What services are Bitcoin in need of?

coin-investor

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Quote from: funsponge on November 06, 2019, 03:23:02 PM

Bitcoin has progressed into a thriving currency and has touched almost every industry in some way or another but what services would you like to see accepting Bitcoin? This thread has two reasons for being made first to see what services the Bitcoin users are looking for but also to expose certain services which already exist but the majority of people are not aware of.

Two of the service that I want to see where Bitcoin is being used or adopted, is a marketplace like Alibaba or Amazon and a freelance site like Fiverr if we can have these two things, Bitcoin will finally arrive and will be used by many people, in fact, it can run to millions of Crypto holders using these two websites, there;s been so many attempts in the past, we need big people that can do this for us, since we already have the community to support.

BitHodler

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Plain LN adoption is what I believe will boost the adoption of Bitcoin.... we all like transactions to be cheap and fast and this will also help people to not be subjected to network congestion leading to high fees.

Back in 2017 when people got to experience Bitcoin for the first time they entered when the fees started to consistently be more than $10, which is a horrible user experience.

What's even worse was the fact that some people had to wait 12-24 hours for their transaction to finally confirm. LN eliminates that problem and should provide newbies a fantastic user experience.

mobnepal

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Combination of crypto lending + merchant payment system + Crypto Exchange

1. provide instant conversion of bitcoin/alts accepted by merchants to fiat and get it deposited straight to their bank account (option 1)
2. Provide some % fiat without converting crypto they have accepted if they want to profit from cryptorush (option 2)
3. Investors can profit by providing fiat to those merchants (which can be local investors with local fiat)
4. Merchants can also take short term loan directly from the fiat pool in the system if they have crypto in hand without doing any paperwork.
5. Merchants can start small co-operative type of saving within the system without meeting each other and provide the collected fund to other merchants who need it against their crypto.
6. Any merchants or investors from public can buy crypto straight from system with fiat they have in bank.

1Referee

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Quote from: dunfida on November 12, 2019, 03:14:52 PM

The advantage on using up 3rd party but lets say direct p2p transaction is much preferred then majority would really be keen or would always matter on confirmation time and when the entire network bloats up then this area is really pain in the a** to consider out by majority.

P2P it's indeed always recommended to wait for confirmations but it hasn't ever been much of a problem to me.

Is it annoying some times to wait for 30-40 minutes for a block to be found? It surely can be, but that doesn't happen all the time. On top of that, more clients nowadays support RBF, which means that if there is a sudden spike in the number of unconfirmed transactions, you can simply up your transaction fee and save a lot of waiting time.

Quote from: dunfida on November 12, 2019, 03:14:52 PM

Adoption is on the move but it would be more effective if LN would be fully integrated .

That will take a while because the real boost will come from exchanges to start adopting it, and they will only do it when the protocol has been deemed safe enough.

dunfida

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Quote from: 1Referee on November 12, 2019, 02:55:57 PM

Quote from: joniboini on November 12, 2019, 12:59:34 AM

The only problem or issue about Bitcoin is probably the tx speed (lots of end-users don't care about security), and it's only a matter of time before 2nd layer is easy to use for everybody.

The transaction speed has always been near instant. Confirmations can indeed take some time.

Technically speaking, everyone is free to accept transactions without confirmations, which is something payment processors such as BitPay do as well if the value isn't too high and the fee included is sufficient. It's obviously not safe to do so, but that convenience is offered to the users.

I have never had to wait for a single confirmation for any payment up to $50 through BitPay. Transactions were accepted directly.

The advantage on using up 3rd party but lets say direct p2p transaction is much preferred then majority would really be keen or would always matter on confirmation
time and when the entire network bloats up then this area is really pain in the a** to consider out by majority.Adoption is on the move but it would be more effective
if LN would be fully integrated .About on what services we've been talking then i would like for it to be spend even on a simple store.

1Referee

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Quote from: joniboini on November 12, 2019, 12:59:34 AM

The only problem or issue about Bitcoin is probably the tx speed (lots of end-users don't care about security), and it's only a matter of time before 2nd layer is easy to use for everybody.

The transaction speed has always been near instant. Confirmations can indeed take some time.

Technically speaking, everyone is free to accept transactions without confirmations, which is something payment processors such as BitPay do as well if the value isn't too high and the fee included is sufficient. It's obviously not safe to do so, but that convenience is offered to the users.

I have never had to wait for a single confirmation for any payment up to $50 through BitPay. Transactions were accepted directly.

hugeblack

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There are a lot of services that need some legal data and therefore the advantage of decentralization does not seem attractive as decentralization is the feature of digital currencies.
So in many areas, we do not need BTC accepted but just more support and provide an easy exchange everywhere.
Perhaps the acceptance of daily use sites is enough such as Amazon, and others.

Services that I would like to accept BTC payment: local stores, shipping services, digital stuff stores.

joniboini

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Quote from: Strongkored on November 12, 2019, 12:49:12 AM

What I think is how to convince entrepreneurs about Bitcoin, to tell them that Bitcoin is not a commodity but a currency and currency that can make a difference in all payment methods.

A company called ShareRing (a crypto start-up) is doing a partnership with the Thailand government for eVOA. While they have their tokens, I think it's an example that even the government would embrace crypto, even if it's Bitcoin if they find it to be useful.

The only problem or issue about Bitcoin is probably the tx speed (lots of end-users don't care about security), and it's only a matter of time before 2nd layer is easy to use for everybody.

Strongkored

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From previous replies many say transportation and I agree with that. Now use online transportation based on application is a trend, in my area there are 2 online transportation based on well-known applications and many use both, instead of using Bitcoin as a payment they prefer to build their own digital wallet, and continue to develop new features for digital wallet and makes users comfortable to use it. I think the application developer is a techn savvy so he knows about Bitcoin and it will be easier to be adopted into the application but it turns out facts like this do not necessarily make Bitcoin directly accepted by those who understand about technology.
What I think is how to convince entrepreneurs about Bitcoin, to tell them that Bitcoin is not a commodity but a currency and currency that can make a difference in all payment methods.

cryptoaddictchie

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Quote from: funsponge on November 06, 2019, 03:23:02 PM

Bitcoin has progressed into a thriving currency and has touched almost every industry in some way or another but what services would you like to see accepting Bitcoin? This thread has two reasons for being made first to see what services the Bitcoin users are looking for but also to expose certain services which already exist but the majority of people are not aware of.

If bitcoin can be used I say, I like bitcoin to be accepted in various stuff like entertainment, wellness center and food industry.

Entertainment that is widely used in social media such as movies, some retail malls and shopping malls have movie cinema right? I like bitcoin to be accepted for payment in this, well I love movies so If my bitcoins will be accepted for payment with this then its good. Also, its also nice to have some wellness center or spa that accept bitcoin, though it could be hard to implement globally at least have some.

Food industry is the most I wanted it to be accepted. I know many restaurant around the globe started to accept it but its only few, hoping it could be more establishment in the future so it would be convenient also for crypto enthusiasts. Also for other coins if applicable.

Kyraishi

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Actually we have everything here already for me then we need to develop all of that like base in mjglqw post then better do here in crypto

Is high more the security because many different kinds of investment and business here really turn to scam or hack then actually i feel really bad about that everytime i see like that here in crypto

Security is a good point, to be honest, I really do think the crypto scene lacks a lot of it, I feel we see more data breaches, hacks, etc more than the entire tech world as a whole, companies need to start getting better at this for sure, and a sorta "crypto police" would be good, sort of like how restaurants can get closed down for being dirty, but instead, exchanges can be closed down if they are unsafe to use, if that makes sense?

AGroose

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We need applications and plastic cards with which you can pay with cryptocurrency quickly and without problems. The main problem for all cryptocurrencies is the volatility of the course, and I do not see the point of using stablecoins for mass adoption. When the cryptocurrency market becomes more capitalized, then the mass introduction of payment instruments will begin

CryptopreneurBrainboss

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I think the question should be the other way round as in, 'What service is in need of bitcoin' and not 'What service is bitcoin in need of'. Bitcoin is a currency and as a more advance currency with its advantages/benefits, services should be the ones in need of bitcoin to improve the profitablity and customer experience of their services. Bitcoin has introduce a net positive benefits for every type of services at has been experimented on like Gambling, charity, fund raising etc, making this services more profitable and productive.

A service that haven't utilize the benefit of bitcoin in my opinion would be the transportation service, also I don't think bitcoin has achieved enough success in that area because if the stats were very positive then the adoption of bitcoin would had been more positive than it's currently is. The transportation service pays host to millions of tourists yearly, so assuming at one point this tourist were made to experience the self satisfaction, comfortability, less time consuming, low fees etc making payment with bitcoin offers than probably the story (in regards to adoption of bitcoin) would had been different because these would had made millions of tourists pick interest in bitcoin.

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Quote from: funsponge on November 06, 2019, 03:23:02 PM

This thread has two reasons for being made first to see what services the Bitcoin users are looking for but also to expose certain services which already exist but the majority of people are not aware of.

I don't have any specific thing in mind where Bitcoin should be needed. As a currency* in a digital form, I'm expecting it will have the same currency power, the same treatment, the same adoption, like normal currency. But right now, since it was being used as investment, it behaves more like a commodity.

What matters for me is continuous adoption. With this, many institutions, at any service, will recognize the advantages of using bitcoin as a form of payment. But no doubt there are still lots of works to do before Bitcoin can be considered and recognized as the best payment methods globally.

Time will tell.

hello_good_sir

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Quote from: gentlemand on November 06, 2019, 07:41:11 PM

I would like to see it commonly accepted for property purchases.

For most it's the biggest buy of your life and the idea of having to dick around with selling BTC, worrying that whoever you sell it through is going to shut you down and if you get away with that unscathed you bank might shut you down adds a whole lot of aggro that you don't need.

Additionally the idea of the whole thing being done and dusted in one hour adds some appeal too. The one scary one would be scam attempts.

Isn't this already a thing? I think I've seen some articles that are able property purchases, and basically only include that the contract would have to be modified, and BTC needed to be set on a value (otherwise if you waited for an extra hour the value would be drastically different).

I reckon the food industry and blockchains/bitcoin would be cool. Would love to have a nice BTC wallet in Ubereats, and just spend BTC every time I order food, but I don't think it's something that is that big of an industry.

crwth

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As part of the Bitcoin community, I would want all services to be accepting Bitcoin. Right now, most of the services I use don't use cryptocurrencies as part of their payment system, but I had a solution to that. Most of the services that I use like utilities in the house, internet, etc. are charged to my credit card, and I pay it like normal. The wallet service in my country accepts Bitcoin and uses bills payments. So that's how I pay for my services using BTC.

Moreover, the services, I would like it to be applied in transportation. Mainly because of the people cheating on the amount of it and making money out of my payments, I would rather pay it with BTC than other things. Maybe LN could be of use to that, but it's still experimental and not fully understood by many. You wouldn't want to lose BTC to that.

mk4

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On the top of my head, I really can't think of a certain service that bitcoin needs. In my opinion, what we need is just for people to continue to develop on the lightning network. LN apps aren't as noob-friendly compared to wallets like Electrum yet. After that, all we need is time; for people to hopefully slowly but surely realize how important bitcoin is, and why we need it.

gentlemand

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I would like to see it commonly accepted for property purchases.

For most it's the biggest buy of your life and the idea of having to dick around with selling BTC, worrying that whoever you sell it through is going to shut you down and if you get away with that unscathed you bank might shut you down adds a whole lot of aggro that you don't need.

Additionally the idea of the whole thing being done and dusted in one hour adds some appeal too. The one scary one would be scam attempts.

TimtheYoutuber

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I think the main service Bitcoin needs is educational content. There is no good site that will teach you real cryptocurrency lessons for free or at a good price. Most are just very vague and not very helpful, or are trying to sell you bots or trading tools.

University style courses would be perfect for the cryptocurrency community because we need a place to showcase our skills and earn certifications. That way when you try and hire someone, you can hold them to a certain benchmark.

funsponge

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Bitcoin has progressed into a thriving currency and has touched almost every industry in some way or another but what services would you like to see accepting Bitcoin? This thread has two reasons for being made first to see what services the Bitcoin users are looking for but also to expose certain services which already exist but the majority of people are not aware of.

Topic: What services are Bitcoin in need of? (Read 268 times)