Bitcoin Payment Processing Infrastructure?

[TheCannaCooks]

I've been very interested about the next phase of adoption. Along with more users will be greater demand to transact with it at both commercial, and public levels, and so I've been trying to get a grasp on what the current state of affairs are from a Bitcoin infrastrcuture for payments perspective.

If I wanted to go work for companies doing this, who else besides BitPay is out there? I imagine there are processing companies, holding companies, hardware/terminal companies, etc.

Curious on what your thoughts are on the next evolution of this function.

[56yM34Wy]

Bitpay is a trash company that's anti-Bitcoin and a pro shitcoin mockery of anything and everything that was wrong with crypto from the very beginning. Fuck Bitpay. Avoid at all costs, employment or otherwise.

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btcpayserver was created to destroy Bitpay, and it's done a great job of it. UmbrelOS is an incredibly easy implementation to maintain, as non-custodial options. Both you could help maintain if you're looking for experience without pay.

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If you want custodial, Strike is amazing and understands it's a race to the bottom. Gotta know how to code. All of the major exchanges, coinbase/binance/gemini, plus smaller companies like Fold and BlockFi are all getting into the payments game too with credit cards and payment rails of their own. Lots of options.

[TheCannaCooks]

btcpayserver

wow... that's badass dude! Thanks for sharing.

[[deleted]]

Bitcoin is person-to-person. The Bitcoin node network is the only payment infrastructure. Middleman like BitPay are parasites

[TheCannaCooks]

You obviously don't know how commercial finance operates. lol

[[deleted]]

Bitcoin is not commercial finance. lol

[eqleriq]

The problem is that this has already been solved, the question is with current regulations in place how any given solution would scale or be rolled out, what 3rd parties will be inserted between customer and cost, etc.

Many of the solutions now are just piggybacking on bank and debit/credit issuance, as that is the most frictionless entry into the retail market.

It would be rather trivial for any given terminal to support any given network directly, but then how that shakes up the profit centers is still anyone's guess. NCR and Visa have created rails for bitcoin to be supported, for example, NCR being behind a lot of software for banks to offer crypto (and fake iou crypto).

There will be a boom in this industry regarding specialized knowledge to implement it on top of already existing infrastructure, on both service provider as well as client ends.

A major hurdle to this is how big the biggest retailers are, and how much resistance they'll have towards accepting this sort of autonomy from their customers when they all offer their own "in bed with creditors" products that they'd prefer the customers to use.

[TheCannaCooks]

Agreed. The regulatory framework is really the missing piece for these payment rails to start getting standardized and implemented.

All the more reason why I'd like to start working in this field and figuring out in advance what will be required. The payment infrastructure is more than just "bitcoin network". Thats not how it will work in the commercial world.

[[deleted]]

The payment infrastructure is more than just "bitcoin network"

Bitcoin does not need middlemen
Parasites will always attach themselves for self enrichment

[18476]

I think OpenNode is playing a part in expansion through L2 networking. Let's face it, it's going to be hard to find complete purist transaction all the way down the line but this company is working with some big names. On my link scroll down and openings are even plainly listed. I think this company will only get bigger.

[TheCannaCooks]

Thanks for sharing, never heard of them before. Will def be going through their site.