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Many commercial solutions for Bitcoin payments seem to focus on e-commerce, which I believe is addressing the wrong market. The most common medium for companies
by Mengkudulangsat 8y ago
Many commercial solutions for Bitcoin payments seem to focus on e-commerce, which I believe is addressing the wrong market. The most common medium for companies in developing countries actually needing Bitcoin are paper (or .pdf) invoices.
That being said, due to Bitcoin being rough around the edges, a workable paper invoice needs the following components:-
- The invoice amount in source currency.
- The trigger & window when payment is expected. (e.g. T+1 day after bill of lading presented)
- The seller Bitcoin address, both in text and in QR-code form.
- The reference exchange rate index; e.g. xe.com for VND:USD and Tradeblock XBX for USD:BTC
- Reminder to provide TxID after payment.
- No. of confirmations for finality.
A scenario I usually share is the export of frozen chickens to Iran. While food is supposedly exempted from US sanctions, banking friction make this trade a nightmare. I'm hoping some entrepreneurs are willing to use Bitcoins as a workaround and share their expirience.
- aeternus 8y agoElectronic invoices are one of the coolest features of lightning network. They handle the vast majority of these components with near-instant confirmation. Acquiring sufficient inbound channels to receive large payments is still a significant problem though.