Again the news are not as they seem.
KYC for small payments to shopify vendors,this is stupid.
And possibly unnecessarily, maybe I am mistaken but for example EU laws requires KYC only over ~200 Euros , so why the KYC..
Topic: Shopify is now supporting Bitcoin Lightning Payment (Read 371 times)
I haven't tried shopify but if it is now supporting bitcoin then that's great because it will be very convenient for all bitcoin holder to shop on there site because they doesn't need to use their credit / debit card to shop and to pay for their credits
It was a great deal to me really when I heard that shopify is already accepting bitcoin because I do run lots of things through shopify and payment has been of constraint to me in some areas because of the country where I come from, our credit card is always having issue with some of these international payment which bitcoin payment has corrected because now I can make payment easily without much delays and much barriers on the way.I hope that there will more other sites like that we are using which will be very useful for many of us. It is good that bitcoin technology is really taking over the entire commercial space as I can see that the majority of ecommerce sites are already working toward implementing bitcoin payment on their site.
I haven't tried shopify but if it is now supporting bitcoin then that's great because it will be very convenient for all bitcoin holder to shop on there site because they doesn't need to use their credit / debit card to shop and to pay for their credits
It's a great news and this would help the business to grow.
I made a research about the business because I had never shop yet in this online store.
I found according to https://en.wikipedia.org/wiki/Shopify, that their revenue in 2018 was only US$1,073.2 million, so I'll consider this a small company.
Hopefully companies like Shopify are more aggressive in adopting bitcoin and use the LN so it will be popular.
Imagine, this kind of company size, many of them will start using the LN, that would bring great success in the future.
Also, time for people to be aware that with LN, bitcoin will be faster.
I made a research about the business because I had never shop yet in this online store.
I found according to https://en.wikipedia.org/wiki/Shopify, that their revenue in 2018 was only US$1,073.2 million, so I'll consider this a small company.
Hopefully companies like Shopify are more aggressive in adopting bitcoin and use the LN so it will be popular.
Imagine, this kind of company size, many of them will start using the LN, that would bring great success in the future.
Also, time for people to be aware that with LN, bitcoin will be faster.
I would say it's a massive good new but yet... The news seems good enough but the issue of KYC will equally make investors to run away as usual.
I just hope they dont make the KYC vérification process too strict.
Moreover, Shopify is not doing Bitcoin a favour but doing themselves a favour too.
I just hope they dont make the KYC vérification process too strict.
Moreover, Shopify is not doing Bitcoin a favour but doing themselves a favour too.
Just don't forget that this is also a good marketing trick for Shopify...
It's mostly that. The name bitcoin draws attention to everything because it's new and trendy. It's also difficult for average Joes, you're right about that.
For most companies adding bitcoin transactions is expensive. They need to add the option to their site educate staff how to handle it make sure someone knows how to add these profits to the books. It's all for that 1 client out of 1000 who will pay in BTC.
Shopify accepting LN is indeed a big news! Especially for those, who are willing to see bitcoin getting accepted within the mainstream economy! For those who doesn't know what shopify is, it is a e-commerce platform provider where common people like us can make their own e-commerce store. They also have connections with big vendors which empowers small business owners to connect with them and sell their products through their own store. In one sentence, it is a simplified e-commerce solution provider with huge customer base not less than few millions.
Now when such a big provider like Shopify starts accepting bitcoin payments, is a great news for the community. It will empower all their stores to use it as a payment gateway for their customers! KYC and centralization is another debate which will keep on going here, but it is certainly another step ahead towards mass adoption!
Just don't forget that this is also a good marketing trick for Shopify...Now when such a big provider like Shopify starts accepting bitcoin payments, is a great news for the community. It will empower all their stores to use it as a payment gateway for their customers! KYC and centralization is another debate which will keep on going here, but it is certainly another step ahead towards mass adoption!
The world is full of companies, doing the same thing... how you can be different?
E.g. you draw a beautiful logo which everyone will recognize after a while in a second and will search for that beautiful logo after...
Or you can ask a famous actor or movie star to use his/her face/body/etc.... in your advertisements, to let people connect your service with that famous person and trust your service before they even tried it...
Or, you can use bitcoin, to let people know that you accept bitcoin... most of the people just heard about bitcoin, and it's too technical for most of the average joes, so if a shop or anything can accept bitcoin, that means that they are really good and they will be really rich because of bitcoin, so they will remember and use the service of that company... Bitcoin still has a kind of hype around itself, so it's still a good marketing thing to use bitcoin (of course with KYC, just to be on the safe side...)
It's great, at least this would be another positive way to boost the awareness and adoption of bitcoin, with over 500 thousand merchants that they have on their platform, at least 30% of it alone adoption bitcoin payment will help further spread the news around the world again.
For us to get the peak of adoption that we need, we need to first encourage lots of merchants to accept it as means of payment because there is no point willing to want to use bitcoin to pay and there is no merchant available to accept it, so this is a stepping stone already for us to get more adoption of bitcoin in future. I am sure that other platforms like this will also encourage their merchants too to adopt the use of cryptocurrency for their business to grow.
For us to get the peak of adoption that we need, we need to first encourage lots of merchants to accept it as means of payment because there is no point willing to want to use bitcoin to pay and there is no merchant available to accept it, so this is a stepping stone already for us to get more adoption of bitcoin in future. I am sure that other platforms like this will also encourage their merchants too to adopt the use of cryptocurrency for their business to grow.
Shopify accepting LN is indeed a big news! Especially for those, who are willing to see bitcoin getting accepted within the mainstream economy! For those who doesn't know what shopify is, it is a e-commerce platform provider where common people like us can make their own e-commerce store. They also have connections with big vendors which empowers small business owners to connect with them and sell their products through their own store. In one sentence, it is a simplified e-commerce solution provider with huge customer base not less than few millions.
Now when such a big provider like Shopify starts accepting bitcoin payments, is a great news for the community. It will empower all their stores to use it as a payment gateway for their customers! KYC and centralization is another debate which will keep on going here, but it is certainly another step ahead towards mass adoption!
Now when such a big provider like Shopify starts accepting bitcoin payments, is a great news for the community. It will empower all their stores to use it as a payment gateway for their customers! KYC and centralization is another debate which will keep on going here, but it is certainly another step ahead towards mass adoption!
However, you need to read about this, OpenNode requires KYC now!.
I won't be using Shopify or their partner gateway for Lightning
Mass adoption surveillance or not?
fixed
I reckon this is what is going to become the trend in the future with large companies like this. Once they know that the supporting services adhere to KYC requirements, then they would be more willing to accept Bitcoin as a payment option. I can use Bitcoin with most of the local e-commerce sites, but they only accept it, if you do this through payment processors that adhere to strict KYC requirements.
Quote
I think a lot of them are scared that their services or companies would be used as money laundering operations to "clear" dirty bitcoins and that would threaten the future of their business. We cannot blame them if their local laws and regulations stipulate certain requirements for them to accept Crypto currency payments.
It's true, unfortunately, that Bitcoin is mainly considered some sort of asset or property, rather than money. Well, I think that most Bitcoin users don't consider it money as well, but money laundering has nothing t odo with it, and blaming cryptos for something fiat and banks are involved in way more often is not fair.
Shopify is big merchant accepting btc is major step after amazon i thinbk shopify merchant we can expect more big clients accept btc as major currency
Nice and good quality how many company want to use bitcoin as payment, now shopify start using bitcoin as their payment system always giving good positive for bitcoin price.
For those users of Shopify here, they are now supporting LN thru OpenNode.
https://twitter.com/BitcoinMagazine/status/1166807416165601286
https://www.opennode.co/blog/how-to-accept-bitcoin-shopify-extension/
However, you need to read about this, OpenNode requires KYC now!.
Mass adoption or not?
https://twitter.com/BitcoinMagazine/status/1166807416165601286
https://www.opennode.co/blog/how-to-accept-bitcoin-shopify-extension/
However, you need to read about this, OpenNode requires KYC now!.
Mass adoption or not?
KYC!
That is control.Mass adoption! I think it is more like an Identity check and why the heck I will use my Bitcoin to buy anything online. I better keep it in my wallet till it reaches moon.
is there ANY POINT AT ALL in using a cash-like internet currency if we accept a middleman that changes it back into a controlled system?
what if that middleman is acting like a link between the two worlds. it helps those who don't want to accept bitcoin be linked with those who want to spend bitcoin.
of course in an ideal world you don't want a third party but in that ideal world bitcoin price is stable and it is mass adopted so the merchant accepting bitcoin doesn't have to convert it back to fiat and possibly lose a big percentage when he wants to resupply.
i say they are a necessary evil for now.
I'm already happy that we see LN integration instead of yet another main-chain accepting merchant. It's clear by now that it's not cost effective to use the main-chain for low value payments.
The only thing i see currently holding back LN use is wallet support, but i guess you need places to use it first even if you manage to get a wallet...
I didn't use shopify but only one thing I can say about this shopify payment accept bitcoin payment it can help for mas growing popularity of bitcoin as payment to the convinient of the customers, we the the online market today is very popular a lot of people all over the world are using online market shopping it is very helpful through LN the process of payment is very easy and fast.
It's really great that Shopify now accepts bitcoin as another mode of payment hence giving crypto enthusiasts the opportunity to spend their cryptocurrencies. But one thing i have realized among these marketplaces is that most of them that would allow the acceptance of cryptocurrencies as a mode of making payment will ensure that users perform strict KYC procedures.
However, you need to read about this, OpenNode requires KYC now!.
Not shocking at all. BitPay does so too, though it (for now) is being enforced only when it comes to relatively higher amounts. If in the future KYC will be required even for the tiniest payments, then this is an excellent setup for merchants to adopt BTCPay Server. It offers way more actual control over your funds, and you don't have to pay a fee to the BitPays of this world.
I'm pro any form of Lightning adoption. I would however like to see more non techy merchants hop on board. It will help bring in some much needed variety in the type of merchants accepting Bitcoin.
It'd be great if they support BTCPay rather than OpenNode since their hompeage use keyword "Manage — everything" which should apply to payment option and whether merchant decide to control their funds or not.
OpenNode is backed by Tim Draper, so it's much better on that front than all the other centralized payment gateways. It might also be a convenient way for him to accumulate Bitcoin instead of directly selling for fiat.Roger Ver offered $1 million to OpenNode if they would provide support for Bcash, but they declined the offer. Now that's what I call dedication. It was a big f-you in the face of Roger with his money that this time couldn't help him.
I'm already happy that we see LN integration instead of yet another main-chain accepting merchant. It's clear by now that it's not cost effective to use the main-chain for low value payments.
Truly a good move from shopify, but the acceptance through an intermediary service is same as that an user making use of banks to transact his own funds. Here these intermediary service people sticking to strict KYC rules will make people avoid these services. Anyhow this is truly a big step forward in large scale adoption.
Shopify being one among the leading e-commerce platform accepting bitcoin will make a big difference in the e-commerce market which right now has got limited access with limited number of stores accepting bitcoin. Here good things related to bitcoin needs to be spread, which is very important for growth.
Shopify being one among the leading e-commerce platform accepting bitcoin will make a big difference in the e-commerce market which right now has got limited access with limited number of stores accepting bitcoin. Here good things related to bitcoin needs to be spread, which is very important for growth.
Jump to: