2 pointsHi, I'm totally new to this entire world, and I'm learning about it, and I had some questions about cryptocurrency. Here goes: 1) If am a PHYSICAL business in India, what are the steps I need to take in order to accept cryptocurrency at my establishment? (say a coffee shop or ice cream parlour). I'm assuming there'll be a smartphone app, just like we have PayTM, where you scan the other guy's QR code to make the payment, just, instead of rupees and paise, it'll be Bitcoin or Ethereum or something, am I correct? Which app do I use? I'm assuming that same app will work ALL OVER THE WORLD without any "modifications" or whatever, right? 2) What is the DIFFERENCE between Bitcoin and Ethereum? What exactly IS a "smart contract"? Is it like this, that if I say buy an ice cream with Ethereum, and I don't like the TASTE of the ice cream, then the money for that ice cream can come directly back to me, without the owner of the ice cream shop being able to DO anything about it?? Is THAT what it is? What's to prevent me from just saying the ice cream was crap in order to get the refund, when in fact there was nothing wrong with it??!! 3) If 1 kg of potatoes or tomatoes costs 1 Bitcoin or 1 Ethereum in America, will it also cost 1 Bitcoin in India? What's the ECONOMICS of it all? That's all for now, I'm sure I'll have more questions to dump on you guys as time goes on, let me chew on these for the time being! :)
1 pointWhat's a "token"? To repeat, what's to prevent me from just saying the ice cream was crap in order to get the refund, when in fact there was nothing wrong with it? What MORE can a smart contract do? The money just....moves around by itself? I find that kind of...Mind Boggling! I didn't understand the last point - what's "hedging"? I'm not really that interested in "trading", ie. buying cryptocurrency, waiting for the price to go up IN RUPEES, and then selling it to make a profit - no, I'm (much) more interested in shifting to the new system altogether! Is it possible to hook up "Coinomi" with IoT-type of stuff, so for example, if I've paid for the Metro with Ethereum, I can place my phone on top of the smart gate for the train, and it opens if the payment authenticates? Thanks a lot for your help
1 pointYou can install a mobile wallet on your tablet/phone and accept Bitcoin on there using QR codes. Be really careful about installing random appstore wallets though. An easy one to try out is Coinomi, which has more than Bitcoin on it. Bitcoin is like a currency. Ethereum is acting more like a smart contract computer platform. I am sure you could get a smart contract created for your Ice Cream like/dislike example. The oracle idea sort of works like this. Say a company guarantees 99% uptime and the oracles will ping that service, if it ever gets less than 99%, then the user gets a refund or something like that. Currently uniswap is the platform getting a lot of attention to swap tokens in a gaming like manner. Typically places are pricing things in the country's currency against Bitcoin price. So $1 item in the United States will be priced at whatever the equivalent is in $1 of Bitcoin. Here some places have a discount when paying with cryptocurrency to try to raise adoption. One noticeable thing is and you can search this out, is that a country's currency falling against USD and you had BTC through that, you are now hedged against your country's falling fiat and did very well. Almost the entire time since Bitcoin has existed unless you bought the top of late 2017 early 2018. Besides that brief period, its done very well against fiat paper money.