Topic: This is how mass adoption looks like. - page 3. (Read 646 times)
Absolutely right. People wait for the institutions to accept bitcoin and others as a payment method, but small retailers can begin this trend with such initiatives. As r/wallstreetbets did, bitcoin enthusiast retail vendors can begin to use bitcoin as an alternative payment method and it will be revolutionary.
Mass adoption is not about banks, neither about instituional money.
This is mass adoption.
I just want to buy coal, eggs and chicken with bitcoin.
this is the way
Wow, a rather creative person created this))) Applauzes! lots of people just wait when different organizations will directly accept the BTC as the means of payment, while others without Internet have done it already without hesitation or lots of assets fir advertisement)) respect for those people. In my opinion in case the bigger amount of people wil do like this others will have no choice and just will have to adopt something like that in order not to loose their positions on the business or market space. While some wait others act.
Making Bitcoin to be used in purchasing of goods and services is mass adoption, hence I believe you are right about what mass adoption is, and it is through this way that more people within that vicinity will be able to learn more about Bitcoin and other cryptocurrencies, because it will bring a burning questions within them, and also the advert is clear and captivating as well. Imagine what will happen when more businesses within that location starts accepting Bitcoin and cryptocurrencies as well, it means more people will be enlightened and more people will be brought into the crypto space. And also, another interesting fact is that, the business also accepts other cryptocurrencies thus making it easier for customers to pay with their desired coins.
I've seen several phone repair shops in my area that accepts bitcoin since 2018, and have continued to do so until now. The bigger shops however, wouldn't want to do this move just yet. Why? Probably because of regulations, and the complications it brings re: tax. Once the regulations, tax, and all the legalities and loopholes have been addressed, maybe that's the time we'll see more of this--hopefully--in the future.
It'll start with legalizing these things 'technically' before we get to see the boom into adopting it.
It'll start with legalizing these things 'technically' before we get to see the boom into adopting it.
Wow, that's pretty amazing but you could please let us know how do they manage the huge fees bitcoiners have to pay to make a transaction ?
Phone repairs hardly take around $20 - $30 in my country. Paying around $4 as fees is about paying 14% of the total amount as fees.
How do those shopkeepers tackle this problem ?
This is also the misconception I think with what happened last year. Many people are considering that it is adoption which was made by PayPal to accept cryptocurrencies but I guess it is not a total adoption simply because the amount of crypto, perhaps Bitcoin, will be converted to fiat in most of the transactions especially if the company or the counter part of that transaction is not open to cryptos as a medium. It is more likely a movement to regulate this technology through taxation in cryptotransactions which can't be done in a daily basis with this industry, wherein cryptos are mostly decentralized. What OP have mentioned is the real thing.
Wow! That's quite a way to go and what an elaborate sign post. Should the merchant be successful in managing his or her business, it would go a long way in motivating other business outlets to adopting cryptocurencies as a medium of payment and maybe bring in a few investors to cryptos too. There is no better way to preach cashless policy better than this way and the merchant stands to gain more should accumulated coins rise.
I really hope countries with a stiff regulation on cryptos would see merchants like this and know that crypto isn't the enemy but a new and easy means of transacting.
I really hope countries with a stiff regulation on cryptos would see merchants like this and know that crypto isn't the enemy but a new and easy means of transacting.
I think that could happen when the government approves the bitcoin existence, so we will see many local stores or cafes that will accept crypto, especially bitcoin and other top coins. If that is happening in many places, mass adoption can grow, and we will see many people will try to use bitcoin.
But with the high fee of bitcoin transactions now can make people think twice to use bitcoin just to buy something in the local store because they can still fiat or debit/credit card or other digital money. Maybe they will use bitcoin as their investment than spend or buying in the store. After all, that promotion can attract attention from people who see that and can have the curiosity to know more about bitcoin.
But with the high fee of bitcoin transactions now can make people think twice to use bitcoin just to buy something in the local store because they can still fiat or debit/credit card or other digital money. Maybe they will use bitcoin as their investment than spend or buying in the store. After all, that promotion can attract attention from people who see that and can have the curiosity to know more about bitcoin.
This looks interesting. A convenience store that accepts crypto payments. We are actually near Mass adoption. Although not all are really convinced with crypto payments being so convenient because of the high fees, but if they will see such stores like this who allow netizens to pay in crypto forms, those who aren't aware about it will have an interest to know cryptocurrency.
Some areas in my place like gasoline station, bars and small stores which I have seen and go there personally hasn't that well used at the moment. Ive talked to the owners and managers and ask them if adoption of crypto payments are going smoothly but sad to say, only few use it as a payment method.
Some areas in my place like gasoline station, bars and small stores which I have seen and go there personally hasn't that well used at the moment. Ive talked to the owners and managers and ask them if adoption of crypto payments are going smoothly but sad to say, only few use it as a payment method.
Unfortunately, this can't work except if they do pay taxes.
Who wants to use bitcoin when it takes 10 minutes to make a transaction?
People are more honest than you think. Specially simple folk
They sell things there for 1 to 10 usd. Nobody is going to make a RBF transaction to rob them. They can get 0 conf tx.
If this is happening right now, what are we going to experience in the next decade? We are already in the digital era and I foresee this to replicate to other continents. Mass adoption is when small businesses accepting digital currencies as a mode of payment
Look like that in the country, Bitcoin has been used for daily needs and legal fro payment method.
This is exactly a mass adoption of BTC and also another cryptocurrency.
This is not a big company but being brave to take risks with this kind of payment. If it is about the daily needs, and even this is not about only big companies, this merchant has proven that everyone can use BTC for payment.
However, rules are still gonna be rues. We may not be able to ignore or avoid rues if we are living in a country where Bitcoin is still not legal for payment. And this really happens. So, merchants will really take high risks if using this kind of business, but if they think about the future, it will mean many things.
But, this is what makes the mass adoption cannot grow up so significantly because of the rule in the countires.
This is exactly a mass adoption of BTC and also another cryptocurrency.
This is not a big company but being brave to take risks with this kind of payment. If it is about the daily needs, and even this is not about only big companies, this merchant has proven that everyone can use BTC for payment.
However, rules are still gonna be rues. We may not be able to ignore or avoid rues if we are living in a country where Bitcoin is still not legal for payment. And this really happens. So, merchants will really take high risks if using this kind of business, but if they think about the future, it will mean many things.
But, this is what makes the mass adoption cannot grow up so significantly because of the rule in the countires.
Its more than a shop offering goods for payment in Bitcoin, its about creating a new
ecosystem where people can earn Bitcoin so they can Hodl it and spend it.
Maybe this will happen over time where people have the opportunities to offer goods
and services in return for Bitcoin payment so they in turn can buy goods and services.
FIAT becomes redundant and people control their own finances.
ecosystem where people can earn Bitcoin so they can Hodl it and spend it.
Maybe this will happen over time where people have the opportunities to offer goods
and services in return for Bitcoin payment so they in turn can buy goods and services.
FIAT becomes redundant and people control their own finances.
Hoping they will disregard XRP 
(kidding).
This is one of ton ways to spread mass adoption, by just doing this, a lot of people will become more curious on Bitcoin or other cryptocurrency and they will try to use it.
I am curious if they are using some payment processors or just doing manually to pay cryptocurrency.
I can't wait to try to use my Bitcoin to buy some items/services in our local areas.
(kidding).This is one of ton ways to spread mass adoption, by just doing this, a lot of people will become more curious on Bitcoin or other cryptocurrency and they will try to use it.
I am curious if they are using some payment processors or just doing manually to pay cryptocurrency.
I can't wait to try to use my Bitcoin to buy some items/services in our local areas.
Mass adoption is not about banks, neither about instituional money.
This is mass adoption.
I just want to buy coal, eggs and chicken with bitcoin.
this is the way
Definitely agree! If the institution adopts Bitcoin, it is called institutional adoption. Masses portrays to people, from ordinary to small-medium businesses. If this set of group of people started to accept Bitcoin as a mode of payment and transact with them regularly, then we can really see the real concept of mass adoption.
Mass adoption is not about banks, neither about instituional money.
This is mass adoption.
I just want to buy coal, eggs and chicken with bitcoin.
this is the way
They cant really just able to handle its volatility.For some this wont matter but for majority of them will really be looking on this way.This is a common reason for them to hindered out
on going to full adoption scale.
Using up our own coins on establishments like this or any other service physically then that could really give us some good feeling but well these places were
just limited out and the rest will be sticking on what they had been used to.
It's good to see some real life utilisation of crypto currency and bitcoin in particular because this somewhat restores our faith in the technology instead of just considering it as an investment medium. But wouldn't it be a hassle for the seller if the value of Bitcoin or any other altcoin's drops aftersale? Either the owner who accepts bitcoin and other crypto will immediately convert it into stable coins like USDT or else he is either losing out big time or gaining huge profit as per the market situation.
This is the freest thing I've ever seen in a while.
Unfortunately, this can't work except if they do pay taxes. Also, I observe inconvenience from the seller, the operator of the business, if that's the only shop that accepts bitcoin around there. Traditionally, the man that runs a similar business is already uncertain about his profit. He has to predict it, by measuring things like expenses. Can you imagine that he also have to consider the uncertainty of the crypto's prices?
Although, in the long term, when more shops like this one, accept cryptocurrencies then the price will be less fluctuating. Think about it, the more shops, the more it'll look as a medium of exchange.
Unfortunately, this can't work except if they do pay taxes. Also, I observe inconvenience from the seller, the operator of the business, if that's the only shop that accepts bitcoin around there. Traditionally, the man that runs a similar business is already uncertain about his profit. He has to predict it, by measuring things like expenses. Can you imagine that he also have to consider the uncertainty of the crypto's prices?
Although, in the long term, when more shops like this one, accept cryptocurrencies then the price will be less fluctuating. Think about it, the more shops, the more it'll look as a medium of exchange.
Who wants to use bitcoin when it takes 10 minutes to make a transaction?
LN.Definitely, the owner is closely monitoring the btc and other alt prices in the market. Now, that's a tedious job. Wonder how often he changes the price of his goods? But maybe, he has only one site he is basing his conversion rates, and one possible is their local crypto-exchange. It will be good to see shops like this that you can find even in rural areas.
By the way, is the XP coin referring on the photo is the experience points coin - https://www.coingecko.com/en/coins/xp#markets?
Who wants to use bitcoin when it takes 10 minutes to make a transaction?
Depending on the transaction amount, you don't necessarily need to wait for a confirmation.
For low amounts (e.g. some drinks or a meal), if some attributes are met (e.g. no RBF-flag set and no conflicting transaction has been found in the network), accepting 0-conf transactions can be pretty safe.
I mean, you can never completely negate fraud. But you also can't with credit cards.
Further, i doubt lots of people would walk in and double-spend for a burger..
The 10 minute confirmation time is not an issue in this case IMO.
And the Lightning network will further solve this "issue".
This is the freest thing I've ever seen in a while.
Unfortunately, this can't work except if they do pay taxes. Also, I observe inconvenience from the seller, the operator of the business, if that's the only shop that accepts bitcoin around there. Traditionally, the man that runs a similar business is already uncertain about his profit. He has to predict it, by measuring things like expenses. Can you imagine that he also have to consider the uncertainty of the crypto's prices?
Although, in the long term, when more shops like this one, accept cryptocurrencies then the price will be less fluctuating. Think about it, the more shops, the more it'll look as a medium of exchange.
Unfortunately, this can't work except if they do pay taxes. Also, I observe inconvenience from the seller, the operator of the business, if that's the only shop that accepts bitcoin around there. Traditionally, the man that runs a similar business is already uncertain about his profit. He has to predict it, by measuring things like expenses. Can you imagine that he also have to consider the uncertainty of the crypto's prices?
Although, in the long term, when more shops like this one, accept cryptocurrencies then the price will be less fluctuating. Think about it, the more shops, the more it'll look as a medium of exchange.
Who wants to use bitcoin when it takes 10 minutes to make a transaction?
LN.
Who wants to use bitcoin when it takes 10 minutes to make a transaction?
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