UniChange exchanger
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Here I try to make a centralized and coherent post to stimulate discussion on how to make it easy to sell and buy Nubits with e-currencies.
Hopefully we can draw up a strategy, formulate a plan, and come up with proposals for relevant motions or custodian votes. Here we buy sell exchange bitcoin and btce codesescrooge payment processors to refer to internet payment processors, internet wallets, payment exchange and currency conversion gateways, unless specifically noted. Payment processors are not new. PayPal is the one best known. The e-currencies and credits issued by payment processors are converted by gateways. Liquidity, in the form of fiat usually USDis very deep, probably hundreds time more than that of all typical crypto-exchanges combined.
Nu is guaranteed to lose money. Hedging and other ways have been proposed but they seem complicated. Buy sell exchange bitcoin and btce codesescrooge they do, trading the pair is not really trading. They probably lose money doing so due to regulatory overhead. So there are very few exchanges that offer USD transfer.
In contrast, there buy sell exchange bitcoin and btce codesescrooge many times more payment processors than crypto-exchanges. Better yet, unlike crypto-exchanges, most payment processors have some forms of USD liquidity. Now comes to the logical conclusion: Nu should actively expand Nubits adoption by payment processors, to tap into their deep USD liquidity, customer base, existing real-life business penetration, geographically decentralized connection among partners, internet-based infrastructure and APIs.
As Satoshi pointed out, cryptocurrencies will need a somewhat centralized business layer maybe hubs for highly efficient processing and clearing. Expecting a blockchain to support hundreds of transaction per second is not realistic. So expanding into payment processors is needed even Nu were not a pegged cryptocurrency.
Official integration to payment processors that have user funded accounts. Top payment processors have members depositing fund into their accounts. If supported by OKPay, Nubits could have hundreds of thousand private and business users, and can be exchanged with fiats of tens million dollars in liquidity, transferable with banks, credit cards, other payment processors and xchangerseven BTC-e USD code. I consider the bittylicious proposal one tep in this direction.
However this method has its problems. Nu has to deal with payment processors on a case by case basis so the cost of integration varies, and the results also vary. For example different payment processors support cryptos to different degrees. Another example is that every payment processor has different requirements for identification.
PerfectMoney and Payeer, on the other hand, allow withdrawals and transfers to numerous electronic channels without requiring identification. My impression is that OKPay has better developed infrastructures and business reach, but may not be as easy to deal with from crypto perspective. The gateways will pay for liquidity themselves. This is equivalent to setting up Liquidity Provider Custodians unfunded by Nu shareholders.
This makes it possible to have Nubits integrated to many places. The final result web interface can be simple like this or this or more sophisticated like this. The code plus a nubits wallet is so lightweight it can be deployed anywhere — on a personal page, on a disposable droplet, on a Raspberry pi….
The buy sell exchange bitcoin and btce codesescrooge is simple with Nubits because there is no need to have an exchange rate feed for conversion. For example, a small webshop owner can add nubits to payment method to her shop by simple web programming based on the reference code.
The possibilities are endless. I like method 3 very much. We could take advantage of almost all BTC services by using those wrappers, and the stability is a clear selling point. We cannot assume that external people will take the risk and implement it on their own. Making progress in Method 3 will greatly help to implement 2 technically.
Progress in Method 2 will lead to progress in Method 1 through competition. Community development effort is indispensable. I am hoping the shareholders can see the importance and put priority to this work by voting, so some outreach and development man power in the Nu team are allocated for it.
After the critical mass is reached people will implement their stuff. But now we need to help to get Nu rolling.
Thank you mhps for putting all this together. I think your point that those in Europe and North America may be discounting its importance is valid. It is a project looking for a leader eager to create a small business out of it. Someone who decided to buy and sell Nuits on one or more of these platforms could do so at whatever spread they feel is in their best interest. It is just a matter of utilizing APIs and hooking that up to a web interface.
It seems like the kind of thing that has already been mostly done except for the NuBit integration itself. It buy sell exchange bitcoin and btce codesescrooge like some are selling other crypto using these payment platforms. So, perhaps we could give them incentive to add NuBits or pay them for their source code so someone buy sell exchange bitcoin and btce codesescrooge our community could add NuBit support.
Custodial grants can be made available for whatever incentive shareholders understand to be in their interest. So they may be able buy sell exchange bitcoin and btce codesescrooge provide some development resources if someone steps forward and indicates they want to operate exchanges on an ongoing basis. Just some ideas on how to move forward. There is money to be made from solving this problem. Fortune favours the bold. I think if a couple of them start to provide Nubits, most of them will follow to keep competitive.
How about a reward program for implementing NBT in the bestchange list above, offered to the owners? Then we can ask if they are interested in sellling thier code for NBT or for Nushare.
According to the rationales given in the OP and comments and sugestions made by the community, I propose the following near-term and mid-term plan to push Nubits adoption. Prepare the Nu exchange integration guide. Payment processors and exchange gateways do not only offer exchange interfaces but also provide liquidity acting like LPCswe should add a section telling things that are not known outside Nu-sphere:.
The exchangers will need to post an LPC proposal for shareholders to vote. There are hundreds payment processors and buy sell exchange bitcoin and btce codesescrooge gateways. Here are a list top e-currency issuers listed in Method 1 in the OP https: I looked at each of them, and selected the ones according to the criteria:.
The ones in this list generally have better made, more professional interfaces. If you have other lists that can help to pick out the more active, liquid, developed, and potentially friendly exchanges, feel free to suggest.
I expect contacted processors and gateways to do most of the integration work. However to accomplish a solid step using Method 1 and 2 in the OP, the Nu team and community might need to give some help to the processors and exchanges, because they may have various levels of development and cryptocurrency expertise, to vote on LPC proposals, and to help buy sell exchange bitcoin and btce codesescrooge testing.
Nu should treat the interested processors and gateways as potential partners. Once there are several processors and gateways that have Nubits integrated, we will contact price comparison and rating sites such as bestchange and OKchanger to suggest NBT be included. There are about entries on PerfectMoney certified partners list. I looked at the first 60 or so and picked out about half of them using the same criteria above.
Has PM buy sell exchange bitcoin and btce codesescrooge OK https: The plan will get details once first several steps are done. Please comment, especially from the Nu team. I see strategic importance in getting this done. I will put this forward as a motion if needed. I cannot stress enough how much I like this whole idea. In fact you could imagine making a Peershares DAC out of it. The DAC implements these services and is responsible to fund the custodians.
I am shocked by the huge number of payments processors and gateways. Total reserve in exchangers: If they sell Nubits, since there is no exchange rate risk, there could be much more NBT liquidity held by these exchanges. Thanks for the suggestion.
Please comment and make suggestions. I have finally got some time to read and enter in this discussion, will try to make significant comments only otherwise I risk opening up too many discussions. I want to also notify a slightly different category that allow users to convert cryptocurrencies in physical cash and vice-versa by using existing networks of ATMs and BTMs and partnerships with banks. Pioneers in this category are https: Still small market Spain and Polandbut worth analysing maybe.
I have added http: Also kiosks such as Qiwi. They deserve their own thread. Regarding this our friends from bitcoincoid made some great news today: There are three ways to accomplish it:
