was thinking about paying with feathercoin...
j_scheibel last edited by | Tip j_scheibel
So i went to mexico recently on vacation. I had to buy pesos (weill i didn’t need to … i barely used them) but it was a perfect example of when crypto currency would have been ideal.
I think for a long time now people have realized that the real problem with crypto currency is its volatile. the price moves too much to hold and expect the “sandwiches worth” of feather coin to be worth a sandwich later. maybe it’ll be worth 2! or maybe a half. but the point is if its worth half. you get upset and if its worth two you kinda dont want to spend it.
So I think the solution might be to approach this like credit cards do. they do the exchange in real time. so basically someone sets up an exchange that will fill orders on an as needed basis. you need 100 pesos it takes your fiat currency buys the feathercoin at market price (100 pesos worth) sends it and you are done. The customer could do the same in reverse if they like to put it in their bank. and unless the market is moving like crazy it should be stable for a transaction. a sandwich’s worth is a sandwhich’s worth and there is no lag or down time.
in order for this to work though I think you would have to use custom wallet/software to make it happen. in short they would payout of a wallet address they own and have authorized a payment amount from to another address. so you would never actually have a wallet just their software which did all the necessary work. their wallet they keep filled so there is very little if no lag time between the exchange. they simply look up what it costs them to fill the order. take that much fiat currency buy it from the market and then send from their real wallet over the amount needed to pay the bill.
it does kinda take the crypto currency out of the transaction as far as the user is concerned… and really the exchange its up working like a prepaid credit card, but it does fix the problem of fluctuating currencies and dealing with international borders… but then so does a credit card.
(i’m just spit balling here)