In my country the number of people who knows at least the word Bitcoin are high, because of the bullrun of 2017 when people sold their houses to buy BTC, but for small business and even business in general, people don't have interest to work with BTC because it's not so simple
And they are right, at least for now, the prices are very volatile, it's not so clearly regulated, payments have some high fees for small payments...
It's not the right time to small business enter in BTC
Topic: 67,1% of micro businesses do not know what cryptocurrencies are. - page 4. (Read 996 times)
January 13, 2020, 09:50:38 AM
January 13, 2020, 09:34:09 AM
Basically it just lands on one certain reason and that is price changing (for the entrepreneurs who knew cryptocurrency) that on the other hand is tough thing to adopt. Businesses though must be a risk taker for a first place isn't a fan of this kind of space. They are risking a product but no the income itself, what I mean is that usually the risk they are diving in were like a stuff prior to income. So although crypto might be beneficial it is still like going all out in which such businesses are afraid to taking off, imo. Entrepreneurs isn't like they didn't care at all but it is just like a much more bigger risk that not a little thing that is easy to handle. On the hand those larger scale who didn't know what crypto is, may be they aren't a technical one so they may be not yet crossing out with crypto space.
January 13, 2020, 09:07:43 AM
This is exactly what's in my mind already.
Those merchants as well as companies aren't sure yet whether they can handle such volatility or not. They could somehow make the payments be converted already to their local currency if they would like to avoid the unstable price pretty much the same way as how credit/debit cards complete a transaction.
Volatility could be problematic for taxation purposes, but even more - for long term contracts. As this could work for a small cafeteria, for a small business related to the industry it could work worse.
January 13, 2020, 08:57:53 AM
What you think?
-Why does the population know cryptocurrencies?
-What would happen if at least 67.1% of microenterprises accepted Bitcoin as payment methods?
-Could it be that there are more countries like Mexico in which the population does not know or fear this new technology?
I think this is because of government regulations that's why many micro bussiness are not acccepting bitcoin. And also bitcoin price are volitle that will affect the true value of product. And if 67.1% accept bitcoin thier bussiness will affected of volitle price and this will lead to bankcruptcy. -Why does the population know cryptocurrencies?
-What would happen if at least 67.1% of microenterprises accepted Bitcoin as payment methods?
-Could it be that there are more countries like Mexico in which the population does not know or fear this new technology?
January 13, 2020, 08:42:33 AM
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Most of the cryptocurrencies have most volatile nature and it does not make them suitable to start accepting as a method of payment for most of the sellers who would want a stable source of payment. of course there are some stable coins too which can be altered to use as a payment method similar to USDT as the price for USDT always remains constant as of the American US dollar so it might give an ease to the shopkeepers to accept USDT payments.Yet, they fear for doing so because most of those might not even be trusting any such digital currencies. Micro businesses actually are owned by some average financial life individuals and they might not find it suitable to risk their money into the digital coins which are not of much use for them.
This is exactly what's in my mind already.
Those merchants as well as companies aren't sure yet whether they can handle such volatility or not. They could somehow make the payments be converted already to their local currency if they would like to avoid the unstable price pretty much the same way as how credit/debit cards complete a transaction.
January 13, 2020, 08:33:17 AM
the human being fears changes by nature. As many fear being scammed. The issue of cryptocurrencies is that in some countries tends to be rejected only because it is digital and its price may vary for the worse, many people prefer to handle the price of a currency that they know will take time to change its value.
However, I understand that there are countries like Venezuela where they use a stable cryptocurrency to pay pensions and salaries, this forces the population to learn more about this, it should be noted that the value of the Venezuelan currency every day falls, so it is much more convenient to store your goods in these cryptowallets, of course this is a very particular case of this country, but I find it curious that today is one of the countries with more movements of BTC.
Most of the cryptocurrencies have most volatile nature and it does not make them suitable to start accepting as a method of payment for most of the sellers who would want a stable source of payment. of course there are some stable coins too which can be altered to use as a payment method similar to USDT as the price for USDT always remains constant as of the American US dollar so it might give an ease to the shopkeepers to accept USDT payments.However, I understand that there are countries like Venezuela where they use a stable cryptocurrency to pay pensions and salaries, this forces the population to learn more about this, it should be noted that the value of the Venezuelan currency every day falls, so it is much more convenient to store your goods in these cryptowallets, of course this is a very particular case of this country, but I find it curious that today is one of the countries with more movements of BTC.
Yet, they fear for doing so because most of those might not even be trusting any such digital currencies. Micro businesses actually are owned by some average financial life individuals and they might not find it suitable to risk their money into the digital coins which are not of much use for them.
January 13, 2020, 07:44:23 AM
As far as I know, Mexico is open to crypto rules under the supervision of the fintech agency (FTI), but it is very strict with daily transaction limits and must be reported to the government if more than that. all micro businesses may not know it, because understanding is set on an online based business. 67.1% is too big and can affect fiat, their government might also not like it. Many countries are similar to them, maybe they already know, but don't want to face complicated regulations.
January 13, 2020, 07:41:35 AM
What you think?
-Why does the population know cryptocurrencies?
-What would happen if at least 67.1% of microenterprises accepted Bitcoin as payment methods?
-Could it be that there are more countries like Mexico in which the population does not know or fear this new technology?
I've already expected that kind of percentage. Bitcoin is still at the starting point of mass adoption that's why majority still doesn't know about its existence. I can say that here in my country, there's a possibility that we can also get such percentage or even more. Crypto is quite popular here but not for those who owns microenterprises. Since it's a "micro", in my country they don't need that much of technology to run their business so I bet they're not aware of it. But believe me, after years, Bitcoin can be more popular. And more businesses will adopt it. -Why does the population know cryptocurrencies?
-What would happen if at least 67.1% of microenterprises accepted Bitcoin as payment methods?
-Could it be that there are more countries like Mexico in which the population does not know or fear this new technology?
January 13, 2020, 05:52:56 AM
Right now crypto usage is limited to tech aware people only. Although paying with crypto is not very tricky but getting started and knowing about crypto is not possible for everyone. Probably that’s the reason why crypto adoption is low. Every new innovation has to see such dry period in the start, so it’s OK if we don’t have much bitcoin users right now.
January 13, 2020, 05:46:10 AM
Well, I'm not surprised. People in general, not just micro businesses are not well informed about cryptocurrencies. Many don't think they can implement it in their business, many still don't trust it and many don't feel safe and confident about cryptocurrencies because of lack of regulation and legal protection.
These are all very important factors that influence on crypto adoption by businesses. Business owners need more education and information about cryptocurrencies and their possibilities in business world.
These are all very important factors that influence on crypto adoption by businesses. Business owners need more education and information about cryptocurrencies and their possibilities in business world.
January 13, 2020, 05:34:41 AM
Until people can implement things that actually make it worthwhile to use Bitcoins, I don't see the future happening.
Right now with credit cards, people get their super fun 2% cash rewards stuff. On top of that, they also get the ability to not pay it off for a month+, they get fraud protection and all the rest.
Meanwhile with Bitcoin you pay a fee to own it and pay a fee to send it to the merchant. No perks.
If a solution could be created that gave people spending Bitcoin rewards that were potentially even greater than CC solutions, which is completely possible given the landscape, then some level of retail adoption could happen and force businesses to want to understand the tech.
Right now with credit cards, people get their super fun 2% cash rewards stuff. On top of that, they also get the ability to not pay it off for a month+, they get fraud protection and all the rest.
Meanwhile with Bitcoin you pay a fee to own it and pay a fee to send it to the merchant. No perks.
If a solution could be created that gave people spending Bitcoin rewards that were potentially even greater than CC solutions, which is completely possible given the landscape, then some level of retail adoption could happen and force businesses to want to understand the tech.
January 13, 2020, 05:23:12 AM
Yes, that might be true. The micro-businesses are not updated from the news, and sometimes, they don't even know if what is happen in out there. The micro-businesses are busy to grow their business, and many of them don't use the internet as a way to expand their business. The micro-business is available in real life, but not in the online, and only some of them are interesting to expand their business using the internet. They don't know cryptocurrency, and they don't have much information about the internet.
January 13, 2020, 04:59:55 AM
One of the reasons most people don't know about crypto is the lack of crypto education. Most people who know about crypto are because they do research about this technology. We as crypto users should be responsible for spreading education and the benefits of using crypto. Starting from the closest people around us.
It is not as easy as you think. There are many people from the old generation think that bitcoin is scam. They do not want to involve new technologies. Changing their mindset is one of the hardest things to do in this world. Bitcoin will be used in the future but right now, the old generation feels that it is fine to use bank and cash. To them, they are safer than bitcoinMoreover, there are not many schools teaching their student bitcoin and blockchain. There are many things to do to make people believe in bitcoin
January 13, 2020, 04:40:06 AM
Almost in every country the awareness about cryptocurrencies were very low. If this is something like paypal or other services automatically it'll be promoted through the respective team working for it. With bitcoin as it is open source there is no team dedicatedly functioning on promoting bitcoin. We need to take forward the step to promote bitcoin through the acceptance on small scale businesses.
It might be for this time, but with the growing number of bitcoin and cryptocurrency adopters that are also pushing bitcoin to be known further, people will start to think of it as a big deal to their economy and system. Banks and government for example will try to implement their rules and regulation to make it centralized, but with the innate capabilities of crypto being decentralized, banks would have no power over it, instead, making laws regarding proper usage of bitcoin might as well as to allow stores to use bitcoin might be possible if and only if, they could find ways to incorporate taxes to it.
January 13, 2020, 03:44:40 AM
Not only in Mexico, I think almost all countries also 50-70% of the people do not know the world of Crypto, They are still comfortable using fiat money as payment in their business. I guess it's only a matter of time that they will eventually get to know Cryptocurrency and will use it as payment.
Almost in every country the awareness about cryptocurrencies were very low. If this is something like paypal or other services automatically it'll be promoted through the respective team working for it. With bitcoin as it is open source there is no team dedicatedly functioning on promoting bitcoin. We need to take forward the step to promote bitcoin through the acceptance on small scale businesses. 
January 13, 2020, 03:24:20 AM
Not only in Mexico, I think almost all countries also 50-70% of the people do not know the world of Crypto, They are still comfortable using fiat money as payment in their business. I guess it's only a matter of time that they will eventually get to know Cryptocurrency and will use it as payment.
January 13, 2020, 03:05:33 AM
Most of the Micro businesses in my place didn't have any access in bank as well and I don't they should have too since the capital is small and just enough to support their business. Micro Businesses are too far from this kind of adoption, and most of them don't need this one but hopefully, in the future they will adopt too.
True, if they did not have access to backs how much more to cryptocurrency. But now thanks to the digital currency, since you don't need to open an account but only mobile phones and you can have access to some financial services. You can now have loans using your mobile, no need to go to bak, you a send also digital cash to anyone with mobile phone. This is a good opportunity for cryptocurrency tp come in, just like our local exchange.
January 13, 2020, 02:13:34 AM
The remaining 32.9% who said they knew the concept of cryptocurrencies, were asked another question, in which they were asked, if they would be willing to accept cryptocurrencies as a method of payment?
32.9% of people who understand the concept of crypto might be one of the reasons for the low percentage of crypto, perhaps due to lack of knowledge about crypto currencies so they don't want to take risks with crypto currencies, and if we look at it now almost every country in Europe they prefer use cash for all their activities, from paying daily needs or electricity bills, maybe because they think that cryptocurrency is rather difficult if used as a method of daily payment compared to cash.
January 13, 2020, 12:40:29 AM
When there is an option like Google pay, where money received can be directly sent to their bank accounts, I feel these small entrepreneurs would hesitate to accept crypto. We need a way to educate venders about the security of crypto compared to these methods then there is a chance of increasing the adaption of crypto.
January 13, 2020, 12:36:42 AM
the human being fears changes by nature. As many fear being scammed. The issue of cryptocurrencies is that in some countries tends to be rejected only because it is digital and its price may vary for the worse, many people prefer to handle the price of a currency that they know will take time to change its value.
However, I understand that there are countries like Venezuela where they use a stable cryptocurrency to pay pensions and salaries, this forces the population to learn more about this, it should be noted that the value of the Venezuelan currency every day falls, so it is much more convenient to store your goods in these cryptowallets, of course this is a very particular case of this country, but I find it curious that today is one of the countries with more movements of BTC.
However, I understand that there are countries like Venezuela where they use a stable cryptocurrency to pay pensions and salaries, this forces the population to learn more about this, it should be noted that the value of the Venezuelan currency every day falls, so it is much more convenient to store your goods in these cryptowallets, of course this is a very particular case of this country, but I find it curious that today is one of the countries with more movements of BTC.
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