Waiting for the exclusive interview with Charlie Lee that we promised to publish on Christmas Day, we decided it would be a good idea to offer you a further dose of cryptic optimism. And Jon Moore is one of those people whose positivity is contagious and whose results speak for themselves: very few people can claim to have personally convinced many companies to accept Bitcoin and Litecoin as a means of payment.
The National Merchant Solutions VP has had its fair share of disillusionment with banks, and its biggest merit in cryptographic space is that it has optimized POS Clover (used by millions of merchants for credit card payments) to accept LTC and BTC. If you follow him on Twitter, his devotion is second to none, since he publishes videos of himself that convince business owners to accept crypts on an almost daily basis. It was this constant and relentless service that brought Mr. Moore a well deserved pole position in the Litecoin community article on his seventh anniversary, and the man shows no sign of slowing down.
To paraphrase the words of Jon Moore (which you'll find in the last quarter of the video), if you're always pessimistic and depressed about the status of the crypto, all you have to do is send him a message on Twitter and make sure that his chatter makes you run through the streets screaming "Litecoin!".
In this exclusive interview, which is the continuation of the first part we published last month, you will find information on the US tax system, the merits of Loaf Wallet, the arguments it uses to convince people to accept BTC and LTC and Mr. of Moore with the banks (presented from the point of view of someone who has worked in the credit card industry). In addition, Litecoin's lawyer reflects on the meeting with Charlie Lee and the impression that Satoshi Lite has left on him.
Watch the video interview at the top of the page and / or read the full transcription below!
Vlad Costea: It seems really very good, because especially when companies pride themselves on accepting Bitcoin or Litecoin or some other cryptocurrency, they do not do it directly, they do not have portfolios themselves, they just use a sort of payment processor to do business for them. They pay a fee for this at the end of the day, but I imagine it is easier to pay taxes in US dollars and have it calculated in a simpler way to understand. Because they are confused with the regulations and how they are supposed to declare cryptocurrencies to the IRS, in the annual tax returns.
Jon Moore: Let me comment a bit. So, it's actually not a complicated thing for IRS when you take it for payment, so when you make payments, take a restaurant for example. They should report all the cash they receive, all the checks they receive and all the sales of the credit cards they get, this is the current situation. So, when we add Bitcoin or Litecoin as payment, we simply explain to them "Look, you must also declare it as income". Whether they do it or not, it's like cash, some restaurants do it, some restaurants do not, but it's like there's something in life, there must be some responsibility.
But for tax purposes, if I borrow $ 100 of Litecoin at that time of sale, that would go on my tax return, if I keep the Litecoin and this goes down in price, this is on me, I still have to claim that & # 39; initial $ 100 I took. The other way around. if it goes up in price, I'm just claiming the initial amount that I took out of the invoice amount.
So if you use a wallet like Loaf it's pretty easy, because it shows you "Hey, this is the day and the time you made the payment, here's the price it was, so it's easy enough for accounting" . Again, it's just adding a different form of payment there, I get around a lot, where people are worried about tax reasons, but I put them at ease and they're like "hey, it's actually easier than cash, it's just there in the digital wallet, you have a record of everything you've done. "
Vlad Costea: Actually I have Loaf Wallet on my phone …
Jon Moore: Fantastic, I love it.
Vlad Costea: I only used it a few times when I bought the Litecoin book that was written by ecurrencyhodler. And it's very nice and convenient, I think, it's the best kind of introduction you can have with digital cryptocurrency wallets, because it's very simple, you do not have many features. But as you learn a little more, I think you can get more advanced portfolios that have a lot more security features.
Jon Moore: Yes. So, for payments, we want to keep it simple, so Loaf is designed for payments, and it's very simple, but essential for payment is crucial, because we can show virtually anyone how to open LoafWallet and verify the payment, even the people who do not understand cryptocurrency at all, can download the app on a tablet, that the restaurant or the company has control and say that the payments arrive, you can see them here, and there is no click around Loaf, which is great.
The other interesting thing about LoafWallet; I sent you an encrypted bill at this time to pay and say I sent you, I'll sell you a t-shirt, send me Litecoin before sending it to you, I'll tell you I'll send you a crypto bill, when you get that bill you're going to jingle on a link and a QR code is about to appear. When you open Loaf, and run the scan, take out the exact amount of the Lite coin you should send to LoafWallet so that you do not have to enter the correct amount, you do not have to press any button, all you are doing is scan the code and hit enter, so it makes sense for online shopping, it's actually much easier to use cryptocurrency, especially by using it in a portfolio like Loaf, rather than using a credit card. So, I'm just trying to spread the word to people who are actually easy to use, it's not something to be afraid of. So adoption is coming, it will take some time.
Vlad Costea: Yes I'm on agreement. And I imagine you take advantage of the low commissions you have in Litecoin, and I saw last month that the developers are planning to reduce the tax 10 times, which is unbelievable.
Jon Moore: It's fantastic, yes, it will be fantastic.
Vlad Costea: We were paying 5 cents for a transaction and now it will be 0.5 cents?
Jon MooreYes, which is great because if you send money and it costs you $ 100, it's a non-problem for people who send it, but if you have to pay 5 cents or 10 cents in a small transaction, people want to question it. ..
Vlad Costea: I had this question that I thought for a while, you started trying to spread the adoption of Litecoin, but you extended your wallet to Bitcoin too, it was a decision just because Bitcoin has a best brand and everyone has heard of Bitcoin and you do not have to explain to people anymore, you know, this is just like Bitcoin, but faster?
Jon Moore: So, I always look at Litecoin and Bitcoin as a kind of allies in cryptographic space, so I consider it like, if you're accepting Litecoin, you should also accept Bitcoin, and vice versa, if you're accepting Bitcoin, there's no reason not to accept Litecoin, it's cheaper, it's faster, it's faster, it has all the advantages. So, I've always liked both coins and I just expanded a bit more to let people know, hey, I'm happy to put you in a position to accept Bitcoin too. When we set the clover devices, we set them only for Litecoin, you can put only one coin, Litecoin is the dependent coin, so it is right that we integrate Litecoin into it.
But it's more for companies that accept payments with Bitcoin and Litecoin, Litecoin is a little bit more … in a retail environment, it's a little bit of a problem. more feasible because it is faster, some amounts of Bitcoin, it takes a little more for the transaction, for the block to be passed and all the rest. But when you send cryptographic payments, you see it immediately transmitted, for Bitcoin, it seems to be slower to transmit, Litecoin is always faster to transmit, Block is faster, it's definitely better for your things over the counter, but no, Litecoin and Bitcoin are the two on which I focus on the acceptance of payments.
Vlad CosteaDo you have good stories, or do people come back to you after setting them up to accept Bitcoin and Litecoin, telling you that they made such a big decision, that their business has grown because of this decision?
Jon Moore: So, the most interesting thing is that most of the companies we organize it for, have a lot of people talking about it, they say, and they make a lot of people ask them questions, because they see the sign, which is fantastic then this is more my intention than anything else, I want it to be seen and I want it to be known to people that … I do not want people to think of Litecoin and Bitcoin as a title. Americans think it's like buying Apple shares, and it's not like that, they must first think of it as a currency, and if they like it as a currency, then they will invest in it if they want to be a currency.
So, I think the fact that it was seen more as a payment, people are a bit like, oh, I did not realize I could spend this stuff and use it for payment, so it's really rewarding for me. I had some companies that told me they were doing sales they would not do otherwise, because they're accepting this, maybe they got a call from outside the area, I had a jewelry store that said they do not want to take credit cards by phone at because of the high risk of fraud, so if someone really wants to buy something, tell them, look, if you can pay with Litecoin or Bitcoin, I'm happy to sell it to you, and the person says, of course I have a little Of Bitcoin and the person who sent them Bitcoin in that case, but it was very exciting.
He called me, he said, "I sold two jewels, the guy paid in Bitcoin and he was confident in selling it." So, I get a lot of positive feedback from this, as if nobody was angry about it, everyone is very positive, I have some on social media too, which is nice. So, Twitter, we have a buzz in progress, I urge people to accept it, hey, set up a Twitter, so we can tag you in tweets, so people who are in this can follow you, and then spend their Litecoin with you as a merchant So, all the good feedback so far.
Vlad Costea: And the POS Clover? Because I guess it was the biggest discovery you've made, that millions of devices have spread to the United States. And you understand how you can enter Litecoin so that they can accept encrypted payments. So, do you think you can actually make an important or considerable percentage of those POS devices to accept cryptocurrency?
Jon Moore: I do not see why not. We have to reach out to all people and talk to them, continuing to promote them online, so they know it's an option they can use. The key to the adoption of the payment, and this is for any payment that companies want to accept, it is not just Litecoin or Bitcoin, this could be credit cards, gift certificates, even cash. It has to work in their existing environment, it's very difficult to tell a company, we want you to take Litecoin, and now you have to accept it, you have to go into this new system and do something, the business is going to say, oh, we do not want to do it. even if it's a credit card, if we say this new credit card system, you have to go to this new thing and do it, they're going to say no, it has to work with my existing system, right?
We have to integrate everything into what they do. So, since the clover is able to activate that function and function, when we receive that excuse from the companies, I will take Litecoin, but my terminal does not do it at all, now let's just say that we can make your terminal foul, we can make your own Point of Sale, and the key to the manager, or the owner of the company, is that the sales that are placed in the Point of Sale system are closed properly. So if you can not put a Litecoin payment button there, they will never be able to make the sale properly, because if someone enters and pays with Litecoin, they will have to notice it as something else.
For Clover, we can put Litecoin there as an option, now for accounting and tax purposes, have a relationship that can simply send directly to their accountant and say, here is the exact amount of Litecoin that we took at the point of sale, is even easier on the server, we hope that with crypto is a … we do not want to teach everyone how to do it, we mean, look, go through your normal life and your normal day like you do and how to make payments to the system and if you receive Litecoin, you are doing what you normally do, you are pressing a button that says Litecoin, and that the owner of the company or manager can say Jesus! It seems really easy, ok, we'll do it, it seems easy enough for them.
In Clover, you're feeling a little excited because it's another feature that they can use in Clover and print a QR code on the receipt, so I show them, I mean, you see, QR codes are everywhere, like going up Starbucks, Dunkin & # 39; Donuts, they're just showing the QR codes and I tell them, now you're doing what the biggest companies in the world are doing, you're promoting the QR code, which in their mind they see the QR code and they're kind of understanding it when they see the code QR, however crazy it may seem, works for people when they see that QR code. As long as we do not show it to them, they are lost … We literally showed them and they are like, okay, I got it, I saw it in Starbucks … Clover is huge and I'm so excited that I found out that and we could show it to every merchant now in the country.
Vlad Costea: Where do you see the header of the adoption? As if I went around every day, knocking on doors and talking to entrepreneurs, at least that's what I see on Twitter, I'm not sure you go literally every day. But do you see other people, perhaps in different states, or in different countries doing exactly the same thing and spreading the same kind of adoption you are doing?
Jon Moore: I think some people … I do not know if there will be many people out there, like I'm trying to promote it heavily. But the key is that I am a credit card processor, which has always been my business, other processors can now promote it as a form of payment, and may not do it to the extent that I do it with the free wallets and everything else , but they will promote a gateway on which they can mark up and make money, at least they are out there showing the public that it is a payment form. So, I think that adoption will come from other payment processors, showing the public that this is a tool to be used, is a form of payment viable.
And the people who are in the position I'm in, should embrace this 100%, because it offers you a secure payment option to show your customers. Many people are afraid because they feel they are about to lose control, but to be honest, most companies want a software to make payment for them, right? they do not intend to want to make a wallet for the wallet. So, it will always be the money to be turned into a processor, so I think it's just letting the other processors know it, hey, you can make a couple of dollars doing this, and the fact is that it will not be most of the sales right now, however it's not going to cut credit cards anyway, it's just an option to offer its customers that security …
I tell people, you're patriotic doing this, and people think he's crazy, because he's kind of a countertenor … we're actually back, the national debt chart, and I show them the US national debt and I say By promoting this for people, meeting the regular system and debt is not patriotic, because you are promoting a system that is in an accelerated course. So now you're promoting safe money and a better form of money for people, you're actually doing a great service for the community, so it's a little bit of the way I see the adoption of a title, which people in my position will start offering it as an option payment.
Also, online, the retail stuff is complicated, again, in the first line of the Satoshi white paper, they mentioned that Bitcoin was designed to be a peer-to-peer payment system but on online transactions, it's very important for everyone to realize when they say, hey, why does Walmart still take Litecoin in the shop? Attention will be paid to the Walmart online e-commerce site, where we focus on the retail store. So, keep in mind that online payment is where you should focus.
Vlad Costea: Do you think you can ever convince these entrepreneurs to manage an entire Litecoin node for security reasons so that they can validate their transactions?
Jon Moore: I think when you see the Lightning Network coming out, Lightning Network will be out, but it's not like being used a lot by the public for payments. So, I feel like if this really should be used, companies will have more incentive to manage their entire node. Right now, I do not think the business has any incentive to do it, so it's all about business incentive.
Vlad CosteaBut even if they run at Lightning Node, they'll only get a few cents, the gears around the nodes cost about $ 300 right now.
Jon Moore: Obviously I expect taxes to fall a lot, to do something, since it is out there longer, the price becomes cheaper. Again, it needs to be needed, as now, a company can take encrypted and it is not necessary to run a complete node to validate what is going on, so it would be hard to convince a company to make it work a complete node, it's just like I see it.
Vlad Costea: I agree, but at the same time, if I could convince them to handle a complete node, you should effectively spread the decentralization and help the whole network.
Jon Moore: True. So this is very important to us, that's why I'm here, the decentralized money is really important to me, you're right, I've seen all the bad in the world of payments. But for the public, they do not care about decentralized, as if they did not understand, they just tell me, Jon, I want it to be easy, I want money in my bank, that's how it is. So, until they have the real incentive to do it, I think when the lightening network is used more, you will see much more adoption, more maintenance of Bitcoin and Litecoin, the business will again have that incentive to make it work if they are getting many more transactions, then it's all about the application and the volume. So, I think in time, we will be able to get more companies to do it, not yet.
Vlad Costea: I saw your litecoin foundation conference panel which was held in September and I think I appreciated how sincere and sincere you are about how you got into Litecoin and how you see it and how you approach it, even as a private person relation to yours wife, and you could summarize this in a few minutes, just so our viewers can skip that 30-minute speech?
Jon Moore: Sure, so I started, I talked about many of the problems that exist in the world of credit card payments. The public does not notice the problems, because it walks with plastic cards and gets reward points, and thinks that this system works great. So, I like to do what we call credit card recharges, which is when the company loses money after taking a credit card payment and it is important for the public to know that a credit card sale is never definitive, the company may lose money for up to 6 months. So, you're never really sure you got that credit card, so I brought it here.
The second thing I raised, I talked about what they call "cash reserve". Cash reserve; a lot of businesses that sell online, can not just start processing credit card payments, have to fund an account that we call cash reserve, and I've worked with a company in particular, but I wanted to put it on to handle transactions. by credit card, he would have to finance $ 10 million in a cash reserve, just for the privilege of processing payments. The public does not understand that this goes on. Again, that kind of activity could only exist if they are supported by really wealthy people who can fund this $ 10 million reserve, I mean I could never start a similar business and say that I will take card payments credit, I have millions of dollars behind me to do it, so I talked about this, and I just said how many of the problems that Litecoin solves?
So, what the public loved at the summit was, I said about how it offers a decent payment option, and when I say it, people think that I often refer to something bad, they say "Jon, you're trying buy the drug? Are you going to a dark net? What are you hiding from? " And I tell them that because you want a decent form of payment, it does not mean you're doing something bad, so I told the audience that I'm married, right? And like most married people, you share accounts with your wife, right? Another significant one, we have the same checking account and you use the same credit card account, right?
When the holidays arrive, it is difficult for me to buy any kind of gift for my wife, because she knows what I'm buying. I told the stories about the flowers, when I bought my wife's flowers once, and even before she took the flowers, she saw the charge on the credit card, she called me and said: did you buy flowers? And I said, yes, I have flowers, he said, who did you get flowers for? And I said, I took them for you … Because I do not want flowers and you have a lot, why do you spend so much on flowers instead of something? When the flowers arrived, I was ready to throw them in the yard, I do not want to see these flowers, right?
So, there is a website called PetalsOnAStem.com, which I found, they took Bitcoin and Litecoin for payment, I entered and I took my wife these flowers a second time, total surprise and she told me, how you got the flowers, I did not see the credit card charge, and I told her, I used Litecoin, you'll never be able to know what I was spending the money on. So, again … as the world becomes more digital, everything we do is now under a microscope, whether we like it or not, everything is traced, everything is seen and only in a simple thing like a husband and a wife looking for to be romantic with one another, or in the future when there is no more money, if all goes to the credit card, how come you could surprise your significant other with a gift? You can not, so I joked and said that I think Litecoin and Bitcoin will save weddings, so thanks to Charlie Lee for creating it, you helped save my marriage.
Vlad Costea: About Charlie Lee, what's it? Because I saw you met him a couple of times, and I think a lot of people have this kind of bad impression of him because he sold his coins and in the naked market, it's so easy to blame someone for not having a skin in the game, and became less involved in public, did not publish much, it was this guy who was trolling on Twitter, responding to each message, and now it has become a little quieter. And you've had the chance to meet him a couple of times in the last 4 or 5 months, from the time of consent when you took him to the airport.
Jon Moore: Yes, he took a ride with me in New York City, he is a really exceptional man, he got into the car with me, flying in traffic. He's a really exceptional guy, he's a real gentleman, I mean, he has no ulterior motive, he talks about adoption, he wants adoption. He is not a seller; Charlie Lee, some people are a good seller, they're kind, they minimize a lot of things, so they're just telling you what they think, they're not trying to influence you in one way or another.
He is a real boy, as I said, he has no bad intentions. He donated the money to the Litecoin foundation, from the coins he sold. So, I tell people, if you want to be angry with him for selling coins when he was tall, he donated that money to help Litecoin go on, so I think he helped the project more, because he helped fund the Litecoin Foundation and what we're doing right now, so I think people just have to look at it differently and not … Again, in the bare market, it's very easy to point fingers and people are angry at me constantly on my Twitter that I'm trying to tell people to pay with Litecoin, they're screaming at me, their credit is investing, why am I telling people this? …
So again, I think people just want to be angry right now, and it's an easy source, so go, but it's a great guy, I do not see the time to see him again, I definitely like his vision and trust me, a little bit of what it says, so it's a very good and trustworthy source to go and ask questions, again, it's not trying to influence you in one way or another. So, very important in any kind of business, having someone who is only a little bit neutral about how to visualize things, because you will get a very objective response from them. that for me is really the key.
Vlad Costea: I think I only have one last question and then we can finish.
Jon Moore: Sure.
Vlad Costea: We went for more than 30 minutes, which is great. What do you look like a week of normal work? how much time do you spend in the field, go to the companies and talk to the owners and how much time do you spend in the office?
Jon Moore: I probably do half and half of it. Now, many of the owners I talk to, I'm working with them on regular payment methods, how to make them a clover, let them install a credit card system and then weave Litecoin with it. So, it's quite nice because I'm in a unique position where Litecoin … again, it's a payment and I'm a payments guy, so that's what I'm doing anyway.
The weather is cold now here, so kind of walking around and knocking on doors in New Jersey, in the north-east, you do not do so much in the winter. Now, the more people I spoke to in advance, the people who are interested in seeing me, actually the only one who was here before, have a lot of customers who process credit card payments through him, in fact I find a lot of people who are interested in Litecoin processing. He organized a big meeting for me next week with a very elegant restaurant, and they are part of a group of restaurants, and they want to talk about the acceptance of Litecoin for the whole group of restaurants, which is great, because now we are not talking about a restaurant, we are talking about many restaurants, which is definitely fantastic.
So, again, I spend a lot of time even at night, working on things, like every day I do things for Litecoin, so I do a lot of stuff at night, I get a lot of people on Twitter asking me questions, helping me to reply to e-mails in the Litecoin foundation for people who want to pay with Litecoin. Again, many people are not on the east coast, so I work a little bit in their programs, if they're on the west coast or maybe they're in Europe or somewhere and they're working in a different time. So, my biggest push now will be colleges, I want to go to many colleges and universities in the northeast and promote adoption there, because I want to go where people will be more interested in Litecoin and if we go to places where they have a young public spending money, they will have many more people who actually want to pay with Litecoin.
And businesses have more interest there, because we say to them: "this is a type of payment that children like, do not you want to appeal to children?". So they welcome him more than if we take him around the city and they're all senior citizens, we're saying Litecoin here, your customers will pay this way, we both know that everyone is 80 or 90, maybe looking for a coin. gold. So, this is where I am right now, whoever wants to talk to me or see me, I would come to visit me, I will make a Zoom meeting or a Skype call and we will make sure that adoptions happen by accepting Litecoin.
Vlad Costea: It's fantastic, and I appreciate your energy and your commitment …
Jon Moore: Thank you.
Vlad Costea: Immagino sia difficile quando vedi il tuo mercato crollare e le probabilità non sono a tuo favore e forse non hai le migliori argomentazioni perché è molto più facile attraversare la porta di un negozio e dire: rappresentare un'azienda che può aiutarti ad accettare Bitcoin e Litecoin, hai visto le notizie? Il bitcoin sta salendo, ha raggiunto il nuovo massimo storico e le persone non vedono l'ora di spenderlo.
Jon Moore: Verissimo. Ma dico a tutti, chiunque è depresso, è cripto-depressivo, vado a fare una rapida telefonata con me e tu sarai presto motivato di nuovo e quindi sono come il campeggiatore più felice ogni giorno. Litecoin, anche nel peggio del loro mercato, mi fa sorridere, quindi è tipo, adoro questa roba, adoro parlarne, quindi se sei mai giù nelle discariche, trovami su Twitter, dire hey Jonny , Ho bisogno di una rapida chiacchierata con te, ti farò correre giù per la strada urlando Litecoin dopo la chiamata … Quindi, sono sempre motivato.
Vlad Costea: Immagino che questo sia l'ultimo commento, ma posso vedere una certa somiglianza tra ciò che fai e ciò che Roger Veer faceva quando era in Bitcoin nel 2012, 2013. Era solito fare questo genere di cose, ma era più concentrato sulle grandi imprese, sulle aziende e sulle banche e stava cercando di ottenere Bitcoin a Wall Street, e ha contribuito a creare la fondazione Bitcoin. Ma tu sei molto più concentrato sulle persone piccole e credo che sia da dove dovrebbe venire l'adozione.
Jon Moore: Si. È perché … ho una confessione da fare, odio le banche e le grandi istituzioni, quindi, nella mia mente, non voglio associarmi a quelle persone, voglio andare là fuori e aiutare il pubblico con questa roba. Non si tratta di banche e istituzioni, questa è la valuta della gente, quindi voglio essere conosciuto per essere pubblico che sono un ragazzo che aiuta le persone, non voglio mai avere a che fare con grandi banche e istituzioni, voglio per aiutare le persone a livello individuale, ci sono molte altre persone in questa fase che vogliono fare affari con le grandi banche, abbiamo bisogno anche di quelle persone, non ho intenzione di essere in giacca e cravatta con i CEO delle banche, non è nel mio DNA per farlo, voglio dire che potrei venire in una felpa Litecoin e un cappello come un ragazzo normale, e sparare al vento con te.
I can get dressed up if needed to talk to a law firm or a business, or if anybody sends me a referral and says, Jon, drop the Litecoin shirt for this one, wear a college shirt or something, I will do it, but you are exactly right man, I want to get out and I want to talk to the people, that’s what I am here for, so thank you again for having me on.
Vlad Costea: I am really happy that we did this, and best of luck, I guess it is difficult in these times, it’s cold and the market is also cold, or maybe colder than the weather.
Jon Moore: That’s alright. Stay tuned to my Twitter, I am JonnyLitecoin on Twitter, I have a lot of places coming up in the next few months, that are coming on board, accepting Litecoins, so we are making New Jersey, the pay with Litecoin state in the U.S. So, you come to Jersey, load up your LoafWallets, I got the businesses to send you, they pay with Litecoin, and most of them will give you a discount as well, so take care guys.
Vlad Costea: Bye. I can’t wait to come to New Jersey.
Jon Moore: Byes. I am buying you dinner when you come in there, right?
Vlad Costea: Oh, awesome.
Jon Moore: Thanks for this, bye…