their basic fare when taking a ride of a transportation within the  specific location. Because if they required btc, I don't think it will be economical since it's so expensive these days. Maybe other coins like eth, bnb, or xrp can be accommodating for this type of cryptocurrency acceptance as long as there's a proper implementation along with internet access. This is really a great idea and will make our lives more comfortable going to be cashless future.

[sunsilk]

I guess they use multi currency wallets since it's not indicated which specific crypto that they accept. Or maybe when you ask them what cryptos are they accepting, it will only be limited to the top cryptos.

But it only shows that even for small services like the tuktuk's, it can also happen for the other transport vehicles that are open to the public.

[Welsh]

The only issue I see with Bitcoin adoption for businesses right now is the fact that they should really be waiting for confirmations to make sure that everything is okay. So, for this to be acceptable for a bus journey the journey would need to be at least 10-15 minutes. Then there's the issue with the user applying a lower fee than the average, and therefore waiting longer. Of course, businesses don't actually have to wait for any confirmations, and as soon as they see it on the Blockchain they could potentially just accept it, however there will be a risk in that, albeit probably very small, I feel like stakeholders wouldn't be happy with allowing such a security risk.

That's one of the advantages that paying with cash is its instant, and it can be checked on the spot for any fraudulent cash. Of course, this isn't a fool proof scenario either if the fraudulent money is especially well made, but remember that we would need to convince them that Bitcoin is a better way of paying, not the same or less advantageous for them to be willing to accept or potentially even convert to accepting Bitcoin exclusively. 

[mindrust]

Good idea, but for me too often you take a transport car and pay with crypto what is excessive while the fiat money in your pocket is spent on more expensive goods. For me it's not a problem, but how about paying with fiat directly it's easier for you to put it next to the driver and leave.

I agree. I'd rather use crypto for purchasing bigger/more expensive goods or while doing internet shopping. When you are in a hurry to reach somewhere, using FIAT or credit card is more practical. When time isn't a problem, crypto can be used. The main limiting factor here is "time". Some crypto are faster but i still don't think crypto is ideal for everyday use.

[pooya87]

Is this your photo? If so, mind telling us how they accept cryptocurrencies? I assume they probably use a lightning wallet for instantaneous bitcoin transactions, but what about the likes of ETH?

Nice try ... but you forgot to mention that paying with the Lightning Network is especially useful when a passenger only needs to travel one or two stops. Although, most likely, payment is accepted only in bitcoins, and regardless of transaction costs, all passenger transactions are confirmed by miners from the Autoricksh pool.

There is no limit to what you use lightning network for and since many of the altcoins are copies of bitcoin they too support lightning network of their own. There is no centralization in bitcoin either so any transaction whether on-chain or on second layer would require a regular confirmation from any miner who picks up the transaction.

[davis196]

Back to the issue of legality and scalability.

Running a crypto-based business in countries that tend to be oppressive or gray will hinder crypto adoption. Even when the crypto adoption level has been high, it can return to zero only because of the government ban policy.
Also, given that crypto transaction fees fluctuate as well as their own prices, efficiency will be a problem for a retail-scale business or service especially if it's in countries with low economic standards. Customers will not actually take advantage of that payment method.

I don't think that the Indian government can control every rickshaw driver in India.
Even if India bans cryptocurrency payments,a vast number of people will still be using crypto payments and the risk of getting caught would be low.The "grey economy" will flourish,until the moment governments realize that banning crypto payments is pointless and legalize the crypto industry under their jurisdiction.
I find it fascinating that people in countries like India,Venezuela and many more Asian,African and Latin American countries are way more open towards new technology,compared to the people in Europe and USA.

[Kimberl2020]

I have tried to display a reminder of accepting cryptocurrency payments in my shop.

But many customers don't know what cryptocurrency is. Some interested will ask, I also have to teach him how to buy it on the exchange and then how to transfer it to me. This wastes a lot of time.

In a month, no stranger pays with cryptocurrency except for a friend who understands Bitcoin. He used Biance's C2C function to transfer me a 200USDT bill. Finally, I removed the cryptocurrency payment method.

It takes a long time to promote cryptocurrency payments.