Topic: Bitcoin adoption in coming years, merchants will be left behind (Read 186 times)

There remains many challenges associated with accepting Bitcoin as a form of payment and I am sure many merchants are aware of these. While many merchants are realizing that they must get onboard with cryptocurrency, this is not something that you can just decide in a day...one must have a clear and functioning platform either you established it on your own or you get involved with a third-party provider. I am hoping that soon merchants can be provided with a win-win options in case they want to integrate BTC into their business.

Your analysis of the Deloitte study is more than speculation - it captures the crypto-reality we live in today. Merchants must adapt to changing customer needs. The fact that 60% of merchants desired bitcoin integration shows increased consumer demand. Let's be honest: these merchants want to delight their customers, but their unwillingness to keep bitcoin and the integration's high expenses are overwhelming. The obligation to convert crypto to fiat shows that retailers are not entirely committed to bitcoin, which may cost them in the long run.

Bitcoin user numbers have doubled in a short time, indicating an upward trend. Merchants who neglect this trend risk disaster. Ignoring crypto's potential is a lost business opportunity and a disdain for economic trends. Of course, today's investment may be small compared to the future. I completely agree that some merchants may be left behind. It's worth considering, and the window of opportunity may be closing.

pretty ironic considering it was made in the first place to facilitate peer-to-peer payments but whatever, I guess that comes with being a store of value at the same time. Eventually though a bitcoin fork could be  made that does not focus on the earning part of the spectrum but instead on the general purpose, maybe add in features like creating smart contracts as well, and then make it so that bitcoin's value remains as stable as possible (Although I myself don't know if this is possible or if you could do this lol). I'm probably spitfalling here but it's the closest solution we can get to in terms of making bitcoin a viable payment system. Leave bitcoin that makes money to the ones that want to make money, and those that want to use it as a payment system to those who want to make it a payment system by creating a fork.

they will find their way how to adopt this payment system later on if they will see the benefits it will bring to their business. as you said, for now, they are still hesitant because of the volatility factor, where a lot of merchants are not yet ready because they are relying on their day to day income. but they will come around once the adoption is much stronger among their customers and find their strategy on how to take advantage of this volatility aspect of crypto.

Adopting Bitcoin today and suffering the costs while it's unprofitable to do so just for the hope that the future generation in 10-15 years will pickup Bitcoin is not worth it. If it indeed will happen, why not adopt it then? It's not like adopting Bitcoin payments today is cheap but will get expensive in the future. It's actually more likely to be the opposite.

I wouldn't say that merchants are going to be left out, I mean we have to understand where they are coming from. First, bitcoin is very volatile assets, if merchants are just relying on this businesses to make money, then it make sense that they won't accept bitcoin as payment. Second, if merchants wants to accept it as payment system, but if they are not technically inclined, then they might have difficulty accepting it. And with that as business owners, maybe they will have a hard time to really put the logo of "Bitcoin is accepted here" in their stores.

We cannot give predictions with the same accuracy for global forecasting, but we can say that more people know about Bitcoin and more people are ready to buy, which makes some store owners accept it, and over time, these traders will prefer to keep Bitcoin until it is a currency for international trade.
This prediction is happening slowly, but it is happening and may take dozens of years before it becomes a reality, and then the price of Bitcoin will have risen so much that simple traders will not be able to invest in it.

To speculate the adoption level we need to be careful, with the changing economic crisis and global politics. Although we can potentially say that Bitcoin is still a growing star, when it comes to predicting the adoption level in the coming few years, there's the need for a few considerations such as how effectively Bitcoin's narratives get public attraction, Not only hot prices but also the information of real science should behind it should be the priority of the people.

Bitcoin gets attracted in every Bull due to major price talks and analysis reports etc, a timely narrative boosts the adoption, and the young community currently finds it attractive due to its volatility and opportunities to fulfill some of their dreams, Investors consider it as a more safe placement of their money and many other with some intentions. I'm expecting a 15% to 18% global population direct adoption.

So do I. I also don't believe that Bitcoin is convenient to use for daily transactions, nor is it the merchant's job to figure out how to accept cryptocurrency payments. In my opinion, the most convenient way to pay through cryptocurrencies is via card providers such as Binance's or Crypto.com debit cards. There's even a thread with multiple alternatives. The main concern against this method is that it's through centralized services; I'm not quite sure if decentralization is possible in this case. I saw that Chainge.Finance offers a credit card through their wallet, but I haven't bothered to investigate any further.

Merchants doesn't want to be on the riskier side. Only the business people with good understanding about technology advancement will understand about bitcoin as well as its advantages over other payment systems. Even now we were able to see good number of merchants accepting bitcoin into their business, however very few prefer the direct wallet to wallet transfer whereas the majority of the merchants depend on a third-party same as bitpay that receive in form of bitcoin and settle the merchant with fiat of his/her request. First of all people aren't ready to give importance to bitcoin as a form of transaction source considering its massive growth. There needs to be transition happening with the trader to accept and users to spend.

Yeah, considering that bitcoin or any decentralized cryptocurrency is volatile gives merchants hesitation whether to give it a shot or adopt it. The traditional mode of payment is vastly used, and so adopting should not be their priority, but can be their alternative. Totally understandable for business owners, besides not everyone can own cryptocurrencies to pay, the economic of crypto wasn't designed for this.

In addition to that, government hasn't been so friendly to crypto so adopting it might be a very hard challenge for pro-crypto business owners to establish with their government, perhaps it's a crypto friendly country like El Salvador.

Can't think of a way to tax, might be misunderstood by the taxation as for of evasion.

There are still many grey areas to accepting Bitcoin by businesses. From what I have seen in my country, it is easier for holdlers of Bitcoin who also own businesses to accept Bitcoin than those who are not already into Bitcoin and need cashflows for their day-to-day businesses. At the centre of these challenges is the volatility like you rightly stated. Many businesses are not just comfortable with the volatility of Bitcoin as it distort their financial projections and balancing of books like in weekly or monthly basis.

The aspect of taxation is a kind of complex and various across various jurisdictions. 

Ironically, the way Bitcoin has evolved is going to force merchants to adopt middlemen like Coinbase to handle their payments and consumers will have to leave funds on exchanges like Coinbase to be able to spend them without massive fees at merchants. This is ironic because it is the exact behavior that Bitcoin was supposed to fix.

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.


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.


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.

Yes, that's for sure, a widely used software is cointracking for example, but there are more.

I think that not wanting to pay taxes is not the only reason, there is also the problem of privacy. Declaring every transaction you have made doesn't sound very cyberpunk, nor does it sound like the initial idea of the White Paper. It is a problem that would be solved if it were declared legal tender, which is not going to happen in the most powerful countries.

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.

Of course not!
It's going to be a long way and as you can see from actual usage we're just at the beginning of things!
But a decade sounds ok, I expect the second halving after this one to be a fiasco that will probably turn people from speculation to actual usage.


I don't see that as a problem even with current technology, no matter what you do the moment you exchange them from coins to fiat you have to pay taxes, for your pen and paper average Joe it will be a complete nightmare to deal with 100 random purchases compared to one exchange and a bank transaction but here is where tech comes in. We already have software that gets your complete tax statement from all the trades you did no matter how many on exchanges, a few adjustments where you insert your wallet addresses and based on your tx it calculates everything you own is pretty simple, and unlike normal tax statement you don't have to deal with storing receipts, they are all in the chain!

Of course, there is the actual problem, people not wanting to pay that at all, which is a far bigger hurdle!


Fess won't reach continuous 100sat/b unless mass adoption, mass adoption won't happen with 100sat/b!

Look at it a different way. A lot of people use wallets like coinbase / cashapp / bitpay. Like it or not that is the way it is for a lot of crypto users. We can argue good / bad but there are a lot of people who got into crypto with coinbase and never left. Same with square - block - cashapp - whatever they are called today.

These places also either provide their own credit card terminals (square) or partner with others (bitpay / coinbase) I see a future where I walk into my local bagel store (like I did this morning) and pay with cashapp (like I did this morning) and instead of it coming out of my BTC balance and going to the merchants it will be batched out at the end of the day. Much like credit cards are done now. For all we know that is what is really happening since some these apps & services to a certain extent are custodial and you really don't know what is going on in the background.

-Dave

People will still prefer fiat though. And you will too since you have the option. Merchants will turn their BTC into fiat right away upon receiving it in fear of its price that fluctuates every minute. Not even minding that LN.

In the bull market, even Bitcoin users will also be converting their coins to stablecoins to wait for the price to go down. While crypto users have this option, they will always go right back to fiat for they also want to invest once again.

We're still struggle in scalability issue, rather than expecting people will use Bitcoin as daily transaction, we need to think what's the solution when the fee reach 100 sat/vbyte lol. Transitioning to lightning network is not yet achieved, if the previous ordinal attack was last longer, everyone would be forced to use lightning network because the centralized exchanges were start accepting LN.

Just like Covid-19 pandemic, it force people to stay in house regardless you're a worker, student etc.