Building a store that accepts ERC20 tokens

sladkoejka

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Quote from: Giest on September 14, 2018, 10:17:33 PM

If you build a store that accepts them they have more purpose than Bitcoin. A token with stable value is far easier to use as a medium of exchange than Bitcoins whose price fluctuates wildly and is non inflationary.

The small market value of tokens also make them easier to tailor fit into a micro ecosystem.

Has anyone coded transactions like this with erc20 tokens?

I agree, you need to have a coin for the store, which will not be affected by the volatility of the market, in the likeness of Tether. After all, the store can go bankrupt just one day after the start of the market fall. a very risky option and therefore strongly do not develop this topic

btccrusher

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Why should merchants accept erc20 as payment? There is no usefulness of erc20 as payments, but yes some project has launched their mainnet after starting with erc20, they might get into some good position if the fiat transaction is quite stable over Bitcoin. Otherwise, merchants will love to follow BTC as payment instead of these shitcoins.

kagtaviy_mo

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Hey. I think that this is a great idea, because there are a lot of coins, and this means that they can be used in such projects.

astridwi

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shops that accept crypto payments are now starting to emerge with a lot of products they sell, but many rules from each country need to be addressed to legalize this because online purchases are usually tax-related and I am sure that in many countries they still do not arrange purchase taxes with crypto payment

batang_bitcoin

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Quote from: AlekseyCrypto on September 25, 2018, 03:13:47 PM

Today, there are few such stores that accept such tokens. But the main problem of such stores is that these tokens has very low liquidity.

Low volume and people won't use a token that's like that so being this type of marketplace seem to be ineffective.

Only those popular marketplaces are accepting those coins that are very popular and has good market cap. So generalizing ERC20 tokens, you have a good idea but to apply and execute it seems to be hard by just studying what would be the outcome. Well, there's no harm in trying if you want to.

AlekseyCrypto

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Today, there are few such stores that accept such tokens. But the main problem of such stores is that these tokens has very low liquidity.

yohaneshs

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You must have a legal standing in your country and of course it's need a time and hard work to create platform and development projects.
It's a possible thing but have a process to research and make a legal documents. Some countries have a regulations for crypto especially as a payment gateway.

BitindaHouse

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While before humaneness comes, there are still many ways to bypass the financial system of the dollar, I think that this already exists, but I have not met)

active706

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Quote from: Tuturtinular on September 25, 2018, 02:10:51 AM

With current conditions and high levels of fluctuation, it is very risky if the crypto currency is used as a payment instrument, especially if it is applied in a country that has not legalized cryptocurrency, it will also conflict with the government.

Yes, but we must try and slowly integrate cryptocurrency into our lives. What about countries which don`t legalize cryptocurrency, they will accept it soon.

Tuturtinular

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With current conditions and high levels of fluctuation, it is very risky if the crypto currency is used as a payment instrument, especially if it is applied in a country that has not legalized cryptocurrency, it will also conflict with the government.

jems

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Quote from: Giest on September 14, 2018, 12:37:24 PM

I know people are trading tokens, putting them on exchanges to sell into either BTC, Ethereum or fiat. However, are there any examples of projects setting up online stores where these tokens can be directly spent on goods or services? It seems that using Metamask there ought to be a standard interface somewhere for these kinds of transactions.

in my opinion it will be difficult, although some time ago I heard that there were shops that had received Crypto. To make that a reality we really need coins with stable prices because the prices of goods or services cannot change every day like crypto.

pedangrusak

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more merchants and online stores that accept crypto payments will make crypto better known and more valuable. today I read an article where youtube has supported the payment of ripple (xrp)
https://www.ccn.com/content-creators-on-youtube-twitch-and-wikipedia-can-now-accept-ripple-xrp/

with the increasing number of established coins accepted as digital payment instruments, in the future erc20 or tokens will follow according to the demands of information technology that requires easy, fast and safe digital payments

malu2121

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just released GUSD, TrueUSD in addition to USDT, the first backed by real dollars. I guess soon buy product from any currency will become a reality

CryptoPowerL

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I've seen many projects where you can buy products for ERC20 tokens. Now these projects are just developing. I think soon it will become a common thing to buy goods for crypto currency

walerikus

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Quote from: Giest on September 14, 2018, 12:37:24 PM

I know people are trading tokens, putting them on exchanges to sell into either BTC, Ethereum or fiat. However, are there any examples of projects setting up online stores where these tokens can be directly spent on goods or services? It seems that using Metamask there ought to be a standard interface somewhere for these kinds of transactions.

You have a great idea of token integration in real market, that would be huge

mistemb

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well i heard PundiX can be used this way with much efficiency i saw a shop down town in my location that accept Crypto BTC / LTC / ETH only no other fiat just casual shop that offer breakfast to dinner as well some light weight drinks . been there for a both 2x with my community meeting , place is good and a great way to spend your crypto earnings without moving it to fiat first

ninis45

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Quote from: CryptoToxicAvenger on September 22, 2018, 06:59:13 PM

One of such projects is Akaiito. They had some problems with fees and they extended the ICO, but the idea is interesting. And like the team is trying to work. I do not know what they will succeed in the end, but here is one example of such a project.

akaito project is an interesting project and I participate in it only for its implementation it might be limited to an online store and to be applied to real stores like fiat then it takes time because many things will become obstacles

CryptoToxicAvenger

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One of such projects is Akaiito. They had some problems with fees and they extended the ICO, but the idea is interesting. And like the team is trying to work. I do not know what they will succeed in the end, but here is one example of such a project.

ABYANSYARIF

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www.savedroid.com

building store that accepts ERC20 means having to determine which tokens can be used for transactions, even though the number of tokens is very large, it will be impossible to accept all tokens, if choosing a popular token will lose to exchange, because token holders will prefer to trade their tokens, if they choose a less popular token, the volume will be small, and it will be a little difficult to cash the token, because store operations will need cash.
the volatility of the token price will also make it difficult to determine the price of goods and services sold.
I think a project like that would be very good if it could happen, but it would be very difficult

trademaniac

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many projects issuing their own tokens have a marketplace in the back, for example Sapien. You can buy clothes, gadgets and more for their token.

ionomy

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Quote from: ChrisPop on September 21, 2018, 11:38:27 AM

That would be a really interesting thing to be able to pay with any ERC20 tokens but you need to build a system to match the payments on another exchange with liquidity. Maybe try adding new accepted ERC-20 tokens slowly and only the ones which have a large community who use the tokens for various payments. You're trying to do a big project so I guess you will need a couple of skilled blockchain programmers. Wink

You also need deep markets and liquidity. The biggest issue with using tokens or crypto for goods is the supply chains are still in fiat. So at some point in the process the coin will have to be exchanged. That kind of adoption is going to take a long time and will most likely be filled a niche currency in the markets that need them. (like the Marijuana coins)

ChrisPop

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Not your Keys, Not your Bitcoins

That would be a really interesting thing to be able to pay with any ERC20 tokens but you need to build a system to match the payments on another exchange with liquidity. Maybe try adding new accepted ERC-20 tokens slowly and only the ones which have a large community who use the tokens for various payments. You're trying to do a big project so I guess you will need a couple of skilled blockchain programmers. Wink

hermankoles

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https://customcontract.network

if you mean special merchants that are directly connected to erc20 tokens, then I will exemplify that the electroneum whose prices continue to fall starting in early 2018 is now starting to rise when they partner with merchants who can immediately receive ETN quickly and this is proven by ETN prices slowly began to rise and I'm sure it will continue to improve

FlamingFingers

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I don't understand why anyone would want to spend ERC20 tokens on goods and services. They weren't (aren't) made for this purpose, nor do they have enough value to be considered 'currencies.' There are quite a few of coins that are made to be used for services and goods, and are being utilised (Bitcoin, Litecoin, Ethereum, Monero, Verge, Dash, and even Dogecoin, soon XRP and NANO as well).

Giest

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Quote from: AAlex48 on September 15, 2018, 09:15:42 AM

Quote from: Giest on September 14, 2018, 12:37:24 PM

I know people are trading tokens, putting them on exchanges to sell into either BTC, Ethereum or fiat. However, are there any examples of projects setting up online stores where these tokens can be directly spent on goods or services? It seems that using Metamask there ought to be a standard interface somewhere for these kinds of transactions.

Many projects have already been created in this sphere.The question is which of them really work.

Which Projects are the best examples of this?

AAlex48

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Quote from: Giest on September 14, 2018, 12:37:24 PM

I know people are trading tokens, putting them on exchanges to sell into either BTC, Ethereum or fiat. However, are there any examples of projects setting up online stores where these tokens can be directly spent on goods or services? It seems that using Metamask there ought to be a standard interface somewhere for these kinds of transactions.

Many projects have already been created in this sphere.The question is which of them really work.

7jaka7

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BTC, ETH, XMR, LTC

Quote from: Giest on September 14, 2018, 10:17:33 PM

If you build a store that accepts them they have more purpose than Bitcoin. A token with stable value is far easier to use as a medium of exchange than Bitcoins whose price fluctuates wildly and is non inflationary.

The small market value of tokens also make them easier to tailor fit into a micro ecosystem.

Has anyone coded transactions like this with erc20 tokens?

I don't think decentralized token with stable value exist. And usually they're manipulated very easily due to low trading volume and low market cap.

Giest

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Activity: 22

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If you build a store that accepts them they have more purpose than Bitcoin. A token with stable value is far easier to use as a medium of exchange than Bitcoins whose price fluctuates wildly and is non inflationary.

The small market value of tokens also make them easier to tailor fit into a micro ecosystem.

Has anyone coded transactions like this with erc20 tokens?

Zadicar

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DGbet.fun - Crypto Sportsbook

Quote from: Giest on September 14, 2018, 12:37:24 PM

I know people are trading tokens, putting them on exchanges to sell into either BTC, Ethereum or fiat. However, are there any examples of projects setting up online stores where these tokens can be directly spent on goods or services? It seems that using Metamask there ought to be a standard interface somewhere for these kinds of transactions.

Don't know why you do talk about metamask on this one yet we do know the functionality of it and since you do talk about merchants or projects that do have this kind of idea then I would say I didn't see much of those projects do succeed into this matter where having a store that do accepts erc20 tokens.I do rather believe that merchants do focuses out on Bitcoin itself since they do know its reputation when it comes to value than on erc20 which are most shitty tokens or doesn't have really use at all.

Giest

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I know people are trading tokens, putting them on exchanges to sell into either BTC, Ethereum or fiat. However, are there any examples of projects setting up online stores where these tokens can be directly spent on goods or services? It seems that using Metamask there ought to be a standard interface somewhere for these kinds of transactions.

Topic: Building a store that accepts ERC20 tokens (Read 350 times)