Please login or register.
This location

Increasing Access to Monero

DustMinerX posted this 6 years ago

DustMinerX | 6 years ago

I would say most countries in the world have very limited access to Monero. I believe in many countries, there are only 2 ways to acquire Monero. One is to buy Bitcoin and Shapeshift/Exchange it into Monero. However, this is limited to countries wherein you can aquire Bitcoin through exchanges. The other is to buy Bitcoin/Etherium through credit/debit card and Shapeshift/Exchange it into Monero. This is what I would like to discuss.

The best way for Monero to succeed is to convert users of Fiat money. To do this, we must have an avenue to turn fiat into Monero directly. I believe on of the best ways to do that is allow people to buy into Monero through debit/credit cards and/or Paypal.

For those who have to be more creative to acquire Cryptocurrencies, you will be familiar with Coinmama.com, a website that does the function I just described above. If you look at the website statistics of www.coinmama.com, you will see that it is now ranked around 17,000th++ most visited website in the world (https://www.alexa.com/siteinfo/coinmama.com) which is pretty decent traffic. If you scroll on the link further, you will see that it ranks as one of the highest traffic websites in the several countries. This means there is a real demand for a service like this.

I propose to put up a website such as this dedicated to converting Fiat into Monero through credit card. If we are able to do this, I believe the onboarding of people into Monero will drastically increase.

I would like to keep my personal information confidential but if the community would like to take on the project, I can give/submit my qualifications and background (if necessary) just in case you need me on the team.

Thanks.

Replies: 4
DustMinerX posted 6 years ago Weight: 0 | Link [ - ]

For this purpose, I believe what Coinmama had done to get around this issue is too sell coins through their own inventory with a small margin. https://www.coinmama.com/faq

In essence, this is not an exchange but an e-commerce retailer with only two products (Bitcoin and Etherium)and in our case, one product which is Monero. They also employ a dynamic pricing model that probably follows exchange prices. There is nothing preventing an individual/or company from selling digital goods online as long as you deliver on those goods. The only issue would be where to set up the operation wherein it will be cheap to get a merchant account to accept credit card payments so that the buyers get "optimised prices". I also believe it should be a tax friendly country. Backend processing and customer service can be done from any (cheap) part of the world. Sure this will always be a bit more expensive than starting an account in an exchange but it is simple as hell and it will enable Monero to use the current monetary system to onboard users. Besides, we do not want coin traders, we want people who are willing to convert fiat into Monero for their own use.

The bigger challenge here might be where to get an inventory of Monero to support purchases from big buyers - For example 5-10 thousand dollar purchases. This is why support from the community might be necessary to keep this running as the community has the most access to Monero.

This will increase the avenues for direct from Fiat to Monero users instead if limiting ourselves to exchanges or in a lot of cases, the Bitcoin users. The theory is there are a lot more fiat users than Bitcoin/Crypto users and there are a lot more countries wherein people have to go through loops to acquire Monero.

I can see an immediate future wherein Monero can be used for private high value purchases (such as art, land, and jewelry) or people who simply want to keep their money out of the grid (ie Swiss Bank Account Holders) but want immediate access to their funds when needed. It is great alternative to other vehicles such as gold, time deposit or stock market accounts. Giving them an instant means to "deposit" and build up their personal Monero inventory is a good way to get these users.

Electricsheep posted 6 years ago Replies: 1 | Weight: 0 | Link [ - ]

Have you checked out localmonero.co?

Reply to: Electricsheep
DustMinerX posted 6 years ago Weight: 0 | Link [ - ]

Yes I have and I think this is a great initiative but again in many countries there are no available buyers or sellers. Theoretically, you can go to another country and pick a buyer/seller that accepts paypal or money transfer and buy Monero from them. Again, this is an excellent outlet and I can think of dozens of use cases for this outside of my proposal.

However, what was in my mind is a dead simple way to buy into the Monero Community. Perhaps a slider bar of how much you want to spend, a window that says how much you will get, and a buy or "Get Monero" button. Then in a (few) clicks, they have it in their wallet. Dead simple, easy to understand, and great for on-boarding anyone, in any country in the quickest amount of time.

Mintdice posted 6 years ago Weight: 0 | Link [ - ]

I agree with you but I also feel that governments will have the biggest push back against a direct fiat to Monero exchange. If this problem can be overcome, it will obviously be a great overall boost to the Monero economy.