As of now merchants need about 500k to 1 million dollars to build a satisfactory payment system to suit customers and the business alike.
Is this an accumulated cost for all existing merchants?
Bitcoin doesn't require such high fees, with its inherent characteristics it should already be a fairly secure payment system.
I don't think so, from the survey each merchant requires such an amount to build a payment processor, that'll be able to convert the bitcoin to fiat. Immediate, maybe. Expected to see this question. I thought about it and wasn't sure of what they needed such an amount to build. But, to be sincere, I've not seen a payment processor like that. Even people who offer it as a service, still requires the merchant to withdraw their funds. Don't know actually how they'll want to build the system. Since they don't want to hold the bitcoin, they'll need an asap payment swap; crypto to fiat. If anybody has worked on such a system I can't tell. Weighing the worth of building such, could get to an amount like that. Building an intelligent system, that'll trade their crypto to their bank account.
What do you think about future of Deloitte if they audited FTX and the exchange gone after a few days? Deloitte will go to the hell as well and I am sure they won't take risk with cryptocurrency companies, exchanges too soon.
Delloitte's statistical performances are great, and they may have not been able to withstand the distruction auditing CEX would have brought them. Hopefully from the experiences with hackers and thieves, Delloitte won't look into such crypto departments. Currently, no one can vouch for any successfull crypto exchange to stay a certain period in the market. Without having numerous bad publicity regarding missing funds.
Second, Merchants also realized that bitcoin also serves as a big cow, the business will milk profits from bitcoin price increase, for a long period. As of the time of the survey total number of bitcoin users slayed at 220 million around the globe. With young people, the majority. Today it has doubled to 420 million, according to a google search. With young people, retaining the majority.
Users?
If they are going to say, people that own crypto, maybe! Users as in using, no!
Bitcoin manages 400 000 transactions a day, that would be 12 million a month, add
6.599.553 let's say double the numbers with altcoins and you have the 400 million users doing ...one tx every 10 months! That's almost saying as there are 2 billion Christmas tree users!
But let's not trust numbers and go over a topic in this forum that should be full of "users" !?
What is the most weird thing you bought with crypto?Nah, I'd say keep that crypto and let it grow.
I haven't spend cryptocurrency to purchase something because I feel their is no need to spend cryptocurrency
Almost similar case with you, I don’t fancy buying stuffs with bitcoin
I never even think too much about what to purchase with crypto,
Honestly, I view bitcoin as an investment, a potential future asset, so I have never and do not want to use bitcoin to buy anything.
And the rest are VPNs and gift cards!
Merchants left behind, unfortunately, and painfully it's the users that get left behind, as merchants offer the payment gateway, suddenly everyone that demanded that is thinking wow good news
BTC it's going to go up in price by another 25% it would be stupid to spend and the merchants seeing no customers disable the payment option!
What deloitte failed to take into account was greed, they were still in their scenario treating it like a currency when it's like 90% investment now.
Ordering stuffs online and you find a bitcoin payment option along masters card, paypal etc, what would you choose?. A lot of transaction go on with bitcoin. Merchants with online services get bitcoin users easily. I know people think of offline businesses, when talking of merchant adoptions. In future, people won't often go to shops, to get some products. The user you mentioned above, could be hodling. And doesn't intend to sell or purchase stuffs with his coins. The users in quote include hodlers. But, when we begin to see fancy bitcoin payment mediums in offline stores, we can easily pay with our devices. LN is helping the growth of making fast payments too. Personally, I use bitcoin to pay for different products online and have seen multiple clients ask me if I take bitcoin for my products. Hence, the responses on the thread is not enough to generalize on the way clients wants to use bitcoin. The forum always send thumbs up to those who don't spend their coins. Isn't it a criterion that can affect the responses of some users in the thread, coming up with impressive responses regarding not spending their bitcoin.