Topic: Bitcoin full integration in payment systems (Read 241 times)
for a company wanting to adopt bitcoin as a means of payment is not difficult because they easily provide systems and services that can run it, it's just that the level of trust of workers who handle the system must be trusted and bitcoin regulations must also be supported by the government as a legal guarantee service if This is not supported by the government, so the company must take full responsibility for the risks that will occur from each transaction
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Indeed. Integrating bitcoin to payment systems would require a lot of effort and resource, which will be crucial to the smooth transition of both the public and companies into a modernize method. Without such, it is easy to make mistakes and cause inconvenience for both parties. And until these are provided and fulfilled, full integration of crypto in payment systems is not yet feasible.
Not a tech expert but I do think that :
- They need to have basic technical knowledge and staff
- They need to have specific wallets integrated with lightning network
- The right knowledge to combact volatility
- Customer Demand
- Upgradations in their site or shops, adding qr code for payments etc
- Fine order processing and printing of online receipt 🧾 as well
These are the things that pop up in my mind when I think about companies who want to integrate the bitcoins in their system, it's essentially easy but people must be careful since one wrong step and the blame would be on the whole network. Plus they need people who are already accustomed with Bitcoins to be handling that.
- They need to have basic technical knowledge and staff
- They need to have specific wallets integrated with lightning network
- The right knowledge to combact volatility
- Customer Demand
- Upgradations in their site or shops, adding qr code for payments etc
- Fine order processing and printing of online receipt 🧾 as well
These are the things that pop up in my mind when I think about companies who want to integrate the bitcoins in their system, it's essentially easy but people must be careful since one wrong step and the blame would be on the whole network. Plus they need people who are already accustomed with Bitcoins to be handling that.
IMO, I believe that Bitcoin needs a total upgrade in order to be adopted in the mainstream as a payment option because its plenty of things to be fixed in Bitcoin like the transaction speed and also the transaction fees because for me the expensive fees are also an added burden that holding Bitcoin to be adopted globally in order to be adopted it should be convenient and no added extra cost while sending Bitcoin which is not the reality since then. But Bitcoin is still a good asset for investment.
More importantly than Bitcoin, it would be more beneficial to use cryptocurrencies as a means of payment. Because it is not easy to use bitcoin as a payment tool due to its technology. Sometimes transfers can take a long time due to the network.
You should edit this comment because your sentence in is not correct, crypto currency as a payment system will eradicate the role of third party in small transactions and also if the network will be able to use the lightening network that will also solve the problem of fees and longer transactions time. 
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There are some reasons why so far, Bitcoin is not fully used as a payment method, because of regu;ation.We can only count how many countries that accept Bitcoin as a legal tender, that allows Bitcoin to be used as a payment method, as a currency.
And, we cannot blame people who do not use BTC for a currency, because they cannot, due to the strict of each regulation that is probably set in each country.
The basic goal of Bitcoin is yes, as a currency, but for this time, this can not be fully used and adopted. Bitcoin is really important for a global currency, I do really agree moreover with the advantages that are offered to use Bitcoin as a global payment. But once more, so far, not many companies or merchants can accept Bitcoin as a payment method.
The goal of Bitcoin seems to be invested right now, using HODL and even trading assets for circulation.
More importantly than Bitcoin, it would be more beneficial to use cryptocurrencies as a means of payment. Because it is not easy to use bitcoin as a payment tool due to its technology. Sometimes transfers can take a long time due to the network.
So many companies are gradually adopting Bitcoin into their payment system and this has led to the development of various software that will work to connect to the Bitcoin network (blockchain) but this development have encounter various challenges which prompt me to seek to know when can a company be fully integrated in it Bitcoin payment.
I am yet to get what you mean by the question you have asked TV integrating Bitcoin into your platform or website is now really a process that takes a long time, So I don’t get what you mean by when a company will be fully integrated with Bitcoin. There are lots of applications or tools that you can use to integrate Bitcoin payment into your website, one that I know very well is the block chain merchants app that allows you to integrate this feature into your website, so that you will be able to receive payment in Bitcoin from your customers.This is not even a process that takes a long time, once you install the app you will see that it is quite very easy to do, and once you have set it up it is done. You would then be able to receive payment through this application easily from your customers.
various technological methods are already more or less using token payments, and that's one way to make payments easier, but specifically bitcoin may only be partially for payment methods, because it's officially not recognized, it's only used for payment methodsonly software on a computer.
It takes regulatory policies for companies to finally integrate direct Bitcoin payments into their systems. For now, companies in different countries all over the world are tiptoeing on Bitcoin because of the lack of regulations. They are waiting for the proper green light from the authorities for them to finally make Bitcoin payment an integral part of their payment options.
However, things don't seem urgent because Bitcoin is not an attractive payment option even to Bitcoin owners themselves. With what's going on with fiat, it would be better to keep the better money and spend the bad money.
If companies are waiting for regulatory approval before integrating Bitcoin into their payments system then they may have to wait for a very long time as the authorities may take longer to make a policy in that direction because Bitcoin is a decentralized currency so its regulation may be hard to achieve. However, things don't seem urgent because Bitcoin is not an attractive payment option even to Bitcoin owners themselves. With what's going on with fiat, it would be better to keep the better money and spend the bad money.
A lot of software is already integrated with the blockchain and this development continues. the more developers, the more innovations are made to make it easier to make payments and use the blockchain and cryptocurrency ecosystem.
The adoption rate is currently increasing with many large companies starting to seriously study cryptocurrencies and blockchain. companies that are starting to adopt are those who believe that this technology will be very helpful in the future.
However some countries also do not accept cryptocurrencies and block them.
Some developing countries provide regulation as a commodity only.
The adoption rate is currently increasing with many large companies starting to seriously study cryptocurrencies and blockchain. companies that are starting to adopt are those who believe that this technology will be very helpful in the future.
However some countries also do not accept cryptocurrencies and block them.
Some developing countries provide regulation as a commodity only.
It takes regulatory policies for companies to finally integrate direct Bitcoin payments in their systems. For now, companies in different countries all over the world are tiptoeing on Bitcoin because of the lack of regulations. They are waiting for the proper green light from the authorities for them to finally make Bitcoin payment an integral part of their payment options.
However, things don't seem urgent because Bitcoin is not an attractive payment option even to Bitcoin owners themselves. With what's going on with fiat, it would be better to keep the better money and spend the bad money.
However, things don't seem urgent because Bitcoin is not an attractive payment option even to Bitcoin owners themselves. With what's going on with fiat, it would be better to keep the better money and spend the bad money.
Companies don't want to accept Bitcoin directly, there's too much problems with it - potential legal and regulatory headache, higher security requirements, risks of price volatility and so on. They choose to use existing payment proxies like BitPay that will take care of it all and give them fiat money for each Bitcoin transaction. Unfortunately it means that the users will get screwed and have to deal with all the inconveniences and problems of payment processors, and that market is not looking good right now, with BitPay being the largest player.
So many companies are gradually adopting Bitcoin into their payment system and this has led to the development of various software that will work to connect to the Bitcoin network (blockchain) but this development have encounter various challenges which prompt me to seek to know when can a company be fully integrated in it Bitcoin payment.
El Salvador has taken that step to make Bitcoin a legal tender and some rumors that others like Paraguay would follow suit. The Lightning Network is the main reason that make BTC payments faster than spending several minutes to an hour (or even more) in confirming transactions. The challenge though are the fees on top of paying the exact price of the goods and services.
So many companies are gradually adopting Bitcoin into their payment system and this has led to the development of various software that will work to connect to the Bitcoin network (blockchain) but this development have encounter various challenges which prompt me to seek to know when can a company be fully integrated in it Bitcoin payment.
Well if they know what they're doing and are generally neutral about Bitcoin (they see it simply as an additional medium, that's it), then I guess they can implement it? Though in the end companies seek profits first and foremost, so bringing that into account, you should probably look at how companies would actually take advantage of adding Bitcoin to their payment processors, and only then would you have the answer of would they even integrate it or not.
Getting BTC integrated to a point were you can accept it isn't that hard these days. There are Wordpress scripts out there which can make it so any Wordpress website can accept Bitcoin and exchanges like Coinbase have API's setup which make integration significantly easier. When you say challenges, do you mean challenges of things like transactions getting confirmed quicker, or bigger sites (like Amazon, eBay, Etsy..etc) adopting and accepting it? I think integration overall is well on its way and if a large company wants to begin accepting Bitcoin, implementing that isn't a huge challenge. However, I do think for it to be more accepted they need to get verification of blocks done quicker, like simultaneously. But overall, it isn't hard for anyone to accept Bitcoin (and even many altcoins like Ethereum) if they want to.
So many companies are gradually adopting Bitcoin into their payment system and this has led to the development of various software that will work to connect to the Bitcoin network (blockchain) but this development have encounter various challenges which prompt me to seek to know when can a company be fully integrated in it Bitcoin payment.
I haven't yet seen a fully integrated payment system on any website that connects from one wallet to another. It's either just a bitcoin address mentioned where you jeed to make payment manually and share the transaction hash with the merchant or it's a third party debit card from Bitpay which can be funded through bitcoin.
Not sure if any company was able to integrate only bitcoin payment which is automated and captures the payment data automatically. However, I won't be surprised if I see a fully functional system because I don't know all companies or merchants that accepts bitcoin.
I'm sure the progress the OP is talking about will take a while. all of this will start from a few companies that do adopt a payment system with bitcoin. I'm sure it will take some time to adjust.
Not to mention, it can be against the regulations in which the company is located. because there is a possibility that the adoption of bitcoin as a means of payment will clash with government regulations.
It is different if there are regulations that support this adoption from the government. like elsavador did, and this can support bitcoin development and investment in their country. because the platforms of companies in their countries can freely develop bitcoin payments.
Not to mention, it can be against the regulations in which the company is located. because there is a possibility that the adoption of bitcoin as a means of payment will clash with government regulations.
It is different if there are regulations that support this adoption from the government. like elsavador did, and this can support bitcoin development and investment in their country. because the platforms of companies in their countries can freely develop bitcoin payments.
Bitcoin is not longer new, from the introduction of bitcoin till date, a child been born from 2009 till 2021 is no longer an ordinary new born child, it's very obvious that cryptocurrencies especially bitcoin have circulates round the corners of the world, even government of the seven continent of the world no of them have not come contrary to cryptocurrency, right now people are using bitcoin for exchange of goods and services even in the local level, the problem is that many companies isolate using bitcoin for exchange of transaction because of fear charging them of money laundering,
I think the major constraint on Bitcoin acceptance is the fear of losing money and not being charged for money laundering, most countries have already existing can't money laundering laws and agencies that monitor money laundering so I don't see why any legitimate business should be afraid of being charged for money laundering if they accept Bitcoin unless their want to use it for illegal transactions. 
Indeed the global Bitcoin global recognition and adoption is on the rise but the truth remains, Bitcoin is still at its early stage of adoption and many people are not yet familiar with the use of Bitcoin to carry out payments.
But the fact remains that if Bitcoin must be used for daily payment then there is a need for its scalability and the Bitcoin lightning network will play a big role in that.
Bitcoin is not longer new, from the introduction of bitcoin till date, a child been born from 2009 till 2021 is no longer an ordinary new born child, it's very obvious that cryptocurrencies especially bitcoin have circulates round the corners of the world, even government of the seven continent of the world no of them have not come contrary to cryptocurrency, right now people are using bitcoin for exchange of goods and services even in the local level, the problem is that many companies isolate using bitcoin for exchange of transaction because of fear charging them of money laundering, But the fact remains that if Bitcoin must be used for daily payment then there is a need for its scalability and the Bitcoin lightning network will play a big role in that.
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