Topic: Is possible to create e-bitcoin for toll road payment?. (Read 177 times)

People wrongly assume that Bitcoin is slow but traditional bank and credit card payments are fast. That's not really the case. When you pay a merchant with a credit/debit card, the person receives quick confirmation about the payment and the balance increases. But in the background, that transaction takes up to 2-3 days to finalize. Only after it's finalized does the merchant get access to their money.

Compare that with Bitcoin. If you send me a bitcoin payment, my wallet will immediately show the incoming and yet unconfirmed transaction. It's not yet final, and the industry standard is 6 confirmations for a bitcoin transaction to be considered final and irreversible. We know that a new block gets mined once every 10 minutes on average. Therefore, 6 block confirmations are required for transaction finality. So 1 block every 10 minutes means you need to wait 1 hour on average. Depending on how fast blocks are found and how fast your first confirmation arrives, this can take a few more hours. But if everything is OK, a merchant that's paid in bitcoin has access to their coins after the 1st blockchain confirmation (after 10 mins on average).

When you put traditional banks that need 2-3 days to finalize a transaction against bitcoin that requires 1, 2, or 3 hours, for example, it's easy to see which one is faster. The second element of the story is the irreversibility and possibility for chargebacks. A credit card transaction can be reversed for up to 180 days after it was made even if it's considered final. Bitcoin, on the other hand, is practically impossible to reverse after several confirmations. The costs would be tens of millions of dollars.         

When using the 1st-layer blockchain, you have to take into consideration the scalability limitations that come with it. It doesn't get faster than that. We are experiencing quite some congestion right now because mempools are showing 30.000 unconfirmed transactions waiting to get mined.

I forget to write if the government regulated bitcoin like el Salvador.


So, when using the main blockchain, it's not automatically fast like what we paid it with fiat. I imagine if use bitcoin, there are many queues of vehicles behind because the bars didn't open immediately because need at least 1 confirmation on the blockchain.

is there any solution without using a 2nd layer like LN?, I mean still use in the main bitcoin blockchain.

The term "e-bitcoin" sounds like an oxymoron because it has never had a physical form in the first place; it was designed to become a digital substitute for good old physical cash transactions that don't require a trust or the presence of trusted intermediaries. Like cash, every transaction in bitcoin implies a "physical" transfer of funds but it is (almost) impossible without transferring ownership rights via signing messages with corresponding private keys. If there is a transaction, there must be a private key to sign it. Ideally, private keys should be kept separately from your everyday bitcoin wallet to prevent unintentional loss or protect yourself from hacking attacks. Whenever you wish to make a transaction, you "connect" your device that holds private keys to a device that sends the actual transaction. For example, you scan a QR-code on an invoice, but before sending a payment, you use a card with a special secure element holding your keys to "authorize" a payment. This is how a secure bitcoin payment may be made.

You can't make bitcoin transaction or sign transaction on those kind of cards when making payments either on tool gates, stores, or any kind if physical stores. Because there is no technology yet for that.

How it usually work is, you just load the card with bitcoin or any crypto to make it above zero balance and use the balance to any stores that accepts such card payments.

Now if you want to pay bitcoin directly to these stores at an instant rate, lightning is the most convenient way to do it.

I'd be careful If I were you. Bitcoin is not considered a payment option in our country so I'd be wary if I saw that symbol in a public area. Who knows when the government will use that to do something malicious to you, using the crypto payment as a pretext to get more info about you and maybe more. Even if that is wrong, I'd rather use fiat for this to save time.

The cards don't contain the funds. They contain the user's information either encrypted (using PIN) or otherwise. When the user taps it on POS, the user's information along with the payment information are sent to the bank and the amount is deducted from the user's bank account if the information is authentic.

Now your question is that what if we directly load BTC on a card and create a BTC transaction right at the Point of Sale (PoS) by signing a transaction using the card just by the tap of the card. Well, it's remotely possible if we place an encrypted private key of a loaded address on a card and the user types the password on the machine with the pre-generated transaction to attest the signature. But it's an awful idea. The better approach would be to create a digital wallet where the users can deposit the funds using BTC and link the details of this wallet with a card, just like how the banks do with fiat.

Your OP is a bit confusing. I think I understand what you are trying to say but you aren't explaining it properly.

Bitcoin is already electronic or digital currency, so calling it e-bitcoin or whatever won't change a thing.
Road tolls could be paid with bitcoin, but there is no need to use the 1st-layer for that. The operator could set up a lightning node and accept lightning payments. And then those coins would go through a payment processor and be converted to fiat because you can't expect an institution of the state to be holding and speculating on the prices of cryptocurrencies.   

Honestly, am not for this idea because bitcoin prices are not fixed which means it would disadvantage the business as a revenue Centre, how so? Well if there are revenue targets to be met in a year, this might be achieved early if BTC price spikes upwards or not achieved at all if BTC price crashes. And I understand the idea of getting to use the btc card is trying to protect personal data and alike, but an alternative coin should do.. say a stablecoin, which removes volatility of price out of the equation.

a picture below is just custome e-money card from my local bank, no bitcoin inside just fiat for toll road payment.



So,
is possible create e-bitcoin for toll road payment?,
because I've confusing to create a payment where we have to sign a transaction with a private key, where that card toll is just Tap on EDC without signing the private key button. and as I know, all data (maybe private key) on inside on chip card,

If possible, how is work?, and how to keep it save, no leaks data inside chips?

https://www.ecb.europa.eu/stats/money_credit_banking/electronic_money/html/index.en.html