Topic: If bitcoin gets mass adopted, must we use our mobiles to buy? (Read 650 times)
what works for me, getting the mtoken wallet and blockchain installed on my mobile tablet, offcourse i have my private keys and password stucked in my head, i transfer as much amount i want from my blockchain wallet on my device. My wallets are useless without my private keys and password so in case of theft or loosing my phone, the apps are useless to the other party.
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I'm locking this thread because I think there is no much to add to the discussion, and I’m my opinion, the most useful answer was the second post on the thread:
This is what works for me. I have blockchain app installed in my phone. My cold wallet is Ledger neno S. Depending on my expenses, I transfer my BTC from my cold wallet to my blockchain app.
It's like how we do for the fiat money. The concept is, I have money in my bank. When I need money - I take off some money and carry it with me in my wallet.
It's like how we do for the fiat money. The concept is, I have money in my bank. When I need money - I take off some money and carry it with me in my wallet.
I believe that through mass adoption lots of people will make use of their smartphones to transact Bitcoins. Moreover,there is an article I read that explains that using smartphones for crypto transactions is safer than using pc. The idea of mass adoption is for lots of people if not almost everyone to make use of Bitcoin in their transactional activities. So there is every probability that smartphones will be the primary tool for dealing Bitcoins. Some companies are even considering building in-app crypto wallets on their smartphones.
Some companies are considering releasing new smartphones with built-in hardware wallets, or, there are apps which you can install on your phone to store some cryptos there. Like this, for instance: https://www.coindesk.com/huawei-to-offer-first-crypto-wallet-app-in-latest-smartphones/
Using blockchain wallet app isn't safe, but you can transfer only your daily expenditures, so in case of stealing, or forgetting some important information you won't be losing that much. Maybe there will be something like TREZOR for smartphones.
This is an interesting topic, as we pay Bitcoin over my phone as an ATM card scanner for example. Will lead the trend when inventors of this type of business.Using blockchain wallet app isn't safe, but you can transfer only your daily expenditures, so in case of stealing, or forgetting some important information you won't be losing that much. Maybe there will be something like TREZOR for smartphones.
paying for something with a scanner on your phone is old news
here we are talking about specialized devices,created specifically to manage cryptos
they should have at minimum two intrinsic qualities:
1.be secure,not something that can be easily broken into or hacked
2.be specializing on cryptos only,without any(or many) other functions
so far,phones are dominating the market,since one of the human main needs is communication,well and entertainment
code scanners,wallets etc. come as an addition to the main functions of the phone or a device
Some companies are considering releasing new smartphones with built-in hardware wallets, or, there are apps which you can install on your phone to store some cryptos there. Like this, for instance: https://www.coindesk.com/huawei-to-offer-first-crypto-wallet-app-in-latest-smartphones/
Using blockchain wallet app isn't safe, but you can transfer only your daily expenditures, so in case of stealing, or forgetting some important information you won't be losing that much. Maybe there will be something like TREZOR for smartphones.
This is an interesting topic, as we pay Bitcoin over my phone as an ATM card scanner for example. Will lead the trend when inventors of this type of business. Using blockchain wallet app isn't safe, but you can transfer only your daily expenditures, so in case of stealing, or forgetting some important information you won't be losing that much. Maybe there will be something like TREZOR for smartphones.
Some companies are considering releasing new smartphones with built-in hardware wallets, or, there are apps which you can install on your phone to store some cryptos there. Like this, for instance: https://www.coindesk.com/huawei-to-offer-first-crypto-wallet-app-in-latest-smartphones/
Using blockchain wallet app isn't safe, but you can transfer only your daily expenditures, so in case of stealing, or forgetting some important information you won't be losing that much. Maybe there will be something like TREZOR for smartphones.
Using blockchain wallet app isn't safe, but you can transfer only your daily expenditures, so in case of stealing, or forgetting some important information you won't be losing that much. Maybe there will be something like TREZOR for smartphones.
I think introduction hardware wallets designed for mobiles is a matter of time. When bitcoin reach mass adoption mobile companies will definitely go for such modifications to win the market over the competition. E-Cards are another great solution for this which we can already see.
Now the processing of payment systems related to the fingerprint is underway, I think in the future, taking into account the progress, it will be possible to pay both mobile and even for hours that would not be bad at all) The main thing is that it would be safe)
The most absurd thing about bitcoin haters is that they are somehow saying "its not 100% safe" but to be honest its a lot safer and more secure than any other system we have including credit cards and stuff... you just have to know how to use it properly and as somebody already said just use 2 wallets one cold storage for your funds and one hot wallet for your daily dispenses... thats the best way to go I guess...
why MUST? you can use any device you like
You can use any device, of course. Good luck with copying out the address while standing in front of cashier. In my opinion, QR codes are the best choice for now.with mass adoption there might be specialized devices sold,including plastic cryptocards or mobile deviced designed to store/exchange/sell cryptocurrencies
Actually, there are services which allow you to top up your payment card with bitcoins which are automatically exchanged to any fiat while paying. I don't see any point in using a mere piece of plastic when we can simply scan a QR code or make use of NFC which becomes more and more popular in modern smartphones.
it could be really wonderful if we could come up with a solution .In a time when credit cards were not common people were skeptical about it .I think if we are careful and can secure our ether wallet this could be made possible
Leveraging both cold storage and a hot wallet as I do now.
A large majority of my funds are in cold storage, with a small percentage being in a hot wallet, for daily use.
It's the same risk you take with keeping fiat cash in your wallet w/ the risk of it being stolen.
A large majority of my funds are in cold storage, with a small percentage being in a hot wallet, for daily use.
It's the same risk you take with keeping fiat cash in your wallet w/ the risk of it being stolen.
I believe there are many wallets allowing Bitcoin transactions to be done through mobiles by providing Android and iOS wallets for your smartphones, including but not limited to Electrum, Greenwallet, etc. But, there is one big disadvantage to such a great convenience here: Possible hacks.
As almost the whole world is now aware of Bitcoins, they know that people are literally using such a technology in their mobile through these wallets and if these devices get stolen, hacks would be like a piece of cake for those thieves who will enjoy the victim's bitcoins. I really don't think anything is secure enough to tackle such situations, but it is better to have 2FA as well as very strong passwords enabled on our wallets, at least in order to gain some time to get their coins shifted to some other place by using their private keys.
Alot of wallet provider does allowed transaction to be through phones which was also the thing the OP already point out as no safe method if Bitcoin get mass adoption or mainstream. But I believe issuing a cryptocurrency credit or debit card will be best and safe way during such time. As almost the whole world is now aware of Bitcoins, they know that people are literally using such a technology in their mobile through these wallets and if these devices get stolen, hacks would be like a piece of cake for those thieves who will enjoy the victim's bitcoins. I really don't think anything is secure enough to tackle such situations, but it is better to have 2FA as well as very strong passwords enabled on our wallets, at least in order to gain some time to get their coins shifted to some other place by using their private keys.
The most efficient and effective way to transact is by using mobile phones. People have it in hands even on the bathroom so it would be more convinient than laptop. Dont need to bother because if people wants to steal something from you,even you have that physical wallet or e wallet, its not safe.
Yep, everyone will definitely have a smartphone and he will keep carrying it anywhere. Unlike a laptop, sometimes someone will be reluctant to take it. But in addition, I want payment using cryptocurrency not merely bubbly with an internet connection, in the future I hope there will be a new innovation payment system using cryptocurrency system with offline.
The traditional way is still the best and I think is the safest. I have BTCs on my Ledger Nano S and I only transfer some on my preferred online wallet that has a mobile app.
Sort of like using the mobile wallet app as a coin purse or a simple wallet that holds funds enough for the day. That I will not be that sad when I lost it.
Sort of like using the mobile wallet app as a coin purse or a simple wallet that holds funds enough for the day. That I will not be that sad when I lost it.
I believe there are many wallets allowing Bitcoin transactions to be done through mobiles by providing Android and iOS wallets for your smartphones, including but not limited to Electrum, Greenwallet, etc. But, there is one big disadvantage to such a great convenience here: Possible hacks.
As almost the whole world is now aware of Bitcoins, they know that people are literally using such a technology in their mobile through these wallets and if these devices get stolen, hacks would be like a piece of cake for those thieves who will enjoy the victim's bitcoins. I really don't think anything is secure enough to tackle such situations, but it is better to have 2FA as well as very strong passwords enabled on our wallets, at least in order to gain some time to get their coins shifted to some other place by using their private keys.
As almost the whole world is now aware of Bitcoins, they know that people are literally using such a technology in their mobile through these wallets and if these devices get stolen, hacks would be like a piece of cake for those thieves who will enjoy the victim's bitcoins. I really don't think anything is secure enough to tackle such situations, but it is better to have 2FA as well as very strong passwords enabled on our wallets, at least in order to gain some time to get their coins shifted to some other place by using their private keys.
Now that there are a lot of mobile wallets, Kcash supports bitcoin mobile payment. This technology will be smarter and more advanced.
How can 7 tps will survive the mass adoption?
It won't. Thats the reason the lightning network is in development. The LN will scale to 10k+ transactions per second.
Anyway nobody is going to pay for cup of coffee in bitcoin if 1 confirmation take 10 minutes.
You don't need to.
It is safe to accept 0-conf payments for low value payments (e.g. a coffee), especially if you are buying it physically (not via internet).
And in future you also won't have to since the lightning network will allow instant payments.
I guess you have a few seconds to wait, from payment until you coffee is actually done? Because in this timeframe you can do multiple payments back and forth, all confirmed.
Apart from mobile phone apps, I guess some kind of Credit Cards by reputable bank also may come into picture iff for instant transactions
iff => If and only If Bitcoin is mass adopted for daily purchases.
iff => If and only If Bitcoin is mass adopted for daily purchases.
Using Credit cards (issued by a bank) would destroy the whole purpose.
If you insist on using a plastic card + trusting the screen of the vendor, get ready to buy a physical 'hardware wallet' in CC format with NFC.
Same mechanism, just without trusting a bank which will again take fees from the vendor..
Before answering me you totally ignored my below first line of comment.
"I think this is practically not going to happen in near future, at least not before the lightning network become fully functional for masses."
I am not following LN now but I think they are nowhere near to their mainnet release.
Only future will tell how this CC concept will go , but if in 1990 that you tell some body that if you pay with CC, you will get time of (max 51 days to 30 days) to pay full and in top of it you will 2-5 % cashback then guy will totally think you as insane or scammer at that time,
Who knows, if you give me 1% cashback in bitcoin and fraud protection then why should I bother to keep my mobile and hardware wallet.
(This will defeat the purpose of peer to peer currency but things changes with time)
How can 7 tps will survive the mass adoption?
It won't. Thats the reason the lightning network is in development. The LN will scale to 10k+ transactions per second.
Anyway nobody is going to pay for cup of coffee in bitcoin if 1 confirmation take 10 minutes.
You don't need to.
It is safe to accept 0-conf payments for low value payments (e.g. a coffee), especially if you are buying it physically (not via internet).
And in future you also won't have to since the lightning network will allow instant payments.
I guess you have a few seconds to wait, from payment until you coffee is actually done? Because in this timeframe you can do multiple payments back and forth, all confirmed.
Apart from mobile phone apps, I guess some kind of Credit Cards by reputable bank also may come into picture iff for instant transactions
iff => If and only If Bitcoin is mass adopted for daily purchases.
iff => If and only If Bitcoin is mass adopted for daily purchases.
Using Credit cards (issued by a bank) would destroy the whole purpose.
If you insist on using a plastic card + trusting the screen of the vendor, get ready to buy a physical 'hardware wallet' in CC format with NFC.
Same mechanism, just without trusting a bank which will again take fees from the vendor..
Reading this thread a question comes up to my mind.
If in the future, you can pay with bitcoin almost everywhere, how are you going to pay? The safest way to store your coins is to use a hardware or paper wallet (properly created). But in order to pay for a coffee at the coffee shop you can’t use it, unless you carry your laptop or tablet everywhere.
Using your mobile isn’t safe. At least as safe as using hardware or paper wallets. So, how do you think it will be done? Transferring just small amounts to your mobile? Maybe hardware wallets will have a mobile version?
If in the future, you can pay with bitcoin almost everywhere, how are you going to pay? The safest way to store your coins is to use a hardware or paper wallet (properly created). But in order to pay for a coffee at the coffee shop you can’t use it, unless you carry your laptop or tablet everywhere.
Using your mobile isn’t safe. At least as safe as using hardware or paper wallets. So, how do you think it will be done? Transferring just small amounts to your mobile? Maybe hardware wallets will have a mobile version?
I think this is practically not going to happen in near future, at least not before the lightning network become fully functional for masses.
How can 7 tps will survive the mass adoption? Anyway nobody is going to pay for cup of coffee in bitcoin if 1 confirmation take 10 minutes.
Apart from mobile phone apps, I guess some kind of Credit Cards by reputable bank also may come into picture iff for instant transactions
iff => If and only If Bitcoin is mass adopted for daily purchases.
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