Increasing acceptance level - Cryptocurrency - page 2.

bocyaj

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Quote from: Vaskiy on August 04, 2021, 11:43:29 AM

Below is a pic that's been taken on a ride. Everyone might be familiar with the Autorickshaw of India. In some part people term them as Autowala.The auto rickshaw is called with different names on different countries including auto, auto rickshaw, baby taxi tuk-tuk, 3wheel, bao-bao, tukxi. The operators are very common people who have their living out of the earning through this rental rides. They've started accepting cryptocurrency is something big and shows the increasing level of cryptocurrency acceptance.

You made a good work brother. It's seems to the auto rickshaw from the south india. I had seen a tamil language in one of the vehicle, in front of the auto rickshaw. It's good initiate by that driver of auto. He is seems to be the person explored to the updated technology.Hope he will earn good money.

skybot13x

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Quote from: Welsh on August 11, 2021, 02:34:59 PM

Quote from: skybot13x on August 11, 2021, 07:12:57 AM

No, that is not what they observe these days mostly. Imagine you find out about Bitcoin today and there is a restaurant accepting Bitcoin, have fun trying to pay for your 10 USD pepperoni pizza with Bitcoin... Cheesy

20 USD in fees, 10 USD the Pizza, 2 USD the tip, seems to me like a pretty expensive pizza that you also had to wait for 30 minutes because the one block confirmation took a little bit longer.

The idea is; Bitcoin won't always have expensive fees to pay for small transactions. Technology like Lightening, and Segwit try to tackle this problem, and there will likely be more, and more improvements in the future. Currently, I would probably agree that Bitcoin isn't suited for micro transactions, such as every day transactions, however that doesn't mean it'll always be the case. I also imagine that restaurants won't require block confirmations, because the likelihood of a double spend is relatively low, and there's probably just as much risk as someone paying with a fake bill (sometimes even without knowing themselves).

That's absolutely right what you are saying and I am sure once the technology is in place that real micro transactions can happen, I think Bitcoin might go to the moon once again. Way beyond where we are at now. Think about all those people from poorer countries who then might have a real solution to their micro transactions problems. All these people are not essentially excluded from using Bitcoin because it just doesn't make sense for them. This will need some time but once the tech gets rolled out we'll see a lot of enthusiasm arise from other places of the world as well.

worldofcoins

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Quote from: avikz on August 04, 2021, 11:53:13 AM

I believe it's in Bengaluru. Is it a decision taken by the local Auto Union? Because the sign-board says "we" instead of "I". Any Autowala can accept cryptos as per their own will but I am little skeptical how this transaction will work. Did you try paying through cryptos? If yes, please share your experience. Because it's a splendid news for crypto community of India. It's actually a granular level crypto adoption which is very very important for the growth in the market.

Quite the opposite, look at the plate behind the tire of the Truck on the right side, if I'm not wrong it's written in punjebi. I've seen some Sikhs reading somewhat similar characters in their texts, The thing is they might be using Segwit for the payment with 1sat/B fee. But it will not secure them from double spend attack.

Welsh

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Quote from: skybot13x on August 11, 2021, 07:12:57 AM

No, that is not what they observe these days mostly. Imagine you find out about Bitcoin today and there is a restaurant accepting Bitcoin, have fun trying to pay for your 10 USD pepperoni pizza with Bitcoin... Cheesy

20 USD in fees, 10 USD the Pizza, 2 USD the tip, seems to me like a pretty expensive pizza that you also had to wait for 30 minutes because the one block confirmation took a little bit longer.

The idea is; Bitcoin won't always have expensive fees to pay for small transactions. Technology like Lightening, and Segwit try to tackle this problem, and there will likely be more, and more improvements in the future. Currently, I would probably agree that Bitcoin isn't suited for micro transactions, such as every day transactions, however that doesn't mean it'll always be the case. I also imagine that restaurants won't require block confirmations, because the likelihood of a double spend is relatively low, and there's probably just as much risk as someone paying with a fake bill (sometimes even without knowing themselves).

skybot13x

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Quote from: oktana on August 09, 2021, 06:49:58 PM

I basically replied some other topic regarding the increase in acceptance level of cryptocurrency. It seems like many people are not understanding the fact that everyday, people get to know what Bitcoin is and understand that it functions beyond being a speculative asset; that it can serve as a payment method too. This is really an inspiring post. Not just to Bitcoin but to every crypto that strives to be used as a payment method.

No, that is not what they observe these days mostly. Imagine you find out about Bitcoin today and there is a restaurant accepting Bitcoin, have fun trying to pay for your 10 USD pepperoni pizza with Bitcoin... Cheesy

20 USD in fees, 10 USD the Pizza, 2 USD the tip, seems to me like a pretty expensive pizza that you also had to wait for 30 minutes because the one block confirmation took a little bit longer.

oktana

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I basically replied some other topic regarding the increase in acceptance level of cryptocurrency. It seems like many people are not understanding the fact that everyday, people get to know what Bitcoin is and understand that it functions beyond being a speculative asset; that it can serve as a payment method too. This is really an inspiring post. Not just to Bitcoin but to every crypto that strives to be used as a payment method.

GoingIntoAction

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I quite agree with what you have said, we must continue to improve the usability of transactions so that adoption continues to move forward, something that at the moment does not seem to stop.
But it is also true that you are only talking about one of the functions of money, and we can actually say that there is
mainly 3:
- Medium of exchange (the one you are named)
- Value deposit
- Unit of account
In history not always money has developed all the functions at once, many times first it has been one , as a value deposit, and then the others.
And sometimes, depending on the person and their situation, you can value one function more than another.
Imagine Bitcoin in its current state and a country where there is little security but a relatively stable currency, that person may not value Bitcoin as a unit of account, but as a means of exchange to send money to certain people safely, even if the transaction costs you money, but it will cost you much less than if you take risks to have your cash stolen. Or for example to a person where in his country his currency depreciates every day, it interests you as a value deposit, despite the volatility.
(I think what I just commented gives for another well-explained post)

Nora Olin

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That's cool. The first thing that surprised me is that in India, tricycles can already accept encryption.
However, in daily life, taking transportation is very common. In this case, the frequency of using encryption will be very high. Human wisdom is really high. I have never been to India. I am curious how to calculate the payment fee.Is it necessary to state the cost in advance? Or use a meter like a taxi?

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Quote from: Kimberl2020 on August 05, 2021, 01:58:03 AM

I have tried to display a reminder of accepting cryptocurrency payments in my shop.

But many customers don't know what cryptocurrency is. Some interested will ask, I also have to teach him how to buy it on the exchange and then how to transfer it to me. This wastes a lot of time.

In a month, no stranger pays with cryptocurrency except for a friend who understands Bitcoin. He used Biance's C2C function to transfer me a 200USDT bill. Finally, I removed the cryptocurrency payment method.

It takes a long time to promote cryptocurrency payments.

Although we live in the technological age but not everyone can use smartphne proficiently.Cryptocurrencies require you to have more skills to use.Cryptocurrencies have gained rapid popularity in recent times.
Actually it's not ready to become a daily payment method, we need more time.

yazher

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He should have the fastest way to receive the payment or there will be a traffic jam. Anyway, this is a good innovation and experiment since this is the first time this thing has happened in the crypto world where they are now accepting payment in crypto for a ride. Looks like this is one way of promoting it other than selling foods in the street. Nice! if this will works out properly, then it would become a trend and will be adopted especially in those countries that have the same vehicles.

skybot13x

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Quote from: valentine wheeler on August 06, 2021, 01:52:59 AM

Quote from: Vaskiy on August 04, 2021, 11:43:29 AM

Below is a pic that's been taken on a ride. Everyone might be familiar with the Autorickshaw of India. In some part people term them as Autowala.The auto rickshaw is called with different names on different countries including auto, auto rickshaw, baby taxi tuk-tuk, 3wheel, bao-bao, tukxi. The operators are very common people who have their living out of the earning through this rental rides. They've started accepting cryptocurrency is something big and shows the increasing level of cryptocurrency acceptance.

India’s demand for cryptocurrencies is because of the need to reduce remittance fees, and high transaction costs have forced Indians to find other ways.Since the beginning of the coronavirus pandemic, the price of the Indian rupee has fallen by about 7%. Indians need a more stable currency to store value。As the advantages of cryptocurrency in payment and stability become more and more obvious, more countries will definitely adopt cryptocurrency for payment.

But isn't the current position of the Indian government towards cryptocurrencies very critical? Didn't the consider a full prohibition and intense penalties for those who violate the law and regulatory requirements? The last info I gathered about India rather sounded like a serious crackdown.

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Quote from: sapnu on August 08, 2021, 12:31:35 PM

Such instances that depicts cryptocurrency's growth and recognition all over the world regardless of the social status could be a hint on what we will have in the future. Although we cannot really get everyone to believe and accept crypto, it will still play dominant over fiat in the future as it offers more convenience and benefits as well as financial freedom compared to the traditional currency. There might still be some problems with the transactions with that right now but in no time, it will be developed so that it may cope up with how people wants to use it.

Crypto adoption especially that of bitcoin in the future is very much certain but we first need to have super-low, near-free or even free transactions as this would help the adoption rate as the high tx fee barrier will be removed from the equation. Many people have stopped transacting with both bitcoin and ETH and opted for TRC20 USDT for transfer of funds since they get to pay around $1 usdt or less as fee compared to the 3-10 dollars cost of transaction we get on with Bitcoin or ETH chains.

Also having flexible and comprehensive UI and UX will go a long way to help to on board more users to crypto.

sapnu

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Such instances that depicts cryptocurrency's growth and recognition all over the world regardless of the social status could be a hint on what we will have in the future. Although we cannot really get everyone to believe and accept crypto, it will still play dominant over fiat in the future as it offers more convenience and benefits as well as financial freedom compared to the traditional currency. There might still be some problems with the transactions with that right now but in no time, it will be developed so that it may cope up with how people wants to use it.

famososMuertos

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The first thing; is real !! I will not bother to evaluate its origin, but the collateral of the subject is important regardless of whether the photo is real or not.

It is something that is happening "little by little" or step by step it is a silent reality that already occurs in work conversations, chat groups and even more real with the small business where you live, it is no longer strange to tell someone: Hey, you accept crypto(!?).

BobK71

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Quote from: Vaskiy on August 04, 2021, 11:43:29 AM

Below is a pic that's been taken on a ride. Everyone might be familiar with the Autorickshaw of India. In some part people term them as Autowala.The auto rickshaw is called with different names on different countries including auto, auto rickshaw, baby taxi tuk-tuk, 3wheel, bao-bao, tukxi. The operators are very common people who have their living out of the earning through this rental rides. They've started accepting cryptocurrency is something big and shows the increasing level of cryptocurrency acceptance.

This is the positive sign of crypto. Now we can say that cryptocurrencies are now traditionally accepted. Because if an auto rickshaw driver can take crypto as a payment method then we can say that it has been accepted by all levels of society. It is true that the acceptability of crypto will increase with the passing of the day and what we are imagining today may be established tomorrow.

clint25n

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this is very precise how bitcoin can be accepted in various companies in the world,such as the Google Amazon company and also uber,with this it can automatically grow so rapidly and easily accepted among the general public.so that there are no longer negative opinions Public image of bitcoin.this is one way that can be done so that bitcoins can be well received

dupee419

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Soon enough, other countries would also get the idea of using cryptocurrency as their mode of payment for transportation, this is quite convenient and I'd say tax-free since you don't have to convert your Bitcoin to fiat anymore, a good innovation and I think this is quite handy for both passengers and the drivers as well.

john_nautica

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Quote from: Kong Hey Pakboy on August 05, 2021, 05:53:57 AM

Quote from: john_nautica on August 05, 2021, 05:49:56 AM

That's nice, it looks like it just really needs some time before people will be able to accept cryptocurrency and also this might be a good advertising as well, some people who are not familiar with cryptocurrency would be able to get curious and probably do their own research on what cryptocurrency is. Let's hope that more and more people would be able to accept cryptocurrency as a mode of payment.

Totally agree, if everything goes the way it is right now for cryptocurrency, then time will be on our side but the only problem that we have to solve is that we have to continuously improve the network for the biggest cryptocurrency in the market because if it can't keep up with the demand, we only see new people not being impressed with it because of how slow it is.

I could not agree more that for its state of adoption to be sustained, continuous improvement must be met. Of course, every day the world is also changing and innovating, and so must cryptocurrency and its network system. This would make more people see that crypto can meet their needs and demands, nevertheless.

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OP, have not answered any questions about the photo that he posted, so I reckon he used the tuk tuk and paid with Fiat currency. Huh

It will be interesting to know if this is a common thing in India or if this is the exception. (Anyone in India???)

I see in Venezuela .. they use the Lightning Network.. so I hope they are doing the same with these Tuk Tuk operators. (Easy and instant transactions) ...These guys mostly live from hand to mouth, so they are using Bitcoin in the way it was supposed to be used. (Currency) Grin

Thank you OP, please give us more information. (India regulations and what wallet do they use) Huh

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Quote from: mk4 on August 04, 2021, 11:52:23 AM

Is this your photo? If so, mind telling us how they accept cryptocurrencies? I assume they probably use a lightning wallet for instantaneous bitcoin transactions, but what about the likes of ETH?

hmm, This can imagine that they are ordinary people but are actually very advanced for today's modern technology. Acquire and concretize it into daily life. I think they already have a wallet for tenants to scan for payment. Or print it somewhere on Autorickshaw. Lol

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