Now you can pay highway tolls using Bitcoin

enhu

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Quote from: KaliLinux on September 23, 2021, 01:32:36 AM

Quote from: witcher_sense on September 22, 2021, 12:57:42 AM

Quote from: bnntalk on September 21, 2021, 09:33:02 PM

Here is really a good news for us .With the new FASTag feature, users can choose among 17 operators and enter the vehicle registration number and FASTag top-up amount, which can be anywhere between Rs 100 to Rs 10,000 worth of Bitcoin.

source @yourstory

While it is fascinating to witness the growing adoption of bitcoin in a country that hasn't yet fully legalized bitcoin, I still see some issues with the news you've provided a link to. After reading the article, it became clear that you have to use unnecessary intermediaries to pay highway tolls. For example, you have to trust Unocoin Wallet with your bitcoins (please note, they stop being yours after you handed them over to a third party) because they will have full control over private keys unlocking bitcoins on your balance. This means you are not using bitcoins here, at least you are not using them directly for payments. Bitcoin was meant to minimize counterparty risk or avoid it completely, but in the case of Unocoin Wallet, the risk still exists. It doesn't matter how reputable this exchange is or how long it is on the market, it will freeze your funds should the Indian government changes their mind and banned bitcoin entirely. Moreover, why spend bitcoin on small payments if you can easily pay your bills with fiat?

I understand your general concern about "Not your keys Not your Coins" but I would think that The National Highway Authority of India would be an Indian Government body in charge of transportation Undecided

and from this quote "The National Highway Authority of India operates FASTag as a mandatory payment system to enable contactless toll payment for vehicles." it would seem as though the Indian government has some sort of approval for this operation. However, I would also think, individuals, can only credit the amount of bitcoin they would need at a time for safety.

Would this mean that the Indian government will likely adopt Bitcoin?

Not everyone in the country has Bitcoin, it will be a good idea to first adopt Bitcoin and fix the laws there and then incentivize users of the fasttag for it to have more users. If this is just adopted in El Salvador, it's going to be an easy job for their government that in matter of days, more than 50% of the vehicles passingby will pay in BTC.

blckhawk

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its good to see that bitcoin's uses are slowly getting larger and larger as more businesses and the government utilizes its function. one day i hope to see that here in the Philippines cryptocurrency will be embraced by both businesses and the government so that many people will have more financial freedom and convenience when it comes to paying for different services and products

GreatArkansas

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Quote from: cheezcarls on September 22, 2021, 01:45:46 AM

Quote from: bnntalk on September 21, 2021, 09:33:02 PM

(....)

I remember the time before the pandemic that I was paying toll fee while living in the capital of the Philippines when riding taxi or Grab Car. It's a good thing that in your area that they are accepting Bitcoin as payment option for the toll fee. But are they using the Lightning Network for that?

There's no lightning network mentioned in the article. But for sure with this case, a lightning network is extremely useful and must use. As we all know what Lightning network is, is another layer built on top of the Bitcoin network which is an extremely fast and almost free transaction fee.
So with this case, highway tolls, it should be easy to use payments and fast to avoid delays which that is one of the main use of highway tolls.

tippytoes

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Quote from: SoeNan89 on September 23, 2021, 06:33:07 PM

I think this is the gateway for the heyday of bitcoin to have begun. I am very happy with the country of elsalvador that already uses bitcoin as a legal medium of exchange. Now I feel more happy to see this news. If bitcoin really becomes a means of paying for toll roads in the future, I'm sure there will be other institutions that use bitcoin as a means of payment.

Day by day, we are now hearing news that a merchant/shop or organizations/institutions that are starting to accept crypto not only bitcoin. In the next coming years, I think, the adoption will really grow as other countries are becoming more crypto-friendly. Also, a lot of people are discovering the potential of crypto and their advantages. As people or companies are realizing the benefits of integrating crypto, they will be more acceptable with this change.

SoeNan89

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I think this is the gateway for the heyday of bitcoin to have begun. I am very happy with the country of elsalvador that already uses bitcoin as a legal medium of exchange. Now I feel more happy to see this news. If bitcoin really becomes a means of paying for toll roads in the future, I'm sure there will be other institutions that use bitcoin as a means of payment.

uneps

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If Bitcoin can be used as a medium of exchange, a unit of account, a means of payment. That is a very interesting topic in the Bitcoin business world. Bitcoin will experience an astonishing acceleration of functionality from a mere technological product to wealth. Not a few people in the world believe Bitcoin will be a very valuable future currency.

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Quote from: Kakmakr on September 23, 2021, 12:39:47 AM

Well, Bitcoin developers listened and they created side-chains to facilitate cheap and instant transactions via the Lightning Network and now we see how these advancements are used to pay things like highway toll fees.

Where have you seen even the smallest mention of this using LN to pay the toll fees?
There is no side chain, you deposit bitcoins and the exchange converts it to fiat to pay your bill, there is no "sidechain", it's a bank chain because the actual payments go from the exchange to the authorities via normal fiat transfers.

Quote from: noorman0 on September 22, 2021, 09:06:35 PM

The advantage is, when the price goes up, you only have to pay less.

You till pay the same, there is not paying less or more, yous till pay 100 rupiah or 10 dollars, because your coins are worth more.
Just because bitcoin has risen 10 000 times in price it doesn't mean bread is 10 000 cheaper now for you.

You actually have to pay more because they are going to charge a fee on the conversion rate and to cover the spread, the actual purchase might be fee-free but till there you have to pay extra, do you think they would be offering this service just out of goodwill and not try to make a few $ extra themselves?

leea-1334

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Quote from: joniboini on September 22, 2021, 07:02:44 PM

Quote from: leea-1334 on September 22, 2021, 02:02:47 AM

I still think these kinds of apps are unnecessary. Why would someone pay their toll in a less convenient way than just using their existing Rs?

Maybe you should double check how the app is going to work btw. It's definitely not perfect and more like another unnecessary gateway to use crypto, but who knows how many will use it.

Maybe you should double check how the app will work because I read and therefore made my comment

It needs MORE steps than regular payment and as pointed out above by user stompix,,, this is not even a convenient method of payment.

Extra step to deposit fiat into another app (wallet) and then attach your tag to it, and then pay.

Why would I do that at the expense of using an untrusted custodial wallet?

worle1bm

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So now it's also one of the positive news among btv hodler in that particular country where they can recharge fastag with bitcoin upto any amount and don't have to wait for long lines on highway traffic.But it would have been better if they directly accept them without any third crypto wallet but still it's good that they are willing to take such mode of payment also.The world is moving in support rather than opposing it which is good sign.

KaliLinux

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Quote from: witcher_sense on September 22, 2021, 12:57:42 AM

Quote from: bnntalk on September 21, 2021, 09:33:02 PM

Here is really a good news for us .With the new FASTag feature, users can choose among 17 operators and enter the vehicle registration number and FASTag top-up amount, which can be anywhere between Rs 100 to Rs 10,000 worth of Bitcoin.

source @yourstory

While it is fascinating to witness the growing adoption of bitcoin in a country that hasn't yet fully legalized bitcoin, I still see some issues with the news you've provided a link to. After reading the article, it became clear that you have to use unnecessary intermediaries to pay highway tolls. For example, you have to trust Unocoin Wallet with your bitcoins (please note, they stop being yours after you handed them over to a third party) because they will have full control over private keys unlocking bitcoins on your balance. This means you are not using bitcoins here, at least you are not using them directly for payments. Bitcoin was meant to minimize counterparty risk or avoid it completely, but in the case of Unocoin Wallet, the risk still exists. It doesn't matter how reputable this exchange is or how long it is on the market, it will freeze your funds should the Indian government changes their mind and banned bitcoin entirely. Moreover, why spend bitcoin on small payments if you can easily pay your bills with fiat?

I understand your general concern about "Not your keys Not your Coins" but I would think that The National Highway Authority of India would be an Indian Government body in charge of transportation Undecided

and from this quote "The National Highway Authority of India operates FASTag as a mandatory payment system to enable contactless toll payment for vehicles." it would seem as though the Indian government has some sort of approval for this operation. However, I would also think, individuals, can only credit the amount of bitcoin they would need at a time for safety.

gabbie2010

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In as much as Bitcoin must be paid into unocoin wallet before paying for the toll fee, this is more like indirect adoption of Bitcoin, of course any motorist, Cab or Taxi driver that is not conversant with the usage of Bitcoin will definitely find means of setting up and funding their wallet respectively.Thus these are another category of people adopting bitcoin in the country, gradually and slowly the adoption of Bitcoin will gain wide acceptance, in no distant future more adoption of Bitcoin as a payment gateway will receive a massive consideration and boost by other institutions.

Kakmakr

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I do not know who was around, when pessimists said that Bitcoin will never be used to buy a cup of Coffee? They said the transaction fees were simply too high for people to use Bitcoin for small payments.

Well, Bitcoin developers listened and they created side-chains to facilitate cheap and instant transactions via the Lightning Network and now we see how these advancements are used to pay things like highway toll fees.

I am so glad that we are showing the pessimists and the shills, that Bitcoin can be a legal tender for large and small amounts. Go Bitcoin!!

Wexnident

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Well, that's unfortunate, you still need to deposit into their custodial wallet instead of using the network to actually pay Bitcoin. Still, I suppose it's a start nonetheless. I do still want to see an implementation of the LN network in these types of things, just so that I know that adoption is actually stepping up into the right place. After all, this makes it seem like it just adds more process into the payment when the original idea was the ability to pay with a tap, whatever wallet you use.

Darker45

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Not much of a big adoption news really but might still be good news more or less. Every little thing that adds utility to Bitcoin is worth appreciating. That's how mainstream adoption works.

But I am curious as to the specific role of Bitcoin here. It seems Bitcoin is to be deposited only to be converted to a token called Unocoin so that it could be used as a top-up for FASTag. In which case, Bitcoin is just a way to get Unocoin. For sure, the conversion will always be in favor of the Unocoin wallet developers.

yazher

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Quote from: pealr12 on September 21, 2021, 10:06:50 PM

This is more good news to the btc adoption process, everyday different business, companies, institutions, etc are accepting the use of btc as a payment option, something the btc community have been looking forward to, I hope it will be of great benefit to users of this service especially the btc loving fans and also bring exposure to the non btc loving fans.

I agree since highway tolls are essentials, I think it will be good for the initiative since when paying with bitcoins, it needs to be fast. I'm pretty sure they will use some exchanges for this method to work conveniently. I heard when they were first introduced this payment to a restaurant the payment is delayed and they forced to cancel the use of it. I hope it will not be the same with the highway tolls.

MaDeidre

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Bitcoin is now more and more widely adopted, and now everyone does not consider Bitcoin payment as the first choice. After Bitcoin is legalized, people can freely choose the payment method.

If this news is true, this news will be good news. More people will pay attention to or use Bitcoin. Increase the usage rate of Bitcoin.

michellee

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Quote from: leea-1334 on September 22, 2021, 02:02:47 AM

So it talks about Unocoin behind this,,, which is an exchange and the article actually claims it is one of the earliest exchanges in India. For me, never heard of them but I am not in India so cannot say but everybody heard about WazirX Wink

I still think these kinds of apps are unnecessary. Why would someone pay their toll in a less convenient way than just using their existing Rs?

Maybe that app can benefit people to pay highway tolls and other things because people will search for a way that can make them convenient, especially if they can pay their bills from one app. Maybe we never heard about the company or the app because we are not in India so only people in that country know. But if the company does not promote the app, I guess the app will not be so popular.

noorman0

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Quote from: leea-1334 on September 22, 2021, 02:02:47 AM

-snip-

I still think these kinds of apps are unnecessary. Why would someone pay their toll in a less convenient way than just using their existing Rs?

Unfortunately, all payments that are pegged at fiat prices must use 3rd party services which are less convenient. There is no other way, but not everyone will ignore this method. Fortunately Unocoin is a cryptowallet that is quite useful when you don't want to miss a bullish moment. The advantage is, when the price goes up, you only have to pay less.

joniboini

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I think it is understandable if they don't allow or support direct payment with BTC since confirmation might be an issue. But at least you have the option to use your crypto to top-up your balance and use it later. It would be a disaster if they don't do it and users got trouble paying due to lack of confirmation, and instead make Bitcoin/crypto look bad.

Quote from: leea-1334 on September 22, 2021, 02:02:47 AM

I still think these kinds of apps are unnecessary. Why would someone pay their toll in a less convenient way than just using their existing Rs?

Maybe you should double check how the app is going to work btw. It's definitely not perfect and more like another unnecessary gateway to use crypto, but who knows how many will use it.

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Quote from: bnntalk on September 21, 2021, 09:33:02 PM

Here is really a good news for us .With the new FASTag feature, users can choose among 17 operators and enter the vehicle registration number and FASTag top-up amount, which can be anywhere between Rs 100 to Rs 10,000 worth of Bitcoin.

source @yourstory

I thought a direct payment of bitcoin (direct to toll operators) but as expected, there's a third party involved. It's like topping up toll fees with bitcoin payment but fiat is still received at the end, to the operators. I too always top-up my expressway toll fees thru our local exchanges.

Regardless, yes, it's good news to consider in your country. Alternative payment method. I don't know the status or how's popular that platform in your country but as long as they add new useful features on their platform, more people will use them while at the same time, creating awareness of what bitcoin is.

Topic: Now you can pay highway tolls using Bitcoin (Read 196 times)