Topic: On merchants not willing to accept crypto (Read 1239 times)
Well, I believed in the near future crypto will be accept by each country, depending on the usages and why they need to use it. Just like for example before there are some countries who banned Bitcoin but in a long run they revoke it then in the end they've accepted it too and now they are one of the digital currency enthusiast. And as far as I know there are already several merchants nowadays that already adopted and accepted it as their mode of payment just like Ethereum, Litecoin, and more.
It's probably due to the extra work involved in converting them into fiat. As bitcoin becomes more easier to spend more merchants will accept it so they won't have to worry about the conversion
I don't completely share the sentiment of this post.. In my opinion bitcoin to be precise does not really fit for payment processing. We have other blockchain projects that are better suited for that purpose with diverse partnerships that give allow them give more financial services than the bitcoin.Truth is if I where a merchant I might never accept bitcoin also because of the absence of the developer( anyone knows where satoshi is lol), and pick other better suited blockchain projects
Not only a way of sending money but also a way to store your money for long term, it is really good because it is being acceptable by all traders and merchants, it is safe to pay without any cutting and extra charges, those project who are not ready to accept bitcoin must be of low quality and still not well developed.Those who are adopting early might get the benefit of having it as an investment also as of now, most merchants are also investors IMO.
They help on the adoption and they should benefit of their contribution and that will only happen when value increases.
I don't completely share the sentiment of this post.. In my opinion bitcoin to be precise does not really fit for payment processing. We have other blockchain projects that are better suited for that purpose with diverse partnerships that give allow them give more financial services than the bitcoin.Truth is if I where a merchant I might never accept bitcoin also because of the absence of the developer( anyone knows where satoshi is lol), and pick other better suited blockchain projects
Not only a way of sending money but also a way to store your money for long term, it is really good because it is being acceptable by all traders and merchants, it is safe to pay without any cutting and extra charges, those project who are not ready to accept bitcoin must be of low quality and still not well developed.
Well, I think that there will be higher acceptable if there is a service to fit the gap by collecting Bitcoin from the user and paying fiat to the merchant. There won’t be any risk to the merchant in this case.
There already exist a lot of services like that where merchants can accept bitcoin as a payment method method. Some of the best ones are Bitapy, Stripe or Authorize. They already have thousands of merchants all around the world accepting bitcoin but the problem is most merchants accepting bitcoin are working only onlineI'm not sure how you suppose to use cryptocurrencies offline
Other than that, you can still use Bitcoin payment cards in pretty much the same way as regular bank cards if this is what you meant. If you actually mean using cryptocurrencies in the same way as cash (i.e. coins and banknotes), I don't think it is possible unless we are to use "paper" coins (for example, bitnotes). However, it will likely be against the whole idea behind crypto (though things may change with LN expansion and universal adoption)
There are several factors involved. For merchants, it is not only the fact that some of them do not accept crypto. There are in fact reasons for which. The volatility of the coin is an issue. The legal policies and regulations existing in their countries are also an issue. Perhaps, awareness is an issue even. For the buyers, there are also certain considerations. As far as I am concerned, I can easily and am actually spending my BTC but definitely not on expensive stuff such as cars. I have a limited amount of it and I am certainly guilty of keeping them for future growth. HODLing may indeed hurt the continuous adoption of Bitcoin in the world. But for now I am accumulating more than I spend.
I don't completely share the sentiment of this post.. In my opinion bitcoin to be precise does not really fit for payment processing. We have other blockchain projects that are better suited for that purpose with diverse partnerships that give allow them give more financial services than the bitcoin.Truth is if I where a merchant I might never accept bitcoin also because of the absence of the developer( anyone knows where satoshi is lol), and pick other better suited blockchain projects
Of course there are many merchants around the world who accept Bitcoin and Regulations from governments was a big problem for Bitcoin to progress through adoption because any organizations doesn't wanted trouble from the law in there country because it can be very bad for the progress of businesses but even this condition seems like changing because unlike in the past major governments like Japan, Switzerland and many African countries have started to keep an open mind regarding Bitcoin and other crypto so merchants will definitely change there mind and accept crypto in the future
Well, I think that there will be higher acceptable if there is a service to fit the gap by collecting Bitcoin from the user and paying fiat to the merchant. There won’t be any risk to the merchant in this case.
There already exist a lot of services like that where merchants can accept bitcoin as a payment method method. Some of the best ones are Bitapy, Stripe or Authorize. They already have thousands of merchants all around the world accepting bitcoin but the problem is most merchants accepting bitcoin are working only online. Merchant are affraid of the bitcoin volatility movement that's one of the reason why some merchant didn't accept bitcoin as mode of payment.
I think if bitcoin become regulated and control of their price normal like the same movement of dollar value we will easy bitcoin to use as payment anything they want to buy merchandise.
If crypto becomes a digital currency that is legal and its stability is quite good, of course more merchants will receive payment. This is the desire of all crypto users who want to see transactions in the world using a peer to peer system.I think if bitcoin become regulated and control of their price normal like the same movement of dollar value we will easy bitcoin to use as payment anything they want to buy merchandise.
However, there are still many problems that must be resolved by Krypto to be accepted by many merchants, where the 2 main points are, namely the state declares legal and the stability is maintained so there are no price fluctuations that make crypto owners panic.
Very interesting point. If people aren't willing to spend their BTC, then why go through the trouble of setting up a system. It seems the majority of BTC acceptance is around Europe and the US: https://coinmap.org/#/world/19.14516820/13.00781250/2
Have a great day,
The Cyberius team.
Yes, but Asia are now showing more interest on Cryptocurrency despite of the bans before, we will see a more great places to see cryptocurrency on different businesses. The major problem here is the volatility and too much manipulation, if an active business who generates profit daily accept cryptocurrency as mode of payment the tendency for the value of that coin to dump is very high, this is the concern i think. Have a great day,
The Cyberius team.
Merchant are affraid of the bitcoin volatility movement that's one of the reason why some merchant didn't accept bitcoin as mode of payment.
I think if bitcoin become regulated and control of their price normal like the same movement of dollar value we will easy bitcoin to use as payment anything they want to buy merchandise.
This can be a big loss for the merchants if the price of bitcoin falls, and the cost for them is very high. This is also why some merchants are still not accepting cryptocurrency because they are not yet ready for this kind of investment. Don't worry too much, the future is still with cryptocurrency they will accept later on if they are already confident to hold. I think if bitcoin become regulated and control of their price normal like the same movement of dollar value we will easy bitcoin to use as payment anything they want to buy merchandise.
Bitcoin markets will recover soon and the price of bitcoins will start to rise before 2020, there are more possibility for a huge leap in the crypto market like in 2017 o even more than that and the price of bitcoins could even cross $50000 USD which will make many new investors and merchants to enter the crypto currency market, so there is nothing to worry about the merchants not entering the crypto currency market even though it has been 10 years since bitcoins came into being it is still in its infancy stage and so time will take for more wider acceptance.
Very interesting point. If people aren't willing to spend their BTC, then why go through the trouble of setting up a system. It seems the majority of BTC acceptance is around Europe and the US: https://coinmap.org/#/world/19.14516820/13.00781250/2
Have a great day,
The Cyberius team.
Have a great day,
The Cyberius team.
Well, I think that there will be higher acceptable if there is a service to fit the gap by collecting Bitcoin from the user and paying fiat to the merchant. There won’t be any risk to the merchant in this case.
The few ones who use their bitcoin for purchases of goods and services send to merchants and other shops but when these merchants / shops receive it, they also hold the bitcoins too waiting for price to pump on it so the value doubles. At the end of the day both parties are just after keeping their bitcoins
That makes no sense
You forget that merchants should have operating capital to support their daily operations in the business, and Bitcoin cannot be used for such a purpose yet. In this way, whoever of merchants actually accepts crypto, they have to convert it to fiat. Indeed, some of them can hold some bitcoins (as it is often the case with exporters and foreign currencies they receive) but the number of such merchants is infinitesimal and ultimately inconsequential simply because merchants themselves typically don't accept cryptocurrencies even if you can pay with them. It is the part which you missed in your assumption (or rather conjecture)
These merchants are just really waiting for the mainstream adoption. They can't fight the new norm of the future which is cashless transaction using blockchain. They are also just doing what's right for their business for now so they can't risk accepting payments that can go down easily and we know that some small business needs exact auditing.
Yeah, don't worry about that, they will definitely follow the times, you don't have to force them to adopt bitcoin as payment. they will automatically adopt bitcoin when crypto technology and digital currency are mainstream, be patient
On my country I see some merchants accepting Bicoins as payment but the problem is only few people know how to use Bitcoin and most of the time customer make a lot of questions to the merchant which take their time and there are some question that they can't answer so I think as a starter merchant should be knowledgeable in Bitcoin in order for them to explain the use of it to their customers.
$0.50 fees which are only going to rise make onchain support impossible.
LN is not finished and not user friendly either.
Ethereum and Bitcoin Cash are fit for purpose, but they're not the #1 crypto.
So yeah, no wonder we're not seeing adoption.
LN is not finished and not user friendly either.
Ethereum and Bitcoin Cash are fit for purpose, but they're not the #1 crypto.
So yeah, no wonder we're not seeing adoption.
In my own opinion, i think both bitcoin holders and merchants are guilty in this case. Most bitcoin holders buy bitcoin for the purpose of trading with it (buy when low and sell when high for profit) or just hold till price pumps for them to make profit. The few ones who use their bitcoin for purchases of goods and services send to merchants and other shops but when these merchants / shops receive it, they also hold the bitcoins too waiting for price to pump on it so the value doubles. At the end of the day both parties are just after keeping their bitcoins. The ideology of bitcoin is thus not be followed as we have all turned it to a money making pattern instead of using it for an easy transparent payment system which was the initial plan. People should spent their bitcoin and not just hodl.
These merchants are just really waiting for the mainstream adoption. They can't fight the new norm of the future which is cashless transaction using blockchain. They are also just doing what's right for their business for now so they can't risk accepting payments that can go down easily and we know that some small business needs exact auditing.
Yeah, don't worry about that, they will definitely follow the times, you don't have to force them to adopt bitcoin as payment. they will automatically adopt bitcoin when crypto technology and digital currency are mainstream, be patient
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