Topic: Ukrainian supermarket chain to accept cryptocurrencies through binance pay (Read 98 times)
September 17, 2022, 11:14:39 PM
^ So is with the Whitepay of Whitebit exchange. These are the kind of adoption that is like deceiving users to engage on thier platform. Binance Pay is also not a neutral app to start using, I'm guessing they are making users convert to BUSD to pay? But then anyway, this adoption still is going to expose users to cryptocurrency.
September 17, 2022, 10:53:50 PM
With Binance Pay users need to have a Binance account in order to make purchases from merchants. I understand they want to make a payment system that is as fast and easy as traditional payment methods but it will end up excluding most crypto users who want the freedom to use any wallet they choose and hold their own funds. There is essentially no difference between Binance Pay and every other centralized system that already exists so it just seems unnecessary and will be very low amongst people's preferred payment methods.
September 17, 2022, 09:24:31 PM
Not everyone realize importance of decentralization or downside of using 3rd party to accept cryptocurrency. So it's not surprising this supermarket decide to Binance Pay since Binance is one of popular cryptocurrency company. But if this part of the news is accurate, then they don't really accept cryptocurrency.
Quote from: https://news.bitcoin.com/ukrainian-supermarket-chain-to-accept-cryptocurrencies-through-binance-pay/
To take advantage of the payment option, crypto owners will have to download and install the Binance app on their Android or iOS devices. Then, they can go to the Varus website, select the products they want to buy and send the digital money from the Binance Pay wallet.
I can almost understand a retail business using a centralized service to process crypto payment, it makes a lot of sense for most people who don't have the technical capability to host their own systems. If they're accepting credit cards, they already are using a centralized service, so for the uninitiated it must seem like the natural thing to do.
But, to contract with a centralized payment processing service that requires your customers to download an app, and create an account? I don't care if it's for crypto or not, that just seems silly. No one is going to so much trouble just use an alternate payment method when there are more convenient options. It makes think that the people running that grocery store know absolutely nothing about crypto, but maybe they know a thing or two about marketing.
I also find it strange that Biniance offers such a service. I mean, I wouldn't put it past them, but it seems like they would know better.
September 17, 2022, 04:41:52 AM
To be honest, if I were a merchant, why should I go through all the hassles with Binance pay just to be able to accept Bitcoin payments?
If there is really such a big potential coming from Bitcoin users, rather than complying all kinds of KYC requirements and wait for the approval from Binance, and possibly go through further rounds of KYC verification once maximum limits are reached, why shouldn't I just display a lightning address or QR code for them? Or why shouldn't I just opt for a self-hosted and open-source payment processor?
If there is really such a big potential coming from Bitcoin users, rather than complying all kinds of KYC requirements and wait for the approval from Binance, and possibly go through further rounds of KYC verification once maximum limits are reached, why shouldn't I just display a lightning address or QR code for them? Or why shouldn't I just opt for a self-hosted and open-source payment processor?
September 16, 2022, 06:44:38 PM
I am so glad to see this kind of information because these are the true positive ways for cryptocurrencies.
How positive is it? 
Quote
I really like the ways people are now accepting digital currency. Some major Ukraine uppermarkets are really prepared to aspect cryptocurrencies through the Binance blockchain. I can't wait to see how other nations approach this differently.
I highly centralized service being used by people to access crypto (most of which whose aim was to be decentralized payment systems) the irony!The news would have been more exciting if the supermarket chain was using payment processors like BTCpay server.
September 16, 2022, 04:52:57 PM
I am so glad to see this kind of information because these are the true positive ways for cryptocurrencies. I really like the ways people are now accepting digital currency. Some major Ukraine uppermarkets are really prepared to aspect cryptocurrencies through the Binance blockchain. I can't wait to see how other nations approach this differently.
https://imgur.com/a/IGnEDld
Source : https://news.bitcoin.com/ukrainian-supermarket-chain-to-accept-cryptocurrencies-through-binance-pay
https://imgur.com/a/IGnEDld
Source : https://news.bitcoin.com/ukrainian-supermarket-chain-to-accept-cryptocurrencies-through-binance-pay
Jump to: