A Tuk Tuk driver accepting cryptcurrencies, that is a whole new level of adoption and that too in India which is believe is a common mode of transportation. It is funny at the same time a huge promotion for anyone who is not aware of the market.
@OP did you click this pic and if so did you talk with him and what all cryptocurrency he is accepting and did he get anyone who paid with cryptocurrencies.
Topic: Increasing acceptance level - Cryptocurrency - page 4. (Read 645 times)
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. 
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.
one of the hassles for people using bitcoin in the daily transaction for sure, depends on the market condition it can take in a blink of an eye to be confirmed or waiting for hours.
it doesn't matter at these times as we can pay 1-10 sats/b and it will be confirmed within minutes, but when the price of bitcoin increases, we have to pay a higher fee and wait
for a longer time, very inconvenient. Hence, there are a lot of cryptocurrencies that offer instant confirmation and lower fees for transactions.
it doesn't matter at these times as we can pay 1-10 sats/b and it will be confirmed within minutes, but when the price of bitcoin increases, we have to pay a higher fee and wait
for a longer time, very inconvenient. Hence, there are a lot of cryptocurrencies that offer instant confirmation and lower fees for transactions.
I don't see a problem at all in someone accepting cryptocurrencies - and that's a much broader term than Bitcoin. The fact is that Bitcoin on-chain transactions have a problem in the time between blocks that can sometimes be much longer than the average of 10 minutes, and it is also a fact that LN is not something that is used en masse (at least for now). This driver may have focused on coins that have low fees and fast confirmations, and although some don’t know there are coins that have no fee and have instant confirmation (Nano).
No matter how much we supported BTC, the fact is that on-chain transactions are not an option for direct payments - and that there are alternatives that are widely used in some countries.
No matter how much we supported BTC, the fact is that on-chain transactions are not an option for direct payments - and that there are alternatives that are widely used in some countries.
Popularity=/ Adoption. Those are very different terms.
Bitcoin is popular because it is seen as a good asset to hold and a risky yet rewarding investment. It is, however not widely adopted, or at least most don't see the need to. Bitcoin TX fee is expensive, LN usage is low. Requiring additional resources and time to adopt something that probably have minimal usage doesn't really make sense. So you're going to have fairly low adoption until it gets feasible enough for day-to-day normal transactions or at least becomes more attractive than it is now.
Bitcoin is popular because it is seen as a good asset to hold and a risky yet rewarding investment. It is, however not widely adopted, or at least most don't see the need to. Bitcoin TX fee is expensive, LN usage is low. Requiring additional resources and time to adopt something that probably have minimal usage doesn't really make sense. So you're going to have fairly low adoption until it gets feasible enough for day-to-day normal transactions or at least becomes more attractive than it is now.
I have tried to display a reminder of accepting cryptocurrency payments in my shop.
But many customers don't know what cryptocurrency is.
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Finally, I removed the cryptocurrency payment method.
Depending on your shop's location, it might work to promote it online. There are several websites that show local shops that accept Bitcoin on a map. If there's a popular site that covers your location, new customers will find you because you accept crypto, instead of trying to "convert" existing customers. But many customers don't know what cryptocurrency is.
~
Finally, I removed the cryptocurrency payment method.
Yes, the popularity of Bitcoin in the past 3 years is indeed very rapid. Three years ago, I was the only person around me who bought bitcoin and spread it. Now the friend I often contact has a wallet, not me. I have been preaching to them for many years, but the people around them also have a new understanding of Bitcoin. The world is changing, and it is changing unconsciously.
I am very happy to tell my partners that part of the funds in the business cooperation between me and my friends have begun to be traded in Bitcoin. Every month I will give my mother some living expenses, and also use Bitcoin to transfer she.
This is great idea, we hope companies like Uber, Google, Amazon and all the major tech companies follow suit and even pay their workers in stable coins. This is the beginning of the expansion of BTC as payment system
The year-end awards for blockchain developers around me are all in Bitcoin.
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.
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.
Back to the issue of legality and scalability.
Running a crypto-based business in countries that tend to be oppressive or gray will hinder crypto adoption. Even when the crypto adoption level has been high, it can return to zero only because of the government ban policy.
Also, given that crypto transaction fees fluctuate as well as their own prices, efficiency will be a problem for a retail-scale business or service especially if it's in countries with low economic standards. Customers will not actually take advantage of that payment method.
Running a crypto-based business in countries that tend to be oppressive or gray will hinder crypto adoption. Even when the crypto adoption level has been high, it can return to zero only because of the government ban policy.
Also, given that crypto transaction fees fluctuate as well as their own prices, efficiency will be a problem for a retail-scale business or service especially if it's in countries with low economic standards. Customers will not actually take advantage of that payment method.
I don't think that the Indian government can control every rickshaw driver in India.
Even if India bans cryptocurrency payments,a vast number of people will still be using crypto payments and the risk of getting caught would be low.The "grey economy" will flourish,until the moment governments realize that banning crypto payments is pointless and legalize the crypto industry under their jurisdiction.
I find it fascinating that people in countries like India,Venezuela and many more Asian,African and Latin American countries are way more open towards new technology,compared to the people in Europe and USA.
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?
Nice try ... but you forgot to mention that paying with the Lightning Network is especially useful when a passenger only needs to travel one or two stops. Although, most likely, payment is accepted only in bitcoins, and regardless of transaction costs, all passenger transactions are confirmed by miners from the Autoricksh pool.
Good idea, but for me too often you take a transport car and pay with crypto what is excessive while the fiat money in your pocket is spent on more expensive goods. For me it's not a problem, but how about paying with fiat directly it's easier for you to put it next to the driver and leave.
I agree. I'd rather use crypto for purchasing bigger/more expensive goods or while doing internet shopping. When you are in a hurry to reach somewhere, using FIAT or credit card is more practical. When time isn't a problem, crypto can be used. The main limiting factor here is "time". Some crypto are faster but i still don't think crypto is ideal for everyday use.
The only issue I see with Bitcoin adoption for businesses right now is the fact that they should really be waiting for confirmations to make sure that everything is okay. So, for this to be acceptable for a bus journey the journey would need to be at least 10-15 minutes. Then there's the issue with the user applying a lower fee than the average, and therefore waiting longer. Of course, businesses don't actually have to wait for any confirmations, and as soon as they see it on the Blockchain they could potentially just accept it, however there will be a risk in that, albeit probably very small, I feel like stakeholders wouldn't be happy with allowing such a security risk.
That's one of the advantages that paying with cash is its instant, and it can be checked on the spot for any fraudulent cash. Of course, this isn't a fool proof scenario either if the fraudulent money is especially well made, but remember that we would need to convince them that Bitcoin is a better way of paying, not the same or less advantageous for them to be willing to accept or potentially even convert to accepting Bitcoin exclusively.
That's one of the advantages that paying with cash is its instant, and it can be checked on the spot for any fraudulent cash. Of course, this isn't a fool proof scenario either if the fraudulent money is especially well made, but remember that we would need to convince them that Bitcoin is a better way of paying, not the same or less advantageous for them to be willing to accept or potentially even convert to accepting Bitcoin exclusively.
I guess they use multi currency wallets since it's not indicated which specific crypto that they accept. Or maybe when you ask them what cryptos are they accepting, it will only be limited to the top cryptos.
But it only shows that even for small services like the tuktuk's, it can also happen for the other transport vehicles that are open to the public.
But it only shows that even for small services like the tuktuk's, it can also happen for the other transport vehicles that are open to the public.
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.
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I'm curious what cryptocurrency really applies for their basic fare when taking a ride of a transportation within the specific location. Because if they required btc, I don't think it will be economical since it's so expensive these days. Maybe other coins like eth, bnb, or xrp can be accommodating for this type of cryptocurrency acceptance as long as there's a proper implementation along with internet access. This is really a great idea and will make our lives more comfortable going to be cashless future.
That is a very good signal for crypto currency. Sectors of society like this are the ones which we need to see adopting crypto, because they are highly demanded by the common citizens in a daily basis.
With the popularization of internet access everywhere, scenes like this one are going to be become a lot more common from now on. But I believe P2P transactions are still a daydream. If crypto payment method is going to be highly adopted, it's probably going to be done through a third party platform that may work as a crypto bank or something like this, so the transactions can be done instantly without paying expensive fees.
With the popularization of internet access everywhere, scenes like this one are going to be become a lot more common from now on. But I believe P2P transactions are still a daydream. If crypto payment method is going to be highly adopted, it's probably going to be done through a third party platform that may work as a crypto bank or something like this, so the transactions can be done instantly without paying expensive fees.
As time goes on crypto keeps getting more traction, people are getting to see the importance, it's just a matter of time we will keep seeing more adoption of bitcoin and altcoins, bigger companies and investors will start coming in thereby pushing the value of bitcoin higher, crypto plays a big role in the world today standing out as a form for investment and also a store of value.
This is great idea, we hope companies like Uber, Google, Amazon and all the major tech companies follow suit and even pay their workers in stable coins. This is the beginning of the expansion of BTC as payment system
Same question as mk4, OP. More like how does the payment take place?
Do you all use a third-party app to transact for the ride or is it an LN?
Here in my country, some claim to accept Bitcoin payment but they use a custodial wallet which is not kind of what I expected on how other people adopt Bitcoin as an alternative payment method.
Do you all use a third-party app to transact for the ride or is it an LN?
Here in my country, some claim to accept Bitcoin payment but they use a custodial wallet which is not kind of what I expected on how other people adopt Bitcoin as an alternative payment method.
Back to the issue of legality and scalability.
Running a crypto-based business in countries that tend to be oppressive or gray will hinder crypto adoption. Even when the crypto adoption level has been high, it can return to zero only because of the government ban policy.
Also, given that crypto transaction fees fluctuate as well as their own prices, efficiency will be a problem for a retail-scale business or service especially if it's in countries with low economic standards. Customers will not actually take advantage of that payment method.
Running a crypto-based business in countries that tend to be oppressive or gray will hinder crypto adoption. Even when the crypto adoption level has been high, it can return to zero only because of the government ban policy.
Also, given that crypto transaction fees fluctuate as well as their own prices, efficiency will be a problem for a retail-scale business or service especially if it's in countries with low economic standards. Customers will not actually take advantage of that payment method.
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