Topic: 67,1% of micro businesses do not know what cryptocurrencies are. - page 3. (Read 911 times)

Micro and small businesses is much bigger in percentage compared to large businesses as it only need small capital and much easier to start than larger one. We really need to build small businessmen's trust with crypto if we aim to increase mass adoption. In order to gain it, government's acceptance is still a must because every business will go to government first to legalized their business. In my country, they have this seminars for those who want to start a business and it would be great if there's also a seminar about crypto for them.

That's normal because micro business/ industry only using and familiar with currency not crypto. Besides that there's no regulation and protection about crypto transaction, even they knew avoid using crypto is the best they can do. Need more information and example to giving new mindset about crypto and to support their business, crypto is worth for that purposes. Try to invite them into group or forum discussion to make them understand about crypto. Government reject crypto but they never stop people to learn crypto, use that gap.

Not only in Mexico but also every country's small scale industries are not aware of Cryptocurrency, so there is a huge lack of communication, I think Crypto expert should take it seriously because that portion would be a good option for more flourishing of cryptocurrency, Only millionaire and Billionaire could not only play the major role in this sector so small scall business should be included in this system for the future purpose, I think if we want to see cryptocurrency as a payment system then mass level popularity is certainly helpful. if 67.1% of microenterprises would accept cryptocurrency then it would add a vast positive vibe to this crypto world.

That is our job to tell people, maybe can start with people near us so they not get false information about bitcoin. Because like what you said, some people maybe get information about cryptocurrency in news, either it is newspaper or tv. And some of them mostly about criminal who use bitcoin and they think use bitcoin is prohibited or maybe only some investment that scam people.

Very well said. Admit it or not the number of non users are greater than the number of users. Cryptocurrencies needs more a lot of improvement and mass promotion in order to inform the other people that the cryptocurrency is not just only for illegal purposes because some other people when you ask about cryptocurrency their perspective is bad or they are thinking that it is for illegal transactions most especially for deepweb. We should convince them that if there are negative effects of cryptocurrencies, there is also positive effects.

this survey also means that the majority of our community does not know about cryptocurrency. this is why until now bitcoin and cryptocurrency have not yet been adopted. because the number of people who understand cryptocurrency is still small. this resulted in the majority of micro businesses not accepting bitcoin as a payment tool. and also most crypto users do not use bitcoin for payment tools. they only use bitcoin for investment and trade.

The volatility is also a concern but the main concern is the awareness. The study says the businesses are still not aware about bitcoin and it usage. There will be a domino effect if one businesses start to adopt bitcoin becayse the other businesses will get curious and they will also copy that kind of strategy. If we will just spread what we know then the businesses will start to become familiar on what it is.

There are several reasons why a lot of micro businesses wouldn’t see Bitcoin as an option for their businesses.
Number one reason is 'fastness'– cryptocurrency is not really an option if you’re looking for a fast means of doing business.they already have cash, they can just collect cash from their customers and package their stuff for them and that’s it, business is done. They also have POS and customers can just swipe their cards and get paid, no stress.

But, imagine when you’re accepting cryptocurrencies the processes that would be involved for a single transaction, from having to tell customers your address and having them to go through the process of copying and sending and you confirming. Sorry, that’s a long process and before you withdraw that money you will also pay for some fees, when you can just use POS and have the money immediately in your bank account.

At this point this is not so much an issue, since we are (sadly) heavy social media users, and most news in Venezuela moves this way (because no one trusts traditional media due to gov censorship). Of course social media is also full of garbage but that's how it is.

The term "cryptocurrencies" is hard to dig. Yes, some people use it because they want to appear "neutral" to the altcoins, and sometimes there is some altcoin foundation behind paying things (such as Dash aggressive marketing), so to not "look bad" they use this convoluted word.

But the word Bitcoin is a whole lot different. Try asking instead if they know what Bitcoin is, and the results might be different. Bitcoin as a brand has a much heavier impact, and has become a cultural phenomenon.

Note that is is just "knowing" what it is, accepting it directly as merchants are a whole different issue. And at what rate, because even if someone informally accepts it, it might be at a very unfair rate; this is a common practice here in hyperinflation land. 5% margin? No merchant here sells anything under 100% margin, and that's before adding the predicted inflation rate. Yes our economy is garbage and its one of the reasons it ended up in ruins. People's habits... For them State is there to protect their sick practices: The reason you have to obtain an import permit is what allows you to sell at twice the international price. Triple and more is also common, you would cry if you saw asic miners prices in the local market...

Until now the images of crypto in the minds of business owners relates to its volatility many owners are not okay with so much changes with the fiat value of this cryptocurrencies they will choose to stay with regular fiat and not have any complicated system that might harmed their business.
More on investment side and not being fully adopted to be use as currency that's why businesses are still doubts to accept it.

It will if someone has to go and introduce it to them.
Bitcoin and other cryptocurrencies are something new to these people because they are not seem to be more active in computer or something but they too focused on their businesses that's why I think they don't know what is cryptocurrency is not unless if it is shown in television i think.

Nowadays, bitcoin still not developed well in a lot of countries around the world. so it's expected that bitcoin is not known well in some countries like Mexico because I think it needs time to be more populated also I think a lot of people who are traders not willing to accept bitcoin because they were hearing a lot of bad stuff about it like it's used for buying illegal stuffs or probably because of the volatility of the price of it.

It is unlikely that anything will change when they find out about it, but the blockchain technology would interest them more.

Not sure why that's a shocker. In general, I do gush a bit about bitcoin, probably more than I should, but I think it's really important to understand the rest of the world (and where microbusinesses are).

>10% of GDP of txs in huge parts of Africa, for example, are made mobile money. They solved their issues a while back, and bitcoin may not yet be a suitable successor, simply because... access. A simple cheap $5 phone gets you mobile money but may not get you bitcoin access.

South and Central America, strangely enough, is a better place to introduce bitcoin and they might actually skip altogether mobile money if so. Plus, now that Lightning is close to fullblown readiness.

The truth is that the number of people who know about cryptocurrencies globally is very low, people have difficulty accessing cryptocurrencies because it requires certain knowledge of information technology. But with the rapid growth of technology it's not a problem, it's how the cryptocurrency will change to be used in practice.

Exactly, people are unaware with this cryptocurrencies because it is not being publicize. The people who only know about this technology are the one who scanned it online and the people where they introduce it upon. Besides, I just barely seen a media talks about cryptocurrencies and even if they did it is always been tell in bad way just like in my country where it is been introduced because of someone scheme. That is why I envy those countries who shows their full support upon using this kind of advanced monetary and hoping for our government to will acknowledge this sooner.

Its not surprising really and its not limited only to Mexico. The reason is not far-fetched. Majority of the businesses that would have been part of the survey would have been established by people who are advanced in age and they have been running their businesses before the advent of bitcoin which is a little above ten years. In all of these entrepreneurs, only few of them would be up to date in terms of technological advancement. The survey would give a more representation if focus is on businesses established within the last decade, run and managed by millennials.

I guess you wanted to ask why the population does not know cryptocurrencies because most businesses are unaware according to the data.
They don't know because they don't care about improvements in this sector. When you're running a business you care about your revenue, your suppliers, your loan, but not about new types of payments. Most people know that you get paid with fiat money and that's it. They don't have time to do research.

If it was 67% of enterprises in Mexico probably nothing serious would happen. If it was 67% of businesses in the USA... Let's say that paying 100k for BTC would be getting it cheap.

I think it is the government acceptance and its awareness campaign towards it that is lacking.  Aside from that business wouldn't want to encounter problems while dealing with cryptocurrency.  They very comfortable with fiat currency and they do not want to step out of their comfort zone just to try some technology.  Aside from that, the expenses and the hardship to learn the knowledge to operate this payment system is another issue.

The price would be spike since more people use bitcoin as a payment method. Even in developed countries, most people don't know about bitcoin and crypto, I don't know if they are very comfortable with their fiat now. The reason why bitcoin still not being adopted widely as a payment method because the fee is just too high compared to other payment methods even fiat charges no fee, if people want simplicity or cashless then they will choose fiat among those options.