Can crypto ultimately replace fiat money? I don't see this trend happening even though more vendors are accepting crypto.
Yes. I believe most of us here thinks so; just not right now. Bitcoin is still very volatile in terms of price, and scaling solutions for Bitcoin to be better for merchant payment isn't ready yet. But as time goes, as money comes in and liquidity gets better, and as 2nd layer solutions like the Lightning Network gets ready, we'll get there. It's just a matter of when. 
Topic: eCommerce Adoption? - page 2. (Read 338 times)
Hi Jeremy, welcome to this forum! I understand and agree to your statement! People don't want to spend their cryptos because cryptos are not yet considered as a form of payment by majority of the users. Cryptos are mainly being considered as a method of investment by majority of the users! Because these people have seen cryptos giving unnatural type of returns which no other investment methods are offering, so they just don't want to miss the boat. They just want to ride the tide and fill their pockets. But there's nothing wrong with this type of behavior because everyone wants to become rich at some point of time in their life!
This particular behavior is popularly known as "FOMO" or "Fear Of Missing Out"! In psychological definition it says,
Source: https://en.wikipedia.org/wiki/Fear_of_missing_out
This particular behavior is playing in the background of every crypto user's mind! It will be minimized if bitcoin's price is stable! Try to use stable coins like USDT in your stores and I am sure you will have completely different experience!
This particular behavior is popularly known as "FOMO" or "Fear Of Missing Out"! In psychological definition it says,
Quote
1. "A pervasive apprehension that others might be having rewarding experiences from which one is absent".
2. This social anxiety[3] is characterized by "a desire to stay continually connected with what others are doing".
3. FOMO is also defined as a fear of regret,
4. which may lead to a compulsive concern that one might miss an opportunity for social interaction, a novel experience, a profitable investment, or other satisfying events.
5. In other words, FOMO perpetuates the fear of having made the wrong decision on how to spend time since "you can imagine how things could be different".
2. This social anxiety[3] is characterized by "a desire to stay continually connected with what others are doing".
3. FOMO is also defined as a fear of regret,
4. which may lead to a compulsive concern that one might miss an opportunity for social interaction, a novel experience, a profitable investment, or other satisfying events.
5. In other words, FOMO perpetuates the fear of having made the wrong decision on how to spend time since "you can imagine how things could be different".
Source: https://en.wikipedia.org/wiki/Fear_of_missing_out
This particular behavior is playing in the background of every crypto user's mind! It will be minimized if bitcoin's price is stable! Try to use stable coins like USDT in your stores and I am sure you will have completely different experience!
Testing out stablecoins now! Thanks for this. Coinbase just announced support for a stablecoin and I actually haven't implemented it haha.
I am a big believer of cryptocurrencies and BTC but the results are quite... underwhelming. Less than 0.5% of total transactions processed is on BTC/ETH/BCH. I just did a trend analysis over the past 4 years and there is no signs of increasing.
If that's not a business secret can you quantify what 0.5% means? 10 sales, 100? Ten thousand?
I see that your business is operating from Malaysia, do you also have a stat about the percentage of bitcoins sales by countries you've shipped to? Would be nice to hear why is buying with bitcoins.
As for the percentages, they are quite what one would expect.
Amazon sold 180 million products during one Cyber Monday, there are 450 million tx in the entire history of the blockchain and while Visa is doing 150 million tx a day Bitcoin is averaging 300k +/- 10% on LN.
That would be actually 0.2% if we compare them.
Hey thanks for getting back to me. We process about 12,000 sales a year. So roughly about 240 transactions processed with Coinbase.
We ship worldwide, with our key markets being South Korea, US, a few countries in Europe and the Middle East.
It's just strange that BTC is not being used for value transfer at all.
No one wants to spend something that either - they believe will be worth more tomorrow, or they paid vastly more than they're spending it for. That's nothing to do with crypto. That's human nature.
Common, there are exceptions:
This is me grabbing a smartphone phone for my parents while on offer. I actually got it 33% cheaper due to the store offer and about 20% because of the increase in bitcoin price :PPPP. And now I can use my unspent fiat to buy cheap coins...
Probably the 1% of the times I actually managed to get close to the peak, usually, I decide to buy stuff right after the dumps.
But I quite agree with your other posts, we might experience less RL usage, for sure if we speaking about percentages.
Merchant adoption of cryptocurrencies have increased higher than the past years. By the year 2017 there large scale growth took place based on the adoption that take place with time. As an user stated some vendors stopped accepting bitcoin in between as they didn't get return that were expected. In the falling years can expect good level of adoption that makes the market stronger as 2017.
There seem to be very few vendors starting to accept bitcoin or other crypto for the first time, and indeed a few who used to accept it now no longer doing so
Merchant adoption peaked in 2014, at least in terms of announcements.. It's been downhill ever since with more and more quietly chucking it in. I'd definitely make use of more options but I think it's going to be the last thing to fall into place if it ever happens properly at all, not one of the first.
All this speculation stuff needs to play out before it can think of moving on to the currency bit.
I don't see this trend happening even though more vendors are accepting crypto.
Do you have any data on this? My experience is the opposite, especially given the recent year(ish) long bear market. There seem to be very few vendors starting to accept bitcoin or other crypto for the first time, and indeed a few who used to accept it now no longer doing so. I would love to be able to spend my bitcoin directly in more places, and I am always on the look out for new places to spend, but I have found very few of late, and the ones who I have asked to consider accepting bitcoin haven't shown much interest.I do think there is a problem with how the majority of the community view bitcoin, however. Too many only care for it as a way to make more fiat, and not as a currency in its own right.
Hi Jeremy, welcome to this forum! I understand and agree to your statement! People don't want to spend their cryptos because cryptos are not yet considered as a form of payment by majority of the users. Cryptos are mainly being considered as a method of investment by majority of the users! Because these people have seen cryptos giving unnatural type of returns which no other investment methods are offering, so they just don't want to miss the boat. They just want to ride the tide and fill their pockets. But there's nothing wrong with this type of behavior because everyone wants to become rich at some point of time in their life!
This particular behavior is popularly known as "FOMO" or "Fear Of Missing Out"! In psychological definition it says,
Source: https://en.wikipedia.org/wiki/Fear_of_missing_out
This particular behavior is playing in the background of every crypto user's mind! It will be minimized if bitcoin's price is stable! Try to use stable coins like USDT in your stores and I am sure you will have completely different experience!
This particular behavior is popularly known as "FOMO" or "Fear Of Missing Out"! In psychological definition it says,
Quote
1. "A pervasive apprehension that others might be having rewarding experiences from which one is absent".
2. This social anxiety[3] is characterized by "a desire to stay continually connected with what others are doing".
3. FOMO is also defined as a fear of regret,
4. which may lead to a compulsive concern that one might miss an opportunity for social interaction, a novel experience, a profitable investment, or other satisfying events.
5. In other words, FOMO perpetuates the fear of having made the wrong decision on how to spend time since "you can imagine how things could be different".
2. This social anxiety[3] is characterized by "a desire to stay continually connected with what others are doing".
3. FOMO is also defined as a fear of regret,
4. which may lead to a compulsive concern that one might miss an opportunity for social interaction, a novel experience, a profitable investment, or other satisfying events.
5. In other words, FOMO perpetuates the fear of having made the wrong decision on how to spend time since "you can imagine how things could be different".
Source: https://en.wikipedia.org/wiki/Fear_of_missing_out
This particular behavior is playing in the background of every crypto user's mind! It will be minimized if bitcoin's price is stable! Try to use stable coins like USDT in your stores and I am sure you will have completely different experience!
No one wants to spend something that either - they believe will be worth more tomorrow, or they paid vastly more than they're spending it for. That's nothing to do with crypto. That's human nature.
I am a big believer of cryptocurrencies and BTC but the results are quite... underwhelming. Less than 0.5% of total transactions processed is on BTC/ETH/BCH. I just did a trend analysis over the past 4 years and there is no signs of increasing.
If that's not a business secret can you quantify what 0.5% means? 10 sales, 100? Ten thousand?
I see that your business is operating from Malaysia, do you also have a stat about the percentage of bitcoins sales by countries you've shipped to? Would be nice to hear why is buying with bitcoins.
As for the percentages, they are quite what one would expect.
Amazon sold 180 million products during one Cyber Monday, there are 450 million tx in the entire history of the blockchain and while Visa is doing 150 million tx a day Bitcoin is averaging 300k +/- 10% on LN.
That would be actually 0.2% if we compare them.
Hey everyone, I'm Jeremy from HUSTLR. I run multiple eCommerce stores like Vape Club. I've been accepting cryptocurrencies since 2014. Currently using Coinbase Commerce to receive coin payments.
I am a big believer of cryptocurrencies and BTC but the results are quite... underwhelming. Less than 0.5% of total transactions processed is on BTC/ETH/BCH. I just did a trend analysis over the past 4 years and there is no signs of increasing.
Can crypto ultimately replace fiat money? I don't see this trend happening even though more vendors are accepting crypto.
Any eCommerce vendors here? I want to hear from you. Hoping your result is different from mine.
I am a big believer of cryptocurrencies and BTC but the results are quite... underwhelming. Less than 0.5% of total transactions processed is on BTC/ETH/BCH. I just did a trend analysis over the past 4 years and there is no signs of increasing.
Can crypto ultimately replace fiat money? I don't see this trend happening even though more vendors are accepting crypto.
Any eCommerce vendors here? I want to hear from you. Hoping your result is different from mine.
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