A special app (with a terrible name, "Spedn") has to be used, and afaict it doesn't use Lightning yet either, but for those who prefer to pay with BTC (or ETH/GUSD) this looks promising: https://t.co/lFOdNiZ9x1
eikmanalmond5 - 6 years account age. 150 - 300 comment karma.1 week ago
This is a good step in the right direction for crypto for sure, although, if you use a feeless cryptocurrency, then the conversion to fiat also needs to be feeless too or the benefit of paying with an instant or free currency is lost?! In order to do that, currencies will need to have their own banking infrastructure, licenses etc and can settle for the merchant without a fee, therefore promoting the value in accepting the cryptocurrency directly.
Currently there is a disconnect with how the industry is trying to integrate into existing infrastructure, but hopefully that journey is now beginning
As the adoption of crypto-payment grows into regular transactional use-cases like this, the network gets more valuable. This app with instant settlement keeps the transaction fee for the retailer lower than the current point-of-sale network from Visa and Mastercard. If the transaction fee is recouped by selling the user data while keeping it decoupled from the user identity data, then the system could really be sustainable.
Every single business mind should quietly implement BTC the bitcoin.
In reality many business are already implemented BT C, but for the activation the timing is very important.
Debt and asset bubbles, trade sanctions and wars, bad shape of emerging markets, stagnation in developed countries while the interest rate is lower than ever.
If it feels the shit might hit the fan again, just like many times before.
Then it would feel very stupid that you knew about bitcoin but did not prepared for the future.
Awesome news, but unfortunately Spedn isn't available for Android, it's iOS only. So more than half of smart phone users can't yet use it. I emailed them to see if they know when an Android version will be available.
This is nothing but more police state surveillance bull shit.
You need to KYC to sign up for the service and then you can only spend your crypto at some of the largest corporations on the planet. Both are antithetical to the ethos of Bitcoin.
Every time any bitcoin goes in or out of a system like this, it opens up a treasure trove of retrospective analysis on chain. It's a total trojan horse on behalf of the exchange that literally ran ads that said "Crypto Needs Regulations".
This just sets up Gemini to be a fractional reserve crypto bank and compete with Visa. It's just layer 2 (and 3 and 4) scaling but with corporations as the second layer instead of a math based framework like LN.
Absolute garbage for those of us who actually believe in Bitcoin being a tool to increase global liberty and individual sovereignty.
This is great for the sheep who think that this is somehow bitcoin adoption. It's not. Fold App has been doing this for a while and others have done it for years before them.
I intend to use bitcoin as a payment between peers; not several multinational corporations who erode my privacy and the privacy of others.
If I’ve understood correctly it is custodial, KYC and the vendor never sees BTC.
But it is a step on the way and it won’t destroy the memory pool. And it makes BTC viable for one more use case. This is great for adoption. It’s a huge leap forward for people to get paid in BTC.
I’m interested in using this myself. My only concern is how to handle taxes. Do I really have to keep up with capital gains tax for every grocery store trip? I need some kind of solution for that.
Either tax exemption for smaller purchases or some kind of automated capital gains tracker in the app that is simple to add to your tax declaration. I don’t mind if the IRS get’s a list of capital gains events for my chewing gum purchases as long as it can be done without paper involved.
What fee does the consumer pay and what fee does the retailer pay?
The beauty of these phone apps is no retailer really needs to know what "credits" the consumer is spending from. It could be a bank debit, credit card, crypto etc. All the retailer sees is that the app company will give the retail some cash if wanted.