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Few ideas for Higher Merchant Adoption Based on My Own Experience as a gateway

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Avatar for ClearSky
Written by   22
9 months ago

A while ago I wrote about my experience as a proxy for a merchant who agreed to accept BCH. As I was the one who was receiving BCH and handling cash to the merchant I exposed my self to a lot of merchant adoption risks.

Here is what I'm facing:

  • Price volatility which means money loss up to 30%

  • Taker Maker fee difference between Exchanges, the BCH merchant app shows the spot price.

  • Exposure to financial auditing for transactions that aren't mine as it goes through my exchange account.

Solution 1: Improving the Bitcoin Cash Register app

The App which is nice and very easy to use. However it's so simple that it's just a QR code showing app for the registered address with little transaction log.

What could be done to improve it?

  • Allow customizing the ticker address so users can use local exchange they have account with instead of getting international price based on USD value.

  • Support more Crypto Currencies that doesn't have high double spend risk this way you will not lose time explaining to merchants the difference by all those currencies and merchant will like to see more users coming to his shop to spend their currency of choice and will lower competition for merchants between currency users.

Solution 2 : Exchange merchant account

An exchange that gives auto sell addresses. It's simple you can get an address for 5 currencies you support and get the exchange to do the conversion for you to your coin or fiat of choice. Bitpay and alternative doesn't work currently in all the world and they have 1% fees. Exchanges can do the conversation much cheaper I guess.

We know about automatic trade bots so I don't think this would be a big issue.

Solution 3 : Sideshift.ai merchant account

Sideshift seems to have the teach to build something that can help. They will get your payment in a dozen of currencies then convert it and send to your favorite coin address. They just have to package what they have on the web in a smart phone app so it could be used by merchants.

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Those were my thoughts, I wanted to share the community. That's all :)

UPDATE: One solution is provided here by cryptofrontier, they use Sideshift.ai to make it work.

UPDATE 2: we have some BCH/SLP Merchant app by @VinArmani on Github.

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Avatar for ClearSky
Written by   22
9 months ago
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Comments

Good points, but I hope they don't ever add other currencies besides SLP and perhaps BTC.

$ 0.00
9 months ago

Do you mean supporting the Lighting Network, AFIK it's dangerous to add BTC with RBF activated.

$ 0.00
9 months ago

definitely not LN. I feel that if BTC is disabled by default, and would display a big fat warning "Only accept BTC from people you trust! risk of payment reversal!" then it is safe enough. Unfortunately in many locations BTC support is still required, which disqualifies the Bitcoin Cash Register app.

$ 0.00
9 months ago

Agreed! We have implemented this feature and have begun distributing it to our merchants in the Crypto Frontier (Saipan, US Mariana Islands)

Here is a video demo: https://youtu.be/WyjiWcBowEw

Learn more about our project at cryptofrontier.org

$ 0.20
9 months ago

Thank you, hope you can provide more information about your solution. Your website have some few issues that I wish you can fix. Like no direct link to telegram group, no favicon no SSL. wish you can improve it and add more information and show us some code :)

$ 0.00
9 months ago

Really good ideas. Hope you find a solution that works for you.

$ 0.00
9 months ago