BitShares Forum

Main => General Discussion => Topic started by: Overthetop on September 24, 2014, 03:56:35 am

Title: Do we need a BitPay?
Post by: Overthetop on September 24, 2014, 03:56:35 am
BitAssets bring us more stable exchange rate than Btc , this is a great advantage.

To make BTS ecosystem stronger and bigger, I think we need bitpay like cooperative agencies to promote BitAs.

Based on the stablility of  the value of BitAs, the bitpay like payment platform would get more customers than bitPay .

In the other hand , we need such a payment platform to realize the requirements of turning BitAs into FIAT efficiently.

So, IMHO, if we got one bitpay like payment platform , BTS will grow much  stonger. and even, we can think about cooperating with BitPay directly?

Thoughts?

Title: Re: Do we need a BitPay?
Post by: Mysto on September 24, 2014, 06:48:40 am
Yes that's a great idea. It would be nice not to have to jump through several hoops to get BTSX. First you need to go through something like coinbase to get BTC from fiat then you need to exchange that to get BTSX and all the fees that have to be paid out. A more direct approach would be greatly welcomed and would most definitely help BTSX grow faster.
Title: Re: Do we need a BitPay?
Post by: JA on September 24, 2014, 06:55:59 am
https://support.bitpay.com/hc/en-us/requests/new
i already wrote one

but it doesn't hurt to make more requests.
Title: Re: Do we need a BitPay?
Post by: xeroc on September 24, 2014, 07:01:28 am
Agreed .. a payment processor is needed .. but maybe not yet .. although people should start considering to set one up ..
The only thing that hinders adoption currently are the inconveniences of the wallet .. once these are fixed and no further hard forks are incoming mass adoption can come [/imho]
Title: Re: Do we need a BitPay?
Post by: testz on September 24, 2014, 11:40:41 am
Just get reply  :)
Quote
Hello,
 
Please consider to add BitShares BitUSD, more information you can read here: http://wiki.bitshares.org
http://coinmarketcap.com/assets/bitusd/
Or even better, ask any question which you have in our big, open and very nice community: https://bitsharestalk.org
Thanks in advance.

Regards,
TestZ

Quote
Hello,

Thank you for the suggestion. We currently do not have plans to begin accepting Bitshares, but we do understand that competition among the currencies is important.
Thank you again for reaching out and for your interest in BitPay.

Thanks,
Elyse Giles
Client Operations Analyst
BitPay, Inc.
Title: Re: Do we need a BitPay?
Post by: xeroc on September 24, 2014, 11:46:18 am
payment processors are supposed to take bitUSD and bitEUR or bitCNY .. not bitsharesX (nor bitshares!!!)
Title: Re: Do we need a BitPay?
Post by: testz on September 24, 2014, 11:48:57 am
payment processors are supposed to take bitUSD and bitEUR or bitCNY .. not bitsharesX (nor bitshares!!!)

Sorry, I forget to post my question: https://bitsharestalk.org/index.php?topic=9259.msg120142#msg120142
Title: Re: Do we need a BitPay?
Post by: xeroc on September 24, 2014, 12:27:12 pm
conclusion: THEY don't get it! .. too bad .. maybe our fault .. it seems we need to do ALOT more education of "bitshares"
Title: Re: Do we need a BitPay?
Post by: Empirical1.1 on September 24, 2014, 12:37:41 pm
conclusion: THEY don't get it! .. too bad .. maybe our fault .. it seems we need to do ALOT more education of "bitshares"

They probably get it :)

BitPay mainly exists to remove volatility for merchants accepting BitCoin and to speed up transactions for customers.

BitUSD with 10 second confirmations probably makes them obsolete.
Title: Re: Do we need a BitPay?
Post by: Mysto on September 24, 2014, 12:49:30 pm
conclusion: THEY don't get it! .. too bad .. maybe our fault .. it seems we need to do ALOT more education of "bitshares"

They probably get it :)

BitPay mainly exists to remove volatility for merchants accepting BitCoin and to speed up transactions for customers.

BitUSD with 10 second confirmations probably makes them obsolete.

 +5% +5% +5%
Title: Re: Do we need a BitPay?
Post by: Ggozzo on September 24, 2014, 06:06:52 pm
We need a coinbase like exchange for bitUSD to USD and other fiat first. I would love to do this, although, beyond registering as a Money Business and maintaining compliance in my state and with FinCEN, I have no clue how to create a website for that.
Title: Re: Do we need a BitPay?
Post by: matt608 on September 24, 2014, 06:58:50 pm
We need a coinbase like exchange for bitUSD to USD and other fiat first. I would love to do this, although, beyond registering as a Money Business and maintaining compliance in my state and with FinCEN, I have no clue how to create a website for that.

Sounds like you know how to do half of it already, I'm sure the other people needed to do this aren't hard to find.  A coinbase for bitUSD would be awesome.
Title: Re: Do we need a BitPay?
Post by: bigcat on September 24, 2014, 07:32:05 pm
We need a coinbase like exchange for bitUSD to USD and other fiat first. I would love to do this, although, beyond registering as a Money Business and maintaining compliance in my state and with FinCEN, I have no clue how to create a website for that.

An exchange that stores and handles fiat USD has too much work to do. I believe bitUSD is more suitable for peer to peer transactions. Developing a peer-2-peer transaction site will be helpful, or simply contact localbitcoins.com to see if they can add bitUSD.

The reasons why localbitcoins is not widely used, from what I believe, are the bitcoin price fluctuation and the time needed to complete transaction. Using such a service you can't expect to complete transaction in real time, and at the time transaction ends bitcoin price can be far from what was initially negotiated, thus always making it unfavorable to one party. bitUSD doesn't have fluctuation problem and should be suitable for peer-2-peer trades.

Another drawback for fiat is bank transfer delay. We should think about providing bitBTC/BTC trading so that a peer-2-peer transaction may be completed much more rapidly.
Title: Re: Do we need a BitPay?
Post by: matt608 on September 24, 2014, 08:06:43 pm
We need a coinbase like exchange for bitUSD to USD and other fiat first. I would love to do this, although, beyond registering as a Money Business and maintaining compliance in my state and with FinCEN, I have no clue how to create a website for that.

Developing a peer-2-peer transaction site will be helpful, or simply contact localbitcoins.com to see if they can add bitUSD.


Nice idea.  I see the domain http://localbitusd.com/ has been taken by a domain squatter.
Title: Re: Do we need a BitPay?
Post by: Mysto on September 24, 2014, 08:11:59 pm
We need a coinbase like exchange for bitUSD to USD and other fiat first. I would love to do this, although, beyond registering as a Money Business and maintaining compliance in my state and with FinCEN, I have no clue how to create a website for that.

Developing a peer-2-peer transaction site will be helpful, or simply contact localbitcoins.com to see if they can add bitUSD.


Nice idea.  I see the domain http://localbitusd.com/ has been taken by a domain squatter.

I was going to say http://localbitshares.com/ or http://localbitassets.com/ would be a better name,
but of course....
Title: Re: Do we need a BitPay?
Post by: matt608 on September 24, 2014, 08:15:43 pm
We need a coinbase like exchange for bitUSD to USD and other fiat first. I would love to do this, although, beyond registering as a Money Business and maintaining compliance in my state and with FinCEN, I have no clue how to create a website for that.

Developing a peer-2-peer transaction site will be helpful, or simply contact localbitcoins.com to see if they can add bitUSD.


Nice idea.  I see the domain http://localbitusd.com/ has been taken by a domain squatter.

I was going to say http://localbitshares.com/ or http://localbitassets.com/ would be a better name,
but of course....

There's a local litecoins site https://www.litecoinlocal.org/

It can't be too hard to clone it and have someone manage it who knows how to keep it secure etc.
Title: Re: Do we need a BitPay?
Post by: luckybit on September 25, 2014, 01:01:09 am
BitAssets bring us more stable exchange rate than Btc , this is a great advantage.

To make BTS ecosystem stronger and bigger, I think we need bitpay like cooperative agencies to promote BitAs.

Based on the stablility of  the value of BitAs, the bitpay like payment platform would get more customers than bitPay .

In the other hand , we need such a payment platform to realize the requirements of turning BitAs into FIAT efficiently.

So, IMHO, if we got one bitpay like payment platform , BTS will grow much  stonger. and even, we can think about cooperating with BitPay directly?

Thoughts?

Start a competitor if they don't.
Title: Re: Do we need a BitPay?
Post by: Ggozzo on September 25, 2014, 04:39:15 am
We need a coinbase like exchange for bitUSD to USD and other fiat first. I would love to do this, although, beyond registering as a Money Business and maintaining compliance in my state and with FinCEN, I have no clue how to create a website for that.

An exchange that stores and handles fiat USD has too much work to do. I believe bitUSD is more suitable for peer to peer transactions. Developing a peer-2-peer transaction site will be helpful, or simply contact localbitcoins.com to see if they can add bitUSD.

The reasons why localbitcoins is not widely used, from what I believe, are the bitcoin price fluctuation and the time needed to complete transaction. Using such a service you can't expect to complete transaction in real time, and at the time transaction ends bitcoin price can be far from what was initially negotiated, thus always making it unfavorable to one party. bitUSD doesn't have fluctuation problem and should be suitable for peer-2-peer trades.

Another drawback for fiat is bank transfer delay. We should think about providing bitBTC/BTC trading so that a peer-2-peer transaction may be completed much more rapidly.

If we ever want to bring in people from outside the crypto community, a direct line from fiat to bitUSD is needed.

If we ever want to challenge bitcoins place, we need to cut bitcoin out of the loop.

If we ever want to challenge the Dollar, we have to work with and in the laws of the U.S., Not trying to subvert them. That is legitimacy. Since we all live within the bounds of the law of the land we reside in and not an anarchist utopia, we have to abide and strike from within with moderation. We can't just force a new rule and expect that to go over well.


Title: Re: Do we need a BitPay?
Post by: CurrencyMaster on September 25, 2014, 06:20:00 am
we need btspay rightnow.
Title: Re: Do we need a BitPay?
Post by: Mysto on September 25, 2014, 06:25:59 am
We need a coinbase like exchange for bitUSD to USD and other fiat first. I would love to do this, although, beyond registering as a Money Business and maintaining compliance in my state and with FinCEN, I have no clue how to create a website for that.

An exchange that stores and handles fiat USD has too much work to do. I believe bitUSD is more suitable for peer to peer transactions. Developing a peer-2-peer transaction site will be helpful, or simply contact localbitcoins.com to see if they can add bitUSD.

The reasons why localbitcoins is not widely used, from what I believe, are the bitcoin price fluctuation and the time needed to complete transaction. Using such a service you can't expect to complete transaction in real time, and at the time transaction ends bitcoin price can be far from what was initially negotiated, thus always making it unfavorable to one party. bitUSD doesn't have fluctuation problem and should be suitable for peer-2-peer trades.

Another drawback for fiat is bank transfer delay. We should think about providing bitBTC/BTC trading so that a peer-2-peer transaction may be completed much more rapidly.

If we ever want to bring in people from outside the crypto community, a direct line from fiat to bitUSD is needed.

If we ever want to challenge bitcoins place, we need to cut bitcoin out of the loop.

If we ever want to challenge the Dollar, we have to work with and in the laws of the U.S., Not trying to subvert them. That is legitimacy. Since we all live within the bounds of the law of the land we reside in and not an anarchist utopia, we have to abide and strike from within with moderation. We can't just force a new rule and expect that to go over well.
Yes I agree.
Title: Re: Do we need a BitPay?
Post by: serejandmyself on September 25, 2014, 06:43:26 am
Defently needed. Lots of people ask me about btsx, and their first objection is always that "they will still need a centralised exchange to get their fiat"
Title: Re: Do we need a BitPay?
Post by: Overthetop on September 25, 2014, 12:08:37 pm
It would be better if 3i could communicate with BitPay officially.

Title: Re: Do we need a BitPay?
Post by: Mysto on September 25, 2014, 12:31:37 pm
I remember watching a podcast or video where Dan or Brain talk about getting a system ready where you don't need to go through bitcoin and you can go straight from fiat to btsx in the client. I'll have to find it.

So I think they are already working on something similar to bitpay.

Edit: I found it. So it looks like we have a BitPay equivalent in the works.

https://soundcloud.com/beyond-bitcoin-hangouts/brian-page-8-27-2014#t=10:50
Title: Re: Do we need a BitPay?
Post by: Empirical1.1 on September 25, 2014, 02:44:00 pm
Looking at Dogecoin's gains in the last few days you can definitely see the perceived market value of greater merchant utility.

I think PayPal is working the three main payment processors, BitPay, Coinbase and GoCoin.

GoCoin also processes LiteCoin and Dogecoin payment. So the PayPal news has been a big boost for DogeCoin as it brings Dogecoin payments to PayPal merchants.

Approaching GoCoin may have some merit?
Title: Re: Do we need a BitPay?
Post by: matt608 on September 25, 2014, 03:14:01 pm
Looking at Dogecoin's gains in the last few days you can definitely see the perceived market value of greater merchant utility.

I think PayPal is working the three main payment processors, BitPay, Coinbase and GoCoin.

GoCoin also processes LiteCoin and Dogecoin payment. So the PayPal news has been a big boost for DogeCoin as it brings Dogecoin payments to PayPal merchants.

Approaching GoCoin may have some merit?

Gocoin is one of the exchanges I contacted yesterday:
https://bitsharestalk.org/index.php?topic=8384.msg120269#msg120269



Title: Re: Do we need a BitPay?
Post by: Empirical1.1 on September 25, 2014, 05:17:01 pm
Looking at Dogecoin's gains in the last few days you can definitely see the perceived market value of greater merchant utility.

I think PayPal is working the three main payment processors, BitPay, Coinbase and GoCoin.

GoCoin also processes LiteCoin and Dogecoin payment. So the PayPal news has been a big boost for DogeCoin as it brings Dogecoin payments to PayPal merchants.

Approaching GoCoin may have some merit?

Gocoin is one of the exchanges I contacted yesterday:
https://bitsharestalk.org/index.php?topic=8384.msg120269#msg120269

 +5% Cool. Gocoin already does 1,2 & 5 on CMC so I would imagine they're aware of BTSX.

Of course Gocoin makes their money by charging 1% & given tight retail margins and how quickly BitUSD transactions are processed and that it holds the value of the dollar, it's likely in the near future many merchants will just bypass these processors, though the fact they facilitate payments into bank accounts could still be useful for merchants.
 
Title: Re: Do we need a BitPay?
Post by: cube on September 25, 2014, 05:27:14 pm
Agreed .. a payment processor is needed .. but maybe not yet .. although people should start considering to set one up ..
The only thing that hinders adoption currently are the inconveniences of the wallet .. once these are fixed and no further hard forks are incoming mass adoption can come [/imho]

I agree fully on this.  Btsx wallet is still in a rapid bug-fixing and upgrading mode.  There is a number of mandatory forks.  It would do more harm than good to open up adoption to the masses who may not have the knowledge nor patience to upgrade their wallets repeatedly.
Title: Re: Do we need a BitPay?
Post by: cube on September 25, 2014, 05:31:47 pm
Looking at Dogecoin's gains in the last few days you can definitely see the perceived market value of greater merchant utility.

I think PayPal is working the three main payment processors, BitPay, Coinbase and GoCoin.

GoCoin also processes LiteCoin and Dogecoin payment. So the PayPal news has been a big boost for DogeCoin as it brings Dogecoin payments to PayPal merchants.

Approaching GoCoin may have some merit?

Gocoin is one of the exchanges I contacted yesterday:
https://bitsharestalk.org/index.php?topic=8384.msg120269#msg120269

 +5% Cool. Gocoin already does 1,2 & 5 on CMC so I would imagine they're aware of BTSX.

Of course Gocoin makes their money by charging 1% & given tight retail margins and how quickly BitUSD transactions are processed and that it holds the value of the dollar, it's likely in the near future many merchants will just bypass these processors, though the fact they facilitate payments into bank accounts could still be useful for merchants.

The merchants would not mind paying the 1% as long as the bitUSD peg is strong and close to USD value.  And the wallet has to be stable and easy to use in order to attract them.
Title: Re: Do we need a BitPay?
Post by: matt608 on September 26, 2014, 08:30:49 am
I've been thinking that bitUSD, due to it's stability could spread much more easily than bitcoin. 

It doesn't need a bitpay or coinbase to sell the bitUSD immediately for them to protect them from volatility risk, because there is none.  So they could accept it directly and hold onto it and pay their suppliers with it, who are much more likely to accept it than bitcoin due to the lack of volatility risk.  This can lead to a full bitUSD economy. 

So unlike in bitcoin where merchant adoption creates downward pressure on the price, BTSX price would rise as merchant adoption increases, preserving the incentive structure.

However, I would imagine it would help if there was a payment processor to make it easy for retailors and suppliers to accept bitUSD, except this processor wouldn't need to do any selling of bitUSD to protect anyone from volatility risk.

I wonder if bitpay or coinbase would ever adapt their business to this.
Title: Re: Do we need a BitPay?
Post by: betax on September 26, 2014, 08:51:11 am
I've been thinking that bitUSD, due to it's stability could spread much more easily than bitcoin. 

It doesn't need a bitpay or coinbase to sell the bitUSD immediately for them to protect them from volatility risk, because there is none.  So they could accept it directly and hold onto it and pay their suppliers with it, who are much more likely to accept it than bitcoin due to the lack of volatility risk.  This can lead to a full bitUSD economy. 

So unlike in bitcoin where merchant adoption creates downward pressure on the price, BTSX price would rise as merchant adoption increases, preserving the incentive structure.

However, I would imagine it would help if there was a payment processor to make it easy for retailors and suppliers to accept bitUSD, except this processor wouldn't need to do any selling of bitUSD to protect anyone from volatility risk.

I wonder if bitpay or coinbase would ever adapt their business to this.

Exactly, merchants could pay to suppliers in bitCNY, bitEUR and hold earning interest. Use the internal market to exchange or hedge.
Title: Re: Do we need a BitPay?
Post by: xeroc on September 26, 2014, 08:56:01 am
you still cannot spend bitUSD to by food or pay in a restaurant .. until then merchants offer a easy service for non-techies to allow costumers to use bitUSD ..

(/IMHO)