Bitcoin POS now available

[hd49728]

Came across this news on X and it really caught my attention https://x.com/gedamtekle/status/2010708927281803467?s=48 as bitcoin payment are now becoming easier and with a device like this, I think adoption will be more easier and I don't know if anyone have seen a physical bitcoin POS machine not the regular bitcoin ATM.

The sad part is that, it seems the usage of the machine might be a little challenging for first time adoption and it also requires some level of trust before local business might accept it which I think might be challenging for the adoption.

Has anyone seen a physical bitcoin pos device and how easy to use is it?

Bitcoin is Proof of Work, with mining and you can not stake your bitcoin. Staking likely requires you to convert your bitcoins to Bitcoin Wrapped tokens that are not actual bitcoins. Wrapped Bitcoin tokens are altcoins and deployed on altcoin blockchains with smart contracts. These tokens are stakeable but as said they are not bitcoins, and why do you want to get some staking rewards with risk of losing your initial bitcoins with Wrapped Bitcoin token depeg, or losing your wrapped bitcoin tokens by any scam pools.

Bitcoin is valuable, and if you want to get rich with Bitcoin, let's buy bitcoin, and hold it. You don't have to stake your bitcoins for unconsiderable staking reward while the risk of losing your initial bitcoin fund is high.

[melinoe]

It’s still charging a 4% fee, which doesn’t seem ideal. Bank POS systems either don’t charge extra or charge very little. For regular transactions, if the goal is to compete with industry giants, a maximum 2% fee would be more reasonable. The positive side is that even if shop owners don’t hold Bitcoin, accepting BTC payments and spreading usage among people would be a big step forward for adoption.

That's a good thing because it provides another way to expose business to BTC. Everything else is the adjustments than need to be made in that direction.. for businesses to want to use BTC.

[Charles-Tim]

1) Bitcointalk forum - Most members are spammers and don't give a fuck about Bitcoin or know anything about Bitcoin, this even includes most DT members, staff members and merit sources.

I still believe people learn a lot on this forum about bitcoin and how to avoid scammers and hackers. Before I registered on this forum, there was a time in the past that I was supposed to be scammed, I did not have money which I can pay the scammer. It was on the forum that I later realized I would have been scammed if I had money.

It’s still charging a 4% fee, which doesn’t seem ideal. Bank POS systems either don’t charge extra or charge very little. For regular transactions, if the goal is to compete with industry giants, a maximum 2% fee would be more reasonable. The positive side is that even if shop owners don’t hold Bitcoin, accepting BTC payments and spreading usage among people would be a big step forward for adoption.

How did you know that it is 4%? I did not see it from anywhere. If the fee for using the POS is up to 4%, that is too much because I can use fiat direct at far lower cost.

[Satofan44]

I saw this tweet a few days after he posted it. It's a pretty good initiative, but he oversimplified it. It's not as easy as he made it seem. First of all, it depends on how Bitcoin-oriented your country or city is. And also, how ready are local businesses to accept something they don't understand? To convince local businesses to accept payment from services you don't understand, you need very good marketing, and that requires a budget. Not something that is easy for a person with no real money to do.

What claim did he actually make? A device that allows you to have easily adoption of Bitcoin, does not mean that it will generate the demand. As long as the device does not have any subscription cost to it, then it is quite simple to adopt it and keep it even if only an occasional customer comes to use it. Let's not go back to the dumb chicken and egg problems. Merchants should provide the ability to pay with Bitcoin, even if almost nobody is using it as long as it does not cause them a significant running cost. These should be included within the standard payment devices as the set of basic options.

It’s still charging a 4% fee, which doesn’t seem ideal. Bank POS systems either don’t charge extra or charge very little. For regular transactions, if the goal is to compete with industry giants, a maximum 2% fee would be more reasonable. The positive side is that even if shop owners don’t hold Bitcoin, accepting BTC payments and spreading usage among people would be a big step forward for adoption.

It is quite high for what it is, it should be preferably 1-2% as you have indicated as well. One of the reasons for this is low competition and low demand, but generally first movers tend to charge a lot. Now I don't really know whether other devices have been made for this purpose before, or at least in a similar way, but if they haven't then it is a fair starting point. Generally what I can see with physical merchants that they have all kinds of solutions, there is no unified solution or one that is very widespread from what I have seen. Some will rely on local service providers that implemented their own infrastructure and sales system to allow for Bitcoin payments, often these are the ones who on-boarded them to. Others will use even their personal wallets, Binance pay or any kind of solution but obviously this is often not integrated with the merchant system.

1) Bitcointalk forum - Most members are spammers and don't give a fuck about Bitcoin or know anything about Bitcoin, this even includes most DT members, staff members and merit sources.

I still believe people learn a lot on this forum about bitcoin and how to avoid scammers and hackers. Before I registered on this forum, there was a time in the past that I was supposed to be scammed, I did not have money which I can pay the scammer. It was on the forum that I later realized I would have been scammed if I had money.

Well, most obviously does not mean all so there will be different quantities of people that are learning some things here. It will differ between topics, but that does not make my or your statement in valid. I can guarantee you that for a fact, theymos excluded, most staff members have very superficial Bitcoin knowledge. Furthermore, senior members are completely failing at this. The longer someone is a member here, the higher level of Bitcoin knowledge they should poses as a baseline level. However, some people try to ignore this and justify low levels of knowledge for even the most senior members. Only increasing baseline level would actually prove that seniors are indeed learning here.

[serjent05]

POS machine is a past trend and it won't help adoption. It's very complicated, and charge big fees combined with high maintenance cost. So merchants are not interesting in using it.

These days people can pay in a merchant with their bitcoin by scanning via QR code on their smartphone. Paying via QR code much more simpler and faster. So that kind of machine is not needed.

I also think this kind of thing.  The device is created to earn money and is not actually needed.  Thinking that the client needs to pay 3%-4% more will only hinder buyers, since they know they can save this percentage by making a direct payment in BTC on their smartphone. 

If you want to build a passive income stream that:

- Requires no experience
- Makes money while you sleep
- Generates $2,000 to $10k+/month

This one is very intriguing, making money while we sleep, is this not too good to be true?

[Ultegra134]

It’s still charging a 4% fee, which doesn’t seem ideal. Bank POS systems either don’t charge extra or charge very little. For regular transactions, if the goal is to compete with industry giants, a maximum 2% fee would be more reasonable. The positive side is that even if shop owners don’t hold Bitcoin, accepting BTC payments and spreading usage among people would be a big step forward for adoption.

4% is a lot, and requires the customer to pay for it, which is absurd that my payment preference would have to cost me more (I remember this was also the case with PayPal fees a few years ago, might still be a thing but I do remember paying the fee difference in order to use PayPal). I don't know what happens in USA etc., but when you're paying with card, you're not burdened with the fee, the merchant is, and it's usually lower, up to 1% to 2% at most. It's a nice initiative (even though the merchant isn't actively into Bitcoin adoption, he receives money into fiat currency), but it's current fee is too high.

[X-ray]

It’s still charging a 4% fee, which doesn’t seem ideal. Bank POS systems either don’t charge extra or charge very little. For regular transactions, if the goal is to compete with industry giants, a maximum 2% fee would be more reasonable. The positive side is that even if shop owners don’t hold Bitcoin, accepting BTC payments and spreading usage among people would be a big step forward for adoption.

At this point we don't even need a POS. There are many payment processors out there that charge less, when everybody got a smart phone already, I think POS machine is just an overhead. Anybody can just scan the merchant's address and send the bitcoin directly no middlemen fee or they can simply open an exchange account and convert their bitcoin directly if they are afraid of volatility.

I still wonder to this day why won't a big exchange like coinbase, or binance just create their own payment processor or even better, merchant app to handle shops and only charge conversion fee the same way they charge their traders. That'd be far cheaper and more convenient. No need to own additional hardware.

[OcTradism]

If you want to build a passive income stream that:

- Requires no experience
- Makes money while you sleep
- Generates $2,000 to $10k+/month

This one is very intriguing, making money while we sleep, is this not too good to be true?

There is no secret of easily getting richer, it's in fact one of easiest and fastest ways to get poorer or losing all your money and ending with bankruptcy. There is no free lunch, and there is no easy way to get richer without experience at all. The money moves around inside a zero sum market that makes the rich and experienced people get richer while most of the poor and inexperienced people who have bad traits like carelessness and laziness will lose money.

Too good to be true offers are big red flags to stay away, not to join.

[FortuneFollower]

If you want to build a passive income stream that:

- Requires no experience
- Makes money while you sleep
- Generates $2,000 to $10k+/month

This one is very intriguing, making money while we sleep, is this not too good to be true?

There is no secret of easily getting richer, it's in fact one of easiest and fastest ways to get poorer or losing all your money and ending with bankruptcy. There is no free lunch, and there is no easy way to get richer without experience at all. The money moves around inside a zero sum market that makes the rich and experienced people get richer while most of the poor and inexperienced people who have bad traits like carelessness and laziness will lose money.

Too good to be true offers are big red flags to stay away, not to join.

Especially in our day and age and space.. If it's starting like that - it's about rugging you, not getting you something.

[Achalugo BTC]

This is the first time i am seeing this, I have never heard of this kind of stuff before, i have seeing different machines before but I have never heard or seeing bitcoin machine before, it will be similar to other pos machine but how do people are going to believe it when you can use your phone to make a transaction if you want to make a payment, the machine is good because it will help some people when they are not with any device that they will use to make payments but what people to not see it very important is that since the introduction of pos is new, people will still prefer to make a phone transaction than using the machine because no one is safe, people are using pos machine to scam customers and no matter how there are people who thinks negative about it, so as long as people can make transactions of bitcoin through their own wallet and phone, they will prefer to continue using it.

It will make transactions easier for people, which most people won't involve themselves with banks transactions again, and I believe its safe and reliable, though the fee might be costly, which might make people to prefer the usage of phone as you said but if people are being taught on how to use it and secure their assets while using might help people to consider the usage of the machine, because being aware of something makes one to be able to make an informed decision.

[hero_the_bossman]

This is the first time i am seeing this, I have never heard of this kind of stuff before, i have seeing different machines before but I have never heard or seeing bitcoin machine before, it will be similar to other pos machine but how do people are going to believe it when you can use your phone to make a transaction if you want to make a payment, the machine is good because it will help some people when they are not with any device that they will use to make payments but what people to not see it very important is that since the introduction of pos is new, people will still prefer to make a phone transaction than using the machine because no one is safe, people are using pos machine to scam customers and no matter how there are people who thinks negative about it, so as long as people can make transactions of bitcoin through their own wallet and phone, they will prefer to continue using it.

It will make transactions easier for people, which most people won't involve themselves with banks transactions again, and I believe its safe and reliable, though the fee might be costly, which might make people to prefer the usage of phone as you said but if people are being taught on how to use it and secure their assets while using might help people to consider the usage of the machine, because being aware of something makes one to be able to make an informed decision.

Maybe. or maybe the fees question would put an end to it for them and they would still rely on what was set in stone Especially for newer generation of people / millennials trying to expose themselves to BTC.

[Spaceman1000$]

Came across this news on X and it really caught my attention https://x.com/gedamtekle/status/2010708927281803467?s=48 as bitcoin payment are now becoming easier and with a device like this, I think adoption will be more easier and I don't know if anyone have seen a physical bitcoin POS machine not the regular bitcoin ATM.

The sad part is that, it seems the usage of the machine might be a little challenging for first time adoption and it also requires some level of trust before local business might accept it which I think might be challenging for the adoption.

Has anyone seen a physical bitcoin pos device and how easy to use is it?

Physically I've not seen a Bitcoin point of sale machine(POS) before, but if this news is anything to go by, then it's a welcome development, I believe machines like this if is evenly distributed to remote areas and the usage is easily learned, then adoption wouldn't be much of an issue. People are very picky with new innovations, but with time they will get used to it and eventually share the good news to others.

[Peanutswar]

I've seen this kind of POS in different shops that are accepting a Debit card and Credit card in their stores and even can provide a QR generation in terms of the payee wanted to pay with their application which is most of the  crypto wallet have their QR scanner but in some point those tap features are just applicable with the credit cards so still there's a pin requirement most of the debit cards well still in crypto. I tried to pay to our local store with my Crypto.com Visa card which is the same thing here but they will automatically deduct into your current balance which is im using is CAD that time.

[Silverstonez]

Well it is a welcome development, but I don't know how this bitcoin pos machine can be use. So I we be looking forward to see more explanation on how it can be use. I am not also sure if I have seen this bitcoin pos machine in any shop or mall. But I believe this bitcoin pos machine will make payment in bitcoin more faster.

[Alpha Marine]

What claim did he actually make? A device that allows you to have easily adoption of Bitcoin, does not mean that it will generate the demand. As long as the device does not have any subscription cost to it, then it is quite simple to adopt it and keep it even if only an occasional customer comes to use it. Let's not go back to the dumb chicken and egg problems. Merchants should provide the ability to pay with Bitcoin, even if almost nobody is using it as long as it does not cause them a significant running cost. These should be included within the standard payment devices as the set of basic options.

From the thread of his tweets, he is looking to make a profit from the device. He hopes to charge people a fee for paying with the device and split the profit with the business and himself. That's why I said it's oversimplified.
He would need to convince local businesses to accept the device, and as difficult as that is, that is even the easy part.
He has to convince people to pay an additional fee when they pay with Bitcoin through the device. Meaning aside from the network fee, they will pay another fee. According to him, it's 3-4% (which is bollocks because nobody likes paying such high extra fees when the alternative is something less than 1%) because the merchant is going to get a portion of the fee.

Then he also has to consider how many people actually pay with Bitcoin. That's why I said it's best for a big city that is a tourist hotspot. And tall these are hanging on the fact that he can convince people to pay a 4% charge for using the device.
He should just quit expecting profit from the device and stop thinking it will improve adoption. It canjust be a device local merchant just in case anybody wants to pay with bitcoin and, with no added charges.

[hero_the_bossman]

Well it is a welcome development, but I don't know how this bitcoin pos machine can be use. So I we be looking forward to see more explanation on how it can be use. I am not also sure if I have seen this bitcoin pos machine in any shop or mall. But I believe this bitcoin pos machine will make payment in bitcoin more faster.

I think we all can google for a bit to understand more on the nuances like that. Nothing wrong with that.

[casey15]

This is good. But I can't help but keep thinking about the use case. Except for those who do not like opening their wallet very easy and for those shopping with bitcoin.I will really prefer the wallet transaction to using the POS. In my country, the main reason people make use of a POS is to either pay for goods or to withdraw cash instead of going to the bank or an ATM as a POS is actually more accessible. But with Bitcoin that don't have a physical coins to withdraw, the POS is only limited to shopping.
This will really take a lot of time to fully be implemented especially in my country Nigeria as there only two Bitcoin ATMs in the country which means that only a faction of people even have a Bitcoin ATM card

[Fivestar4everMVP]

The sad part is that, it seems the usage of the machine might be a little challenging for first time adoption and it also requires some level of trust before local business might accept it which I think might be challenging for the adoption.

Has anyone seen a physical bitcoin pos device and how easy to use is it?

I have never seen a physical POS machine designed specifically for bitcoin transactions, but I will love to not just see, I will love to try one myself in the near future, I have been to many places with bitcoin Atm machines but I've never had any need for it, one time I tried using one for curiosity sake but changed my mind later on, and besides, it didn't have any bitcoin atm card so...

Speaking of how easy or hard it will be to use or operate a bitcoin pos machine, I would say this is not something to even bring up as a discussion because whatever is good is not always easy at the beginning, but as time goes and discoveries and upgrade begin to happen, that thing becomes more easier and user-friendly.

[Wiwo]

There are alot of similar bitcoin payments processing devices and pos is one of such devices that make alot of sense to most traders and mean merchants that carries out international transactions,  most popular in countries like China and the rest region that are into heavy exportation of technological tools and equipment.

Making there payment fast and easy.

On their impact on the bitcoin adoption, I think is low because they intention is how to use bitcoin for they transactions only with their customers which most merchants have limited customers and outside the ordinary crypto user's.

[barbara44]

"Here is how you can make money easily" tweets are a million out there, reality is very different. Just this one example shows you that it is not easy and yet he makes it sound like it's so easy.

You need to find these machines, you need to buy some of them and have it, then you need to find a backdoor processor which is already near impossible to get in this situation, then you need to convince places to accept. All of these are incredibly hard and you will most likely fail and yet he makes it sound like it's so easy.