Topic: The fear of adopting #Bitcoin for most established businesses (Read 660 times)
I agree to an extent in which the company's have a fear of losing the worth of Bitcoins they have in a single day if ever they invest and try to adopt to it but some other factors would also be if the use of Bitcoin is and will remain legal which it could get the company in trouble if all of a sudden a new rule pops out it the company's origin and then they have to ditch Bitcoin in the middle of the process in which this will surely lead to more loses than gains so their better off with the traditional ways unless it becomes clear enough that it's usage will be granted by everyone.
I would add to this privacy concerned, according to Greg Maxwell:
https://youtu.be/9pyVvq-vrrM?list=LLXpTGsw6ZxgMpQB8vQC60BQ&t=2107
Basically, many companies are afraid of having all their bitcoin transactions made public in a blockchain.
https://youtu.be/9pyVvq-vrrM?list=LLXpTGsw6ZxgMpQB8vQC60BQ&t=2107
Basically, many companies are afraid of having all their bitcoin transactions made public in a blockchain.
I think this is a big deal, apart from any other issues. In competitive markets companies don't want this level of transparency for obvious reasons. That's why anonymizing technologies and altcoins are a key part of crypto mainstream adoption, not a side issue. (Hopefully without losing the benefits of the public ledger for things like auditing, however.)
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Moot, thats not the case, since payment processor will do the work for you.
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Moot, thats not the case, since payment processor will do the work for you.
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This.
Biggest problem for the adoption is lack of people earning in bitcoins (potential customers). No one will buy BTC just to pay with it in store, unless there's a significant discount or other incentive.
No business will bother to adopt bitcoin payments if the related costs outweigh benefits. Even if the payment processors (bitpay, coinbase) provide free (or very low-fee) service, there's always cost of amending the website/t&c, buying devices (for physical shops), staff training, book-keeping etc.
On the other hand, it opens new marketing channels and possible free advertisement (bitcoin directories, btc related social media, news articles).
@OP,
Those businesses can either do one thing like sell their coins all in one go after a day's sales or else hodl...
It's their decision, and that's why we are seeing more stability and "stable growth" rather than huge pumps and dumps, as people here are smart enough now...
Those businesses can either do one thing like sell their coins all in one go after a day's sales or else hodl...
It's their decision, and that's why we are seeing more stability and "stable growth" rather than huge pumps and dumps, as people here are smart enough now...
No, I do not agree. For example, Bitcoin is acknowledged as a currency in Germany. There are rules how to handle Bitcoin and VAT etc. Even so, the acceptance as a payment option at shops is very low. Very likely because most do not want to pay in Bitcoin.
it's not only that, it's also because of regulation, you cna see this clearly well because some company are beginning to accept it if it is connectedd to coinbase, which is in touch with IRS
this mean auto-regulation for them, and they be more secured
this mean auto-regulation for them, and they be more secured
Bigger or smaller most of the business this day use bitpay like services to accept bitcoin payments which directly converts bitcoin to fiat instantly on market rate. But this also gives some technical glitches between communication between them like bitpay and merchant due to unexpected delay on confirmation time. (which i have experienced recently)
the utopia is "instantly".. the problem is that its not instant..
take this as just one example
https://bitcointalksearch.org/topic/m.13481941
the guy wanted to use nuteller which worked via bitpay.. nuteller refused to do anything as the funds were held up. bitpay just said 'wat and be patient' it took 35 minutes for the transaction to go through.. even with 9cents worth of fees (0.0002)
accepting bitcoin direct would not work well in brick and mortar retailers suck as walmart or starbucks.. the confirmation time or the risk of accepting a unconfirmed tx that can be malle attacked is too high
bitcoin is great for online sales with a next day-14 day delivery, as thats then time to wait for a confirm to then dispatch the goods without a customer instantly getting pissed off.
but real world instant uses like buying coffee is just not going to work in reality
I would add to this privacy concerned, according to Greg Maxwell:
https://youtu.be/9pyVvq-vrrM?list=LLXpTGsw6ZxgMpQB8vQC60BQ&t=2107
Basically, many companies are afraid of having all their bitcoin transactions made public in a blockchain.
https://youtu.be/9pyVvq-vrrM?list=LLXpTGsw6ZxgMpQB8vQC60BQ&t=2107
Basically, many companies are afraid of having all their bitcoin transactions made public in a blockchain.
The problem with Bitcoins adaptation for small businesses, and larger variants alike, is not that its too "Evolved," or "Complicated," to understand. The problem - at least from my objective point of view - is that it's too risky for any organisation to hold their revenue in a digital format which is dramatically unsettled - in terms of everything.
This feeling (which surprisingly increases during $/BTC conversion spikes and peaks), force organisations of reduces or turn a blind-eye to the integration of Bitcoin into their payment systems; for the fear that once they begin to hold and accept btc for physical goods, their revenue would soon be slashed by 80% during one of these dramatic episodes.
In the long-run, I can only imagine that the settling nature of Bitcoin - if in fact it does ever settle - would encourage smaller and bigger firms, local and international business to allow adopt Bitcoin in their portfolio.
This feeling (which surprisingly increases during $/BTC conversion spikes and peaks), force organisations of reduces or turn a blind-eye to the integration of Bitcoin into their payment systems; for the fear that once they begin to hold and accept btc for physical goods, their revenue would soon be slashed by 80% during one of these dramatic episodes.
In the long-run, I can only imagine that the settling nature of Bitcoin - if in fact it does ever settle - would encourage smaller and bigger firms, local and international business to allow adopt Bitcoin in their portfolio.
Moot, thats not the case, since payment processor will do the work for you.
However it is true that most people don't realize you can simply slap a BTC accepted sticker, add a certain BTC processor and then get paid in USD or whatever currency you want.
In reality its really simple and its not true you need to hold BTC, but i talked to a couple of big sellers and they don't know or use this excuse as bullshit. Like Steam.
Exactly, no business run on fiat money should hold btc, that's a basic principle of business administration: you should always have your assets and liabilities in the same currency (or, if impossible, invest in hedging).
Bigger or smaller most of the business this day use bitpay like services to accept bitcoin payments which directly converts bitcoin to fiat instantly on market rate. But this also gives some technical glitches between communication between them like bitpay and merchant due to unexpected delay on confirmation time. (which i have experienced recently)
The problem with Bitcoins adaptation for small businesses, and larger variants alike, is not that its too "Evolved," or "Complicated," to understand. The problem - at least from my objective point of view - is that it's too risky for any organisation to hold their revenue in a digital format which is dramatically unsettled - in terms of everything.
This feeling (which surprisingly increases during $/BTC conversion spikes and peaks), force organisations of reduces or turn a blind-eye to the integration of Bitcoin into their payment systems; for the fear that once they begin to hold and accept btc for physical goods, their revenue would soon be slashed by 80% during one of these dramatic episodes.
In the long-run, I can only imagine that the settling nature of Bitcoin - if in fact it does ever settle - would encourage smaller and bigger firms, local and international business to allow adopt Bitcoin in their portfolio.
This feeling (which surprisingly increases during $/BTC conversion spikes and peaks), force organisations of reduces or turn a blind-eye to the integration of Bitcoin into their payment systems; for the fear that once they begin to hold and accept btc for physical goods, their revenue would soon be slashed by 80% during one of these dramatic episodes.
In the long-run, I can only imagine that the settling nature of Bitcoin - if in fact it does ever settle - would encourage smaller and bigger firms, local and international business to allow adopt Bitcoin in their portfolio.
Moot, thats not the case, since payment processor will do the work for you.
However it is true that most people don't realize you can simply slap a BTC accepted sticker, add a certain BTC processor and then get paid in USD or whatever currency you want.
In reality its really simple and its not true you need to hold BTC, but i talked to a couple of big sellers and they don't know or use this excuse as bullshit. Like Steam.
The problem with Bitcoins adaptation for small businesses, and larger variants alike, is not that its too "Evolved," or "Complicated," to understand. The problem - at least from my objective point of view - is that it's too risky for any organisation to hold their revenue in a digital format which is dramatically unsettled - in terms of everything.
This feeling (which surprisingly increases during $/BTC conversion spikes and peaks), force organisations of reduces or turn a blind-eye to the integration of Bitcoin into their payment systems; for the fear that once they begin to hold and accept btc for physical goods, their revenue would soon be slashed by 80% during one of these dramatic episodes.
In the long-run, I can only imagine that the settling nature of Bitcoin - if in fact it does ever settle - would encourage smaller and bigger firms, local and international business to allow adopt Bitcoin in their portfolio.
This feeling (which surprisingly increases during $/BTC conversion spikes and peaks), force organisations of reduces or turn a blind-eye to the integration of Bitcoin into their payment systems; for the fear that once they begin to hold and accept btc for physical goods, their revenue would soon be slashed by 80% during one of these dramatic episodes.
In the long-run, I can only imagine that the settling nature of Bitcoin - if in fact it does ever settle - would encourage smaller and bigger firms, local and international business to allow adopt Bitcoin in their portfolio.
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