Adding native currency to payment flow

#1

So imagine the following. I have introduced NIM to friends and convinced them that I can pay in NIM instead of € (EUR). Lets say we are in a bar, and my mate took care of the bill. The bill is 80€ and my share is 40€, which we agreed to arrange in NIM.

Steps now: my friends opens his safe, ticks receive payment, and has the chooses the amount of NIM. But hey, wait: how much NIM he asks me? I tell him, we need to check CMC. His reply: CMC? So we head to CMC, where after 1 minute we find NIM price. But hey wait: price is in USD. Yeah we need to convert that. And after we convert, we take 40 divided by NIM value in EUR.

As you understand, above payment flow is really not user friendly for users that are new to the platform.

Would it not be more easy to be able to select amount in currency (EUR, USD ect) / NIM (with also option to put in NIM) and that the amount is calculated by the VAULT? The standard currency the user can set in his profile.

So the flow would be: open vault, click reveice, enter EUR amount, link in NIM is generated, share link.

3 Likes
#2

I really like this suggestion, but I think it might be risky for an official Nimiq application to do things with the current price.

The big issue imo is that it requires an externao dependency. The API they use could report the wrong price, or it could go down, or something else and the users would blame Nimiq Safe for the issue.

Would you be ok with an unofficial tool for doing this? Id be happy to make it and it could adjust the price in real time each time the link is clicked. I just think it’s a bit risky to implement directly into safe is all.

#3

Would be a great feature! But there is alternative for now: https://conv.nimiqx.com/

2 Likes
#4

Maybe the Safe could have an option to pick the current rate from a list of free APIs like coingecko, localbitcoins, etc. and everything could be done from the client side on the browser. IMHO, something like that is necessary for a point-of-sale to work in a decentralized manner properly, for instance in places where the only liquidity comes from websites like Localbitcoins.

1 Like