Cryptocurrency payment terminal for high street retailers - "Retailer Mode" in HODLER Wallet

hodler.tech (28) in bitcoin • 7 years ago (edited)

Welcome.

We would like to ask you for an opinion on the functionality which is to facilitate the acceptance of cryptocurrencies in local stores.

Description of the function 'Retailer Mode' which should help make the vision of cryptocurrency acceptance in stores worldwide a reality. Hopefully one day, thanks to devices like HODLER cryptocurrencies will become currencies widely used. HODLER makes the acceptance of payments with cryptocurrencies possible, even for people with hardly any knowledge or understanding of them. As a result cryptocurrencies can finally become what they meant to be: decentralised, totally independent from governments, way of fast P2P payments.

Main features:

Simplicity and ease of use
Our idea: Switching the 'Retailer Mode' function on, causes automatic switch to payment acceptance mode. The transaction will happen similarly to transactions made with credit and debit cards. Seller enters the value in FIAT and selects coin which buyer wants to pay with. Then buyer scans QR code and gets the payment details that way into his or her device. They click 'pay' and coins gets transferred to the sellers account.
Ease of implementation for sellers
Our idea: Seller can add API of their chosen cryptocurrency exchange. They will be recommended to use local exchange so transaction of transferring their coins to FIAT and then to their bank account is as fast as possible. Seller is able to use their own address, send money to a different account or using HODLER, generate new address on the chosen exchange. This is basically all that they need to do in order to start accepting payments.
Security
HODLER is offline most of the time, the same as any other hardware wallet, and as opposed to mobile device connected 24/7. To make or to accept payments HODLER needs a connection lasting about 1 second. The device cannot be use for browsing internet or installing any third party apps. The source code will be open. More about HODLER's security can be found here: https://hodler.tech/docs/SecurityDescription.pdf
Access to exchangers' API from HODLER, in order to check prices or transfer coins for sale
No middleman in transactions
Money are being sent P2P with prices from selected by a seller exchange. Seller has an option of exchanging their cryptocurrencies automatically to FIAT and transferring them to their bank account.
Possibility of an automatic exchange of coins to FIAT for accounting purposes
Resistance to cryptocurrency prices fluctuations
An automatic exchange allows quick conversion to FIAT. Price changes over time will no longer be an issue.
Statements for all transactions
The statements will look similarly to the bank statements, with details of all transaction in cryptocurrencies and FIAT for a given day.
Bespoke accounting reports from exchanging of cryptocurrencies to FIAT
This is required in some countries where cryptocurrencies are not recognised as a payment method.
Low price of HODLER
Just one application is needed on the dedicated device. All other functions will be removed. The system will be installed on one, mass produced smartphone, to which source code we get a full access. This is in order to eliminate a possible security gaps and to get a full control. HODLER's price is estimated to be in region of 150-200 USD.

We welcome any comments about the above information. We believe that if the cryptocurrencies develop further, HODLER can bethe link between daily life and cryptocurrencies. If you know any other solutions similar to our idea, please share, as we would like to analyse and maybe take our idea even further.

bitcoin payments retailer litepay shops

7 years ago by hodler.tech (28)

$0.12

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nitego (52) · 7 years ago (edited)

I took a look at your website and i wonder why would I need my hardware wallet to have the following features:

GPS
Built in mail client
Supports SIM Cards and Wifi

In my mind the whole purpose of a hardware wallet is to limit exposure to malware, keystroke loggers and generally more secure. By adding GPS, and a mail client are you not compromising on the security of the said device?
If I have to use a Hardware Wallet that has a SIM why don't I just use my phone with Coinomi a wallet app with a reputation and very many coins?
How are you going to ensure these points of data entry are not compromised?
I am still sitting on the fence on the device having a camera. I have never missed the camera on my TREZOR and could do without it. For times I needed a camera like when using the Bitcoin ATM, I used a software wallet.

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4 votes

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alesa (25) · 7 years ago (edited)

As far as I believe the idea behind HODLER it to take step forward and bring cryptocurrency payments to everyday life. If you only use hardware wallet as a storage that is fine. HODLER has got a vision where you can go to any shop and pay securely for your groceries with cryptocurrency of your choice. This would finally allow us to live without the influence of greedy bankers and central banks. Bringing the power back to normal people.

Following that an additional functionality is needed, without compromising security. HODLER is a hardware wallet meaning it is offline most of the time. Only about 1 sec connection is needed when you are sending payment. Your phone on the other hand, is online 24/7 and you have got many apps installed on it, each being a potential threat to your cryptoassets. Many of us are guilty of trying games apps or playing Quizzes on Facebook or similar. All of them require to accept T&C's which no one bothers to read. This is the main reason why your wallet needs to be separate/independent from your phone, or even computer.

I have written an article explaining the gaps in security of hardware wallets that HODLER team addressed: https://steemit.com/cryptocurrency/@alesa/do-you-think-your-hardware-wallet-is-safe

More detailed description of the security features of HODLER can be found on the website and specially in this document: https://hodler.tech/docs/SecurityDescription.pdf

https://hodler.tech

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3 votes

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nitego (52) · 7 years ago (edited)

Thanks interesting perspective. I wonder how many people would use a hardware wallet like that. Then again we are all very different.

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2 votes

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hodler.tech (28) · 7 years ago (edited)

You are right, we are all very different so we will build the most universal wallet - cheap, secure, easy to pay, with almost all cryptocurrencies supported and with feature for high street retailers. Thank you for your essential opinion.

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nitego (52) · 7 years ago

Thank you for clarifying issues raised. All the best with the project. I'll be watching closely and should get one when its ready. Ho do you determine which coin to put on your hardware wallet?

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1 vote

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hodler.tech (28) · 7 years ago

Alesa thank you for explanation the HODLER idea.

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theaverageman (55) · 7 years ago

Great answer. I'm going to investigate further. Small shops are screaming out for crypto payments. Especially for things like buying gas/electricity where the customer really notices the fee...

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hodler.tech (28) · 7 years ago

The idea of the HOLDER: Secure payments combined with high functionality. You can't pay with Trezor for high street retailers because your hardware wallet don't have internet and camera to scan QR code. You can pay via Coinomi, but this is not secure if you use closed source wallet (Coinomi do not share their code to review) and using not secured device. Hodler is combining mobile payments with security, it's unique value of the our idea.

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1 vote

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theaverageman (55) · 7 years ago (edited)

Can i just ask you why you use a bitcoin ATM when you can use P2P brokers like me, if you want to remain anonymous. privacy is the only feature of ATM. Online exchanges are cheaper. I charge the same price as ATM in my city. This question is for @nitego

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nitego (52) · 7 years ago

@theaverageman never heard of the term -P2P brokers is that like localBitcoins in person transactions? When i used the ATM privacy was not the issue it was the amount of BTC I could get immediately

All the various exchanges I was on had very low limits. $300, $500 and $750 weekly. Bitcoin at this time was about $2800 to $3000. I needed 2.7 BTC to pay for a miner. The ATM had a limit of $3000 per transaction and I could do the transactions back to back. Tedious expense yes but only option I had then. It's still a good one for volume.

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theaverageman (55) · 7 years ago (edited)

@nitego Peer 2 Peer. I sell bitcoin and other altcoins on line and face to face in my local area. There is no law here that requires us to ask for KYC or any other kind of identification. I charge the same fee or less than the ATM. I do the first transaction for free. It's how it should be, cutting out bankers. If you ever want any alt coins just message me....
![WIN_20180406_141011.JPG]
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There's my card. Sorry about quality but I'm just getting the hang of things on Steemit..

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nitego (52) · 7 years ago

Thanks great to know. I see you are in UK, I will give you a call when next I need to buy any of the coins you trade.

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1 vote

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solarwarrior (63) · 7 years ago

good idea.. how far is the project progress? when will you have first prototypes and showcases?

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2 votes

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hodler.tech (28) · 7 years ago

Hello. The prototype with auto-offline mode, 4 coins supported (BCH, BTC, DASH, LTC) and our first version of the Operating System will be released to 30 April. We have enough money to create all what is planned, now we need only funds to
launching mass production. Our investors received a complete budget plan. Soon it will be publicly available. Thank you for your interest in the project.