danielle
Pivian
Niall
Sep '17
One of the biggest impediments to the uptake of PIVX as a mainstream currency is the difficulty with which one can acquire it. Either one has to buy BTC (itself quite a challenge in some parts of the world), and load it onto an exchange to purchase PIVX, which incurs fees from Fiat to BTC and BTC to PIVX as well has having a currency risk between these three. Or one can use Changelly and incur the very high fees that they charge for purchasing PIVX. To many people, especially in emerging markets, these methods are expensive, inefficient and in many cases impractical.
PIVXdirect proposes to put buyers and sellers located in the same country directly in touch with each other so that they may buy and sell PIVX via local bank transfers or cash exchange in the first instance. Once viability has been established, other transactional mediums such as Paypal and Skrill will be added. Long term, once sufficient PIVX volume is available on the site, it is planned that an online merchant facility be added so that users can use their VISA and MasterCards to purchase through the site. In this case, sellers would be able to peg their sale price to the market average plus a premium % which they would make as profit. As an ancillary service a PIVX VISA prepaid card will be added to enable users to spend their PIVs at traditional merchant shops, until PIVX Point of Sale terminals become more widely used.
The methodology as it is presently conceived is that a user will register on the site as a first step, stating what country they want to trade locally in and what transactional methods they want to use. e.g. Local Bank transfer, Cash, Paypal, Skrill, Mobile Money etc. Buyers will also at this point enter their PIVX wallet address. If the user is a seller they will post a Sale advert of how much PIVX they want to sell, pegged to the floating average price plus a %, and they will then set their availability status (online and ready to trade, or afk). Once a buyer decides that the advert conditions are acceptable, and that the seller is online and available, the buyer will initiate the trade by selecting the advert. The seller if he is still happy with the terms of the trade will send his PIVX amount to the PIVXdirect escrow wallet, after which an IM session will be started with the buyer. The buyer will then be given bank details to which he must deposit fiat. Upon seeing the fiat in their account the seller will release the PIVX from escrow where a % fee will be deducted for the service.
Buyers adverts can also be posted in a similar manner, and sellers would be able to select them if the terms of sale were acceptable.
In the case that there is a dispute, PIVXdirect support team will act as the arbiter of whether the conditions of sale have been met. This will involve the production of Bank originated proof of payment, and a period of time within which the transaction would reasonably be processed, returned or otherwise concluded.
Once a trade has been concluded, the buyer and the seller must rate each other and these ratings will count towards a trustworthiness score on the site to guide other buyers and sellers as to who has successfully traded on the platform before.
Of the 4% fee that the site will charge, 2% will go towards the running of the site and its further development. 1% will go to a security bounty fund, and 1% will go to charitable funding of small businesses in emerging markets that accept PIVX as a payment method with a condition that the recipients pay back the USD equivalent rate to the fund when they are able, so other business can be funded in the same way. This fund will have users of the site vote towards which projects get funded each month.
So this is the PIVXdirect concept as it stands now. It will require about 75 hours of coding and is currently being funded by me. Time to completion would be greatly reduced with proposal funding. Please let me know if anyone has any constructive criticism on this, additions, deletions, amendments etc. I know there are others that may be working on similar ideas so any collaborations etc would also be welcome.
Sep '17
One of the biggest impediments to the uptake of PIVX as a mainstream currency is the difficulty with which one can acquire it. Either one has to buy BTC (itself quite a challenge in some parts of the world), and load it onto an exchange to purchase PIVX, which incurs fees from Fiat to BTC and BTC to PIVX as well has having a currency risk between these three. Or one can use Changelly and incur the very high fees that they charge for purchasing PIVX. To many people, especially in emerging markets, these methods are expensive, inefficient and in many cases impractical.
PIVXdirect proposes to put buyers and sellers located in the same country directly in touch with each other so that they may buy and sell PIVX via local bank transfers or cash exchange in the first instance. Once viability has been established, other transactional mediums such as Paypal and Skrill will be added. Long term, once sufficient PIVX volume is available on the site, it is planned that an online merchant facility be added so that users can use their VISA and MasterCards to purchase through the site. In this case, sellers would be able to peg their sale price to the market average plus a premium % which they would make as profit. As an ancillary service a PIVX VISA prepaid card will be added to enable users to spend their PIVs at traditional merchant shops, until PIVX Point of Sale terminals become more widely used.
The methodology as it is presently conceived is that a user will register on the site as a first step, stating what country they want to trade locally in and what transactional methods they want to use. e.g. Local Bank transfer, Cash, Paypal, Skrill, Mobile Money etc. Buyers will also at this point enter their PIVX wallet address. If the user is a seller they will post a Sale advert of how much PIVX they want to sell, pegged to the floating average price plus a %, and they will then set their availability status (online and ready to trade, or afk). Once a buyer decides that the advert conditions are acceptable, and that the seller is online and available, the buyer will initiate the trade by selecting the advert. The seller if he is still happy with the terms of the trade will send his PIVX amount to the PIVXdirect escrow wallet, after which an IM session will be started with the buyer. The buyer will then be given bank details to which he must deposit fiat. Upon seeing the fiat in their account the seller will release the PIVX from escrow where a % fee will be deducted for the service.
Buyers adverts can also be posted in a similar manner, and sellers would be able to select them if the terms of sale were acceptable.
In the case that there is a dispute, PIVXdirect support team will act as the arbiter of whether the conditions of sale have been met. This will involve the production of Bank originated proof of payment, and a period of time within which the transaction would reasonably be processed, returned or otherwise concluded.
Once a trade has been concluded, the buyer and the seller must rate each other and these ratings will count towards a trustworthiness score on the site to guide other buyers and sellers as to who has successfully traded on the platform before.
Of the 4% fee that the site will charge, 2% will go towards the running of the site and its further development. 1% will go to a security bounty fund, and 1% will go to charitable funding of small businesses in emerging markets that accept PIVX as a payment method with a condition that the recipients pay back the USD equivalent rate to the fund when they are able, so other business can be funded in the same way. This fund will have users of the site vote towards which projects get funded each month.
So this is the PIVXdirect concept as it stands now. It will require about 75 hours of coding and is currently being funded by me. Time to completion would be greatly reduced with proposal funding. Please let me know if anyone has any constructive criticism on this, additions, deletions, amendments etc. I know there are others that may be working on similar ideas so any collaborations etc would also be welcome.