Author Topic: Merchant adoption priority with Fastcoin?  (Read 1656 times)

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Offline CarlHenrik

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Merchant adoption priority with Fastcoin?
« on: January 05, 2014, 02:24:24 PM »

I just want to share some thoughts building on  Cheetahx's post putting forth three priotized focuses for establishing the fast transaction system: Community support, development base, and merchant adoption.

My thought is, and I hope it is not original but easily shared by many, that the word fast in Fastcoin signals in comparison to other coin names, I belive for all, that this coin is something that you do not let rest, because it's got speed, meaning Fastcoin is to the new person consciously or subconsciously perceived as something that moves, you receive it or send it away, with 50% being sending away, unfortunately then not as much as a store of value or something you just keep.

One of the main driving forces for high exchange values is that holders of a coin do not want to sell it because they feel it is a store of value and to be kept, this being based on emotional and conscious analysis including the factor here mentioned. Fastcoin is in my view an underdog in the store of value perception but Fastcoin has an equally large advantage when it comes to being perceived as something you could quickly receive which may attract mechants.

While so much else can play in to effect for what is a well prioritized establishing strategy this word meaning consideration, and most definitely in combination with technical specification consideration (the coins is actually fast),  would suggest that for Fastcoin the relationship between susceptability tendency for marketing to coin investors vs marketing to coin merchants will differ from say that relationship for bitcoin.

For Fastcoin I think merchants could be a relatively effective priority for direct marketing in comparison to other coins. This could in such case be validated by a merchant survey, with results possibly being used for further marketing, should merchants prove to be interested in fast confirms rather than no confirms or long waits (like bitcoin). The technical development, could then be focused on a very fast payment system according to merchant wishes.

Offline zesterer

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Re: Merchant adoption priority with Fastcoin?
« Reply #1 on: January 05, 2014, 11:39:43 PM »
You have our strategy almost bang-on. Merchant and trade support and encouragement is indeed our main goal, and we are looking into various ways of doing this such as PoT (Proof of Transaction) so that those who makes the most regular transactions recieve a percentage of mining shares profits in proportion. This will encourage the use of Fastcoin is a proper currency, rather then a money-making mining scheme like most other crypto-currencies.

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Offline KingCole

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Re: Merchant adoption priority with Fastcoin?
« Reply #2 on: January 12, 2014, 01:47:56 PM »
So far the collective efforts appear (rightly) to be on the Fastcoin protocol, coin and user adoption. These I think are all now in place.

How can we as a community help the merchants to the point that it is off very little cost for them to use, accept, trade and receive Fastcoins? For example I live in a fairly large town in the south coast of the UK, a Facebook group I belong to is trying to encourage people to buy locally, a town up the road has its own currency that can be used in the the town. But isn't this something Fastcoin could be used for instead without the headache of setting up currencies from scratch? The local merchants are still benefiting because Fastcoin can for now only be spent in smaller forward thinking shops rather than larger multi-nationals.

Taking the above as an example the merchant needs a quick, easy and inexpensive way to accept Fastcoin, how can we deliver this to them? Could we use credit sized vouchers which hold the addresses of a user with embedded NFC or QR codes? Could these cards be dispensed from vending machines, a bit like car parking tickets, which also allow fiat currency to top-up while out? Could we use NFC, QR or bar-codes to read and authenticate the transaction on equipment the merchant is already likely to have for example, bar-code reader, smartphone, camera, etc.

I think these are now the technical challenges that Fastcoin needs to address to make it a very real and differentiated player in the crypto currency market.