Seeing that post a few days ago where that guy modified ecommerce sites to display prices in crypto got me thinking. How far away are we really? So I went down the rabbithole and turns out, lots of adoption was seen in 2021. But apparently we’re still far far far away from a true integration of crypto into daily payments.
This article served as a good eye opener on the current state of the industry
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Now i’m just thinking about the long-term. Is this actually viable? Paying in crypto and stablecoins? Or are we just lying to ourselves?
Flexa network uses a collateral token called $AMP to stand in for any crypto and pay out to the vendor in any other form payment they want, including USD>
Lolz. The article doesn’t mention Flexa Network who is responsible for GME (and 41k other retailers) to accept over 30 different kinds of crypto. Is the rails for Gemini Pay, and the payment rails under ALGO/BTC in El Salvador. All via the $AMP collateral system.
Look it up OP, payment rails of the future.
Flexa is already enabling this through the spedn app. They are adding new merchants all the time.
Already in the works. Flexa Network which powers crypto payments with numerous stores like Game Stop, Nordstroms, Ulta, etc. The Flexa team is composed of individuals from MIT and vets in the digital payments space from Amex, Apple, Google, etc. Early investors were Gemini/Wilnkevoss Twins, and Pantera Capital. The Flexa Network is powered by AMP, just recently added to Grayscale’s DeFi fund. AMP was also developed in collaboration with ConsensSys.
The team is still mostly building, they don’t shill, and mostly focused on scaling out all their bombshell partnerships from last year. Hit up their Twitter. They’re not building a bridge like bitpay (built on legacy rails like visa,mc) but actually a new payment rail built on blockchain with several value propositions ~ low merchant fees unlike expensive legacy ones, geared towards privacy unlike legacy rails that sell your info & data, securely with no fraud thanks to blockchain and fast with settlement guarantees.
Flexa aims to process any crypto/digital asset, in any app, at any place in the world.
Amp
check out the flexa network:
[https://flexa.network/](https://flexa.network/)
they are working hard to make this happen. powered by AMP.
Flexa has entered the chat
Buy AMP it’s available on most CEX. OP I believe this is what you are looking for?
Flexa utilizing AMP token
I use Coinbase card to pay with USDC. It’s great to receive 4% back in crypto.
But just gonna say it out loud, being a transactional currency is the least interesting and revolutionary thing about crypto. DeFi is why crypto is so incredible.
You can already buy and pay for certain things in crypto. But the market is still too volatile for mass adoption
Check out AMP. Very solid project with a stellar team from major companies, like Amex. They have patents and are almost approved in every state.
Just downloaded SPEDN
This is why I love this sub. Learn new stuff everyday
AMP – Flexa. Check out our amazing community!
Welp… Flexa is clearly the next thing i need to DYOR
As long as my salary isn’t in crypto I don’t mind.
A lot needs to change and till that day, it will be far away imo.
Turns out adoption doesn’t magically happen in a few years.
I can’t believe it’s going to take time to change the global financial system.
As a previous commenter noted, I too have a Coinbase card and started spending crypto everywhere basically. But that crypto is set up through a CEX and we have all seem the recent problems there. I am curious if a viable solution is to have service like Flexa or some other solution where a payment platform is generated and they issue their own payment cards. That to me, doesn’t seem so far off but I’m pretty smooth brained when it comes to the inner workings of financial payments systems.
A card linked to a personal wallet would be a revolution in the pocket of many consumers….
When the article states (paraphrasing) “standing in line at GameStop waiting for ethereum transaction to settle” shows they haven’t fully completed their DD. Payments can already be instant/guaranteed with no gas fees and on existing merchant pos equipment with merchants receiving converted fiat or crypto of their choice. Think the biggest obstacle is taxation.
ofc it is. It’ll take time. But as more and more people join our nascent industry merchants will understand how good this can be for them. Visa and mastercard are definitely aware otherwise they wouldn’t be pushing on crypto payments.
I think CBDC’s will come in and blow up many dreams of paying in crypto, with the USA being the primary driver behind that. The US isn’t just going to give up it’s power because Satoshi decided to create an algorithm and people bought into the idea. Like all recent technological advancements, governments will swoop in and bastardize whatever facets of the tech that gave users a semblance of freedom, and will actually take more freedoms away. Now all of our purchases will be able to be seen on a ledger, and money will have an expiration date. China is the model.
I pay strippers in las vegas with my btc
You can in some places, and these roll out over time. It’s not like the flip of a switch
P2P
The dark web. Number 1 processor of economically meaningful crypto transactions since 2011.
it’s only a matter of time fam. Stack your sats and be patient
How far in the future? Difficult to give a decent answer. Is mass US adoption occurring in the next year or two? Highly doubtful.
One of the biggest problems I see with paying with crypto is that everyone would have to use a certain one or a couple certain ones. Otherwise it would just buy a huge hit or miss which stores take what.
The best option I could think of would be for your crypto credit card to automatically convert it from whatever you have to something like nano and pay in that. The issue with this is speed. It could potentially be the bank that issues the card just holds a lot of nano or whatever it is and then when you pay it sends their crypto and your crypto just goes into the banks account.
Am all ready asking my employer to pay me in crypto
If we can make passive income say interest on a holding one altcoin in the staking or yield farming pool for a specified period of time then payment shouldn’t be a problem, as alot of altcoins are integrating into that aspect say Neofi, SYLO, etc. Although AXL is still very much available with its decentralized exchange which is built on ETH & BSC chains to provide interoperability amongst various blockchains
It’s very feasible and already viable, the issue is that many businesses don’t want to hold on to crypto, they want to convert it back to cash. There are services like Strike that do this over the Lightning Network, but I think there is still a lot of hesitance due to the lack of regulatory clarity – does a fiat transaction via Strike need to be reported as an asset sale and reported for taxes?
I do think people have to recognize that for the most part, most transactions will involve selling a coin for cash or a bigger crypto on the backend. So if you’re hoping to use your shitcoins to pay directly, there may never be a market if they’re obscure enough. Indeed, most cryptos aren’t even designed to be currencies anymore these days anyway, outside of BTC and stable coins.
Ecomi has an app called veve app which makes payment in crypto immediate, both with your stable coin or the project token (OMI) you can also exchange with NFT getting whatever you pay for immediately. You can still DYOR.
The head shop I buy my blunt wraps at let’s you purchase with Bitcoin, ether, or litecoin.
You can buy games on CDkeys with bitcoin with a discount.
I buy things in CRO every day.
The problem is that i don’t want to give my crypto, i prefer to pay with fiat.
This comment section feels like i’m reading an advertisement
Yess, try Happyfans.club and you can pay for certain things 😘
I use my crypto to buy everything, after I transfer it to USD.
I think so far we just need a few corporate entities, lots of small business owners, and a big online store to accept it then we can facilitate purchases with crypto.
You will know it is mainstream when Mcdonald accepts crypto.
We’re still in the “then they fight you” phase
There’s BCH too. Low transfer fees and quick transactions
There’s actually a lot of crypto debit cards. Anything that takes a Visa/Mastercard payment will take them.
DashDirect offers discounts at 160.000 stores in the US, paying with Dash, non-custodial, instant, super smooth UX.
And just now they are launching an instant virtual credit card program that enables paying everywhere with Dash, still non-custodial unlike all other credit card programs.
OpenNode is what I’m using
Buying gift card with crypto is already a viable option: https://www.bitrefill.com/
I can use crypto top top up my cro card, that’s good enough for me
You can pay me in crypto