Topic: On merchants not willing to accept crypto - page 6. (Read 1186 times)

You are absolutely right.

If you are willing to spend money in exchange for a good or service, be it fiat or bitcoin, there is someone out there who will accept it. Now, while millionaires can buy anything they like in bitcoin by throwing enough money at it, the average person here isn't going to be able to convince some big supermarket or chain to start accepting bitcoin, but they could certainly have success in smaller independent retailers or tradespeople. After me asking every week for a month or so, one of the sellers at my local farmers' market started to accept bitcoin, and now he isn't the only one accepting it and I'm not the only one spending it.

Stop waiting for retailers to accept crypto and start asking them to accept crypto. Holding won't get us anywhere if no one is spending.

You want to say that there is no demand no supply? Yeah, you can really spend bitcoin to buy ticket, book hotel, even football player was bought with bitcoin and if I remember correctly, one club was sold in bitcoins or something similar. But why just merchants can't integrate it? If nothing, they won't be in loss with this additional payment way. Maybe there isn't really demand but everyone here talks that they want it, in reality no one does anything to get what they want

The prevailing opinion on the forum seems to be that Bitcoin's adoption is limited by merchants' reluctance to accept it as a means of payment. In my eyes this view represents a typical cause-and-effect dilemma, which is colloquially known as putting the cart before the horse (i.e. confusing cause and effect). In this topic I will try to explain why such an opinion is in fact incorrect

To prove that it is not merchants' fault or reluctance to accept Bitcoin but rather unwillingness of the consumers to pay with it, we should think about the use cases where Bitcoin holders may in fact be willing to spend their coins. And if I'm right (which I am), then we should see merchants actually accepting crypto in these areas. This approach can easily prove whether people are really putting the cart before the horse here

Big-time holders don't seem to be very interested in speculating with Bitcoin because they already have enough to live like pigs in clover for the rest of their life. But when you have so much wealth, you would evidently want to spend some of it on things which you dreamed of your whole life, like sports cars, penthouses, jewelries for your girlfriend, traveling around the world and living in 5-star hotels like a king

And this is where we see Bitcoin being willingly accepted by providers of these services and suppliers of such goods. You can easily buy elite real estate, pay for the most exclusive sports cars, seduce your passion with most exquisite jewelries, and you can do all these things with bitcoins - provided you have enough of them, of course. In simple terms, when money talks bullshit walks. And Bitcoin is that money
So it is not about merchants at all

Hey, did you read the OP?

As this is exactly what this topic is about. It is about merchants not accepting cryptocurrencies because no one wants to pay with them (this is a bit of an exaggeration but you get the point), and not because they don't want to earn more profits through cryptopayments as the claims of some folks here essentially come down to. Where there is enough demand for such payments, merchants don't wait to show up as well

i think the main reason is because of the way its taxed. its not seen as currency but as product, or property

if i was a merchant i certainly would not want to be taxed buying bitcoin (you are actually buying bitcoin by trade) and then taxed again selling it, specially if you happen to sell it at a profit. unless you hold it for a year.

the way its done it makes things too complicated to deal with

but that is not the biggest reason why they aren't accepting bitcoin as payment in my opinion. specially since it is not prohibited by law in most countries in the world!
the biggest reason is still lack of demand. a shop needs to know that if they start accepting bitcoin as payment then there will be enough customers who are going to spend there so that the efforts are not a waste.
for example imagine you have a shop in New York, would you start accepting all kinds of currencies like Chinese Yen? it is not illegal to accept CNY but you won't simply because you don't know if there is anybody who would even spend it there and you don't want the hassle of setting up a payment system to accept it assuming it is not going to be in cash payments

I think that Bitcoin users are not in a hurry to spend Bitcoins now. The price of Bitcoin is now too low to spend. Therefore, there is no demand for payment for goods using cryptocurrency.

there is no lack of merchants ready to accept crypto as long as it is not prohibited by the law. To repeat, when money talks bullshit walks

The prevailing opinion on the forum seems to be that Bitcoin's adoption is limited by merchants' reluctance to accept it as a means of payment. In my eyes this view represents a typical cause-and-effect dilemma, which is colloquially known as putting the cart before the horse (i.e. confusing cause and effect). In this topic I will try to explain why such an opinion is in fact incorrect

To prove that it is not merchants' fault or reluctance to accept Bitcoin but rather unwillingness of the consumers to pay with it, we should think about the use cases where Bitcoin holders may in fact be willing to spend their coins. And if I'm right (which I am), then we should see merchants actually accepting crypto in these areas. This approach can easily prove whether people are really putting the cart before the horse here

Big-time holders don't seem to be very interested in speculating with Bitcoin because they already have enough to live like pigs in clover for the rest of their life. But when you have so much wealth, you would evidently want to spend some of it on things which you dreamed of your whole life, like sports cars, penthouses, jewelries for your girlfriend, traveling around the world and living in 5-star hotels like a king

And this is where we see Bitcoin being willingly accepted by providers of these services and suppliers of such goods. You can easily buy elite real estate, pay for the most exclusive sports cars, seduce your passion with most exquisite jewelries, and you can do all these things with bitcoins - provided you have enough of them, of course. In simple terms, when money talks bullshit walks. And Bitcoin is that money



So it is not about merchants at all

It seems to me that this is a matter of time, and after about five years, we will see that Bitcoins and other cryptocurrencies can be paid in all corners of the planet.

I think that Bitcoin users are not in a hurry to spend Bitcoins now. The price of Bitcoin is now too low to spend. Therefore, there is no demand for payment for goods using cryptocurrency.

some merchants aren't willing to accept crypto the main reason is that of the uncertainty of prices in the crypto market keep fluctuations so merchants are afraid to accept crypto currencies

We're trying to fix that problem https://allforcrypto.org    .There many issues we have to overcome due.Cryptos user our generally all talk and very tribal.They say they what something but when you offer it to then they don't use it. People only concern is will it increase the price of their particular coin, not that actual adoption. That why we focusing our marketing to non crypto disgruntled ebay amazon sellers .

It is in fact quite easy

Most of us are not doing this because a) we simply don't know how b) hedging against volatility means we are sacrificing future profits via "buying low selling high". But for merchants and producers (who are not interested in speculation), it is a working strategy which is widely used everywhere in the world (I'm not talking about crypto specifically here). If you want to hedge against future price change, you can hedge with futures or options. With crypto, you just open a short position equal to the amount held. In that case, you are 100% protected from any price move, though, as I said, you can also kiss goodbye to your profits as well

Out of curiosity, what would those hidden costs be?
Staff trained once, retains the knowledge. Wallets are free so as participation in the network. Legal help also is paid once.
What is that that I'm missing?