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Author Topic: What would you like in a Payment Processor, What's your favourite Bitcoin Wallet  (Read 931 times)
Kris
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May 07, 2012, 08:30:10 AM
 #1

If you had the means to create the (Bitcoin) Payment Processor / Bitcoin Wallet of your dreams online on the web. Like for instance PayPal but for Bitcoin. What would it have of features, design?

Should it be only Bitcoin transactions, or Bitcoin to another currency, a form of exchange as well?

I am really interested in people's opinion on this subject.
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Raoul Duke
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May 07, 2012, 11:18:06 AM
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Well, I would like that Walletbit payment gateway accepted payments straight from a bitcoin client into an account holders address Wink

Kris
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May 07, 2012, 11:48:36 AM
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Well, I would like that Walletbit payment gateway accepted payments straight from a bitcoin client into an account holders address Wink

Sent you a PM
Kris
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May 07, 2012, 12:06:41 PM
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Easy and instant Cash > Bitcoin and instant Bitcoin > Bitcoin transactions. No waiting for banks to clear, no waiting for 6 confirmations.

When all of this happens from an easy to use online wallet that is insured, Bitcoin will take off. Every day users don't want to be dealing with exchanges, they want to plug in their CC number and get some coins in 5 seconds and be able to spend it immediately.

Whoever makes this service will make billions taking a cut on the exchange rate.

Noted, I tried that and got scammed back to the stone-age by what do you call them "carders" ?
kwukduck
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May 07, 2012, 03:23:52 PM
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Not sure what you mean exactly with a payment processor with bitcoin, but i'm still waiting for a payment gateway that allows people to pay in bitcoin using existing methods.

So the customer is charged with x BTC, then gets the option to pay with BTC/PayPal/CC whatever, and no matter how he pays, the seller gets BTC.

Currently you have to convince your customers to use bitcoin, then they have to find a way to get bitcoin, (then withdraw them) and then send them to the seller. Which just makes bitcoin a hassle to use.

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acoindr
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May 07, 2012, 04:10:07 PM
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Hi Kris,

I talked about the need for a PayPal version of Bitcoin in a post/eBook I did called How to Grow Bitcoin. I'll touch on the key points.

A simple person-to-person pay service I think will come about naturally, and is essential. The root network/blockchain is NOT how the majority of transactions should take place. It's too cumbersome, slow, and won't scale to handle the majority of transactions for the world anyway. Transactions should be done by updating the rows of a database somewhere. Simple.

Such a service should look and behave pretty much exactly like PayPal, except be for Bitcoin. Anyone with an email address can send payment to anyone else with an email address. They log in, enter the address to send to, and the transfer happens instantly. Simple.

Depositing money into a user's "BitPal" type account is done by the blockchain, as are withdrawals. Other deposit/withdrawal options such as integration with exchanges like Mt.Gox can exist for convenience too. But withdrawals and deposits won't happen often because the majority of the Bitcoin ecosystem uses "BitPal" for transactions.

Two more crucial points: all transfers are completely free. Profit can instead come from premium services such as merchant features, and or advertising. Also, such a service is NOT a bank, and might limit number of bitcoins stored to say 1,000, simply to keep things simple, secure, and focused on transactions.

I think WalleBit could become this type of service. I'm sure such a system will come about at some point either way. I had even considered the undertaking myself, to ensure it comes about.



Kris
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May 07, 2012, 04:29:42 PM
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Not sure what you mean exactly with a payment processor with bitcoin, but i'm still waiting for a payment gateway that allows people to pay in bitcoin using existing methods.

So the customer is charged with x BTC, then gets the option to pay with BTC/PayPal/CC whatever, and no matter how he pays, the seller gets BTC.

Currently you have to convince your customers to use bitcoin, then they have to find a way to get bitcoin, (then withdraw them) and then send them to the seller. Which just makes bitcoin a hassle to use.

That's a great idea, I agree it is a bit cumbersome as of now.



Hi Kris,

I talked about the need for a PayPal version of Bitcoin in a post/eBook I did called How to Grow Bitcoin. I'll touch on the key points.

A simple person-to-person pay service I think will come about naturally, and is essential. The root network/blockchain is NOT how the majority of transactions should take place. It's too cumbersome, slow, and won't scale to handle the majority of transactions for the world anyway. Transactions should be done by updating the rows of a database somewhere. Simple.

Such a service should look and behave pretty much exactly like PayPal, except be for Bitcoin. Anyone with an email address can send payment to anyone else with an email address. They log in, enter the address to send to, and the transfer happens instantly. Simple.

Depositing money into a user's "BitPal" type account is done by the blockchain, as are withdrawals. Other deposit/withdrawal options such as integration with exchanges like Mt.Gox can exist for convenience too. But withdrawals and deposits won't happen often because the majority of the Bitcoin ecosystem uses "BitPal" for transactions.

Two more crucial points: all transfers are completely free. Profit can instead come from premium services such as merchant features, and or advertising. Also, such a service is NOT a bank, and might limit number of bitcoins stored to say 1,000, simply to keep things simple, secure, and focused on transactions.

I think WalleBit could become this type of service. I'm sure such a system will come about at some point either way. I had even considered the undertaking myself, to ensure it comes about.

Awesome information, I sent you a PM
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May 07, 2012, 04:39:08 PM
 #8

So the customer is charged with x BTC, then gets the option to pay with BTC/PayPal/CC whatever, and no matter how he pays, the seller gets BTC.

Would be nice... but you still have to deal with chargeback issues not present in bitcoin.  That requires some sort of middleman handling fraud issues (and taking a cut of the action).


Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
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