Topic: Bitcoin adoption in coming years, merchants will be left behind - page 2. (Read 238 times)

But do you see that happening soon? I think it could be at least 3 cycles away. Another thing is that, yes, if in say 15 years' time the price is fairly stable and bitcoin ownership is much more widespread than it is today, people will spend it for day-to-day payments, but that would require something else as well: favourable regulation. As things stand with most regulations today, every time you spend bitcoin you are triggering a potential taxable event. If at that moment the price is higher than when you bought it, you will have to pay capital gains tax or the one that corresponds to your legislation.

Without legally considering it as a currency or setting minimum exemptions for small payments, and with the growing KYC it is going to be much less complicated to pay with fiat or its anti-privacy CBCD.

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?


It will the moment you can't imagine it going another 100% up in a year.
It's much like currencies in countries like Zimbabwe or Argentina, once you get the payment you immediately rush to either exchange it or buy stuff as you know the value of the usd/your shitty currency is going to go up,  once there is no such thing and the gains are in the 1-2% people will stop doing it.
Now everyone is focused on the bullrun so merchant adoption is a dream!

The participation of Deloitte is great because they are top four in audits and I see we actually need their participation in cryptocurrency market. They with their company sizes surely don't want to take risk with cryptocurrency because they know if they do something wrong with audits, their companies will collapse like Enron and their audit company, MCI.

MCI, Inc. (formerly WorldCom and MCI WorldCom)
Enron.

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.

Anyway this report from them is good signal that they are slowly changing their standpoint on cryptocurrency.

Well, it's understandable that merchants are concerned about Bitcoin's volatility and prefer fiat because of its (real or perceived) stability. Another reason might be that of practicality of legally doing business: if it's fiat in and fiat out on your part, and the crypto part is handled by someone else, you don't need to worry about how to declare income from purchases in cryptos, whether any additional taxes (capital gains, for example) need to be paid, etc.
I'm still not sure how people who legally accept Bitcoin payments deal with the tax side of it, and whether it's worth it.

I don't think bitcoin will ever become big in day-to-day small payments, for the simple fact that it is very valuable and will become increasingly so. For that you'd better pay for the other rubbish options you'll have to pay with, basically fiat in its different variants, such as cash, cards and CBDCs or shitcoins, when payment is implemented. Not for nothing does the article conflate 'crypto' with bitcoin.

Few minutes to my bed time, few words on the Deloitte research struck thoughts of future adoptions in me. Don't know if it's speculative, but seems like a real occurrence, we can relate to it. First on the "merchants getting ready for crypto survey", about 60% of merchants wanted to integrate bitcoin because their customers demanded for crypto payment. But, they required a payment system that can swap immediately the crypto to fiat. No realistic intention of the merchants holding bitcoin. All requirements like in customer and client relationship is entertaining the ideas of clients to retain liberties with them. And raising up such a payment system, according to the survey, would costs merchants $500,000 as of 2021. So as to Cut costs from 3rd party payment processor; fees.

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.

Third, merchants believe that not adopting bitcoin or crypto, will affect a business growth in future. Since the younger generation dominates the market in huge numbers. Looking at the evolution, the younger generations would become older generations. Then their offspring will also have to use bitcoin, because their parents does. It will skyrocket the adoption of bitcoin amongst users, thereby affecting business that failed to learn or integrate bitcoin in their businesses.

Finally, one might say that they'll integrate bitcoin when the time comes, but the costs of doing that may have increased too. As of now merchants need about 500k to 1 million dollars to build a satisfactory payment system to suit customers and the business alike. I think, somehow, somewhere, some merchants would be dropped out of the trend.

I know of other possibilities of bypassing such payments processors, in form of an argument your ideas are welcomed. Happy Sunday!

https://www2.deloitte.com/content/dam/Deloitte/us/Documents/technology/us-cons-merchant-getting-ready-for-crypto.pdf