Pages:
Author

Topic: When will more retailers accept Bitcoin - page 43. (Read 17194 times)

hero member
Activity: 1218
Merit: 557
It would be hard for my country for bitcoin to be accepted in almost all establishments here since my country is not as rich as Japan.  Tax is needed for the growth of the country and if bitcoin will not be taxed then our country will not permit bitcoin to be legalized or used here.  Or if ever retailers will accept bitcoin as a mode of payment here, then maybe they will have a tax for the services.  Then items paid with bitcoin will be a little higher compared to items paid with cash.

Which country do you belong to and has your country have legalized the bitcoin or not yet? Our country is also planning to bring it under purview and tax the bitcoin so that revenue can be generated by the government and it can be under govt control as well.
legendary
Activity: 2912
Merit: 6403
Blackjack.fun
Hey Tom!

Here's a big merchant making it happen.


"OVERSTOCK EXEC: 'It's crazy that so many retailers don't accept bitcoin'"

article published July 14, 2017
http://www.businessinsider.com/bitcoin-price-up-overstock-ceo-says-firms-should-accept-it-2017-7

"The cost of accepting bitcoin is very low," Johnson said. "It's actually cheaper for us to complete a bitcoin transaction than it is to complete a credit card."

From the overstock site:



Well duh. Plus it's irreversible. Why would you not accept bitcoin? Even if you exchange it right away to fiat it's only costing you a total of half of a percent or so. That's dirt cheap for accepting money!!

You would not accept it because of this:

Overstock Reports Over $100k in Crypto Losses for Q1 2015
http://www.coindesk.com/overstock-reports-over-100k-in-bitcoin-losses-for-q1-2015/


Here a are couple of main reasons retailers do not take Bitcoins.

1- They are still difficult to deal with. You have to figure out how to accept them, where to store them and where and how to turn them back into fiat currency.
Retailers do not want to sit down and study this all and figure it out they just want systems that will take a payment. 6-seconds done..

2- Much of the gateway technology is new. New technology means bugs, problems, lag time, learning time, failed experiments, bankrupt companies, etc. Retailers just want proven stuff to plug in and go.

3- Bitcoin is unstable. It can lose 10% in one day. Retailers have tight margins 10% can make or break the profit in a sale for many.

The big reason WHY ? Why would a retailer go tru the extra trouble .. ? You have a few devoted Bitcoin fans and you have some of the IT crowd exploring it but as far as mainstream it needs to be easy and worthwhile.

People do not go out of their way just to make life hard for no reason. Especially when it comes to $$$. In the world of retail the payment is the final end of the line. It needs to be as easy and flawless as possible.

Bitcion need better apps, less fees and become more stable to start with.


1) Non of the retailers listed above are taking bitcoins.
In the main article you should read the line about partnering with coincheck.com.
You pay with bitcoins but they are immediately exchanged in fiat.
It poses no risk to the store.

2. The technology is already 3-4 years old when it comes to payments , no problems there.

3. See point 1.
sr. member
Activity: 812
Merit: 251
Because of what Japan did about this matter, it will surely that bitcoin going increase massively as the bitcoin community expect it to be happen in a long run or int the near future. Though still majority of the country worldwide are aware into bitcoin and few country are open unto bitcoin at the present time now.
hero member
Activity: 994
Merit: 544
It would be hard for my country for bitcoin to be accepted in almost all establishments here since my country is not as rich as Japan.  Tax is needed for the growth of the country and if bitcoin will not be taxed then our country will not permit bitcoin to be legalized or used here.  Or if ever retailers will accept bitcoin as a mode of payment here, then maybe they will have a tax for the services.  Then items paid with bitcoin will be a little higher compared to items paid with cash.
newbie
Activity: 58
Merit: 0
There will be the right time when more merchants will totally accepts and adopt bitcoins but still we need to wait for it since adoption rate just now is increasing and im sure it will affect worldwide market so we can expect
Not only need waiting accept from people and government on the world's, Bitcoin need prove it is really best cryptocurrency! Are you can see issue about Bitcoin when using in some market in India? Some user can double spend for scam and need 3 hours or more time for waiting confirm transaction with high fees! With this reason I think use Bitcoin to our life very difficult in present
full member
Activity: 129
Merit: 100
I think that this time is very soon, as we can already see many large retailers implementing the use of Bitcoin as a transaction method for their company. As we know, Amazon and Microsoft both offer this transactions method and is widely used. We should be able to see more and more companies accept Bitcoin as many of them will soon realise that bitcoin's value will increase drastically in the next few years, ergo making it worthwhile to invest in such said systems and hold onto Bitcoin in the long run.

This statement is also greatly dependant on the current laws that surround Bitcoin in the particular country the business is situated in.
We can see the actual situation when it will be adopted on those particular businesses online. That would be profitable enough to become more stable rather than traditional retailers that used regular currency compared from btc.  
legendary
Activity: 3248
Merit: 1070
i think every shop that is big enough to make an impact on adoption by accepting bitcoin is waiting for regulation in their own country

regulation can happen already now even before the issue of the block limit is still being fixed, as we see with japan

still the only real merchants that i'm waiting is amazon, if amazon accept bitcoin, basically every country will be able to use it for shopping online
hero member
Activity: 560
Merit: 500
There will be the right time when more merchants will totally accepts and adopt bitcoins but still we need to wait for it since adoption rate just now is increasing and im sure it will affect worldwide market so we can expect
sr. member
Activity: 308
Merit: 267
I think it will take a long process there's a lot of consideration they will need before accepting bitcoin as a payment. For example

1. They need to wait for the payment to confirm before the transaction we all know that it will take a long time before the low fee transaction to be confirmed.

2. We all know that the bitcoins price drops and pumps so will the price of the retailers i think it would be hard for them to adjust.

I think they will provide a wallet or they will use same wallet so that they will exclude the transaction fee in every transaction.
sr. member
Activity: 322
Merit: 250
I think that this time is very soon, as we can already see many large retailers implementing the use of Bitcoin as a transaction method for their company. As we know, Amazon and Microsoft both offer this transactions method and is widely used. We should be able to see more and more companies accept Bitcoin as many of them will soon realise that bitcoin's value will increase drastically in the next few years, ergo making it worthwhile to invest in such said systems and hold onto Bitcoin in the long run.

This statement is also greatly dependant on the current laws that surround Bitcoin in the particular country the business is situated in.
hero member
Activity: 2212
Merit: 786
Let's assume I am a retailer/merchant. I sell soups.

So I am selling soups all day for bitcoins. At the end of the day I have to pay salaries, suppliers, rent etc in dollars. So I take my BTC revenue and convert it to dollars.

However, since bitcoin can go up and go down I cannot be sure how much money I will have made in the day.

How are the merchants today accepting Bitcoin? Do they put the price with a huge premium so that they are not exposed to the risk? Like add 10% on top of price in bitcoins.. also you would need to re-label the shelf prices like twice a day.. brr.. too complicated.

Does anyone have any insight?

This exactly explains why some of the retailers think twice before accepting bitcoin. The hassle of them converting their earned bitcoin to fiat will consume too much time and the fees that they need to pay for the conversion. Since the price of bitcoin is volatile, they might incur net loss in the long run instead of profiting. But if the retailer is also an investor of bitcoin, then he/she might accept it as a payment. There are too many reasons on why some retailers do not accept it as a payment YET but there is always the possibility in the future.
sr. member
Activity: 686
Merit: 250
Simple, when more people begin to use it as a payment option, business owners are not morons if they see a client asking for acceptance of bitcoin payments and then the next week another 10 or 20 people ask the same then the business owners are going to adopt bitcoin in a heartbeat.
sr. member
Activity: 882
Merit: 282
"Japan: No Bitcoin Tax, Thousands of Stores to Accept the Cryptocurrency"

article published July, 5, 2017
https://edgylabs.com/2017/07/05/japan-no-bitcoin-tax-stores-accept-cryptocurrency/

"AirRegi is a widely used, tablet-based point-of-sale app in Japan. Currently, around 260,000 establishments, stores, and commercial facilities use this proprietary app to accept payments from their clients."

It makes sense that a transition to accept bitcoin would be underway for more US-based stores.
Very soon bitcoin will be accepted all over the world and we most published information about bitcoin and others cryptocurrency until it becomes acceptable by all big store online and offline.  Amazon, aliexpress and eBay alone can make bitcoin mainstream in just no time.
legendary
Activity: 2800
Merit: 2736
Farewell LEO: o_e_l_e_o
*We should start to see more retailers getting on board after the bitcoin fork as they will no longer experience long waiting hours to have funds confirmed in their wallets.

*The legal status of bitcoin will be another determinate to convince retailers to accept bitcoin payments so once the right environment is created retailers should have no problem to accept Bitcoin
legendary
Activity: 3066
Merit: 1147
The revolution will be monetized!
There is only 1 thing that will make this happen. YOU must tell retailers that you buy with bitcoin and that if they want your money they have to take bitcoin. Bitcoin is our money.


P.S. Price volatility is no issue at all. Just use a payment processor like bitpay and you never touch bitcoin. Each day the processor makes a deposit in the retailers bank account.
sr. member
Activity: 490
Merit: 256
Let's assume I am a retailer/merchant. I sell soups.

So I am selling soups all day for bitcoins. At the end of the day I have to pay salaries, suppliers, rent etc in dollars. So I take my BTC revenue and convert it to dollars.

However, since bitcoin can go up and go down I cannot be sure how much money I will have made in the day.

How are the merchants today accepting Bitcoin? Do they put the price with a huge premium so that they are not exposed to the risk? Like add 10% on top of price in bitcoins.. also you would need to re-label the shelf prices like twice a day.. brr.. too complicated.

Does anyone have any insight?

If you are afraid of the volatility of Bitcoin and thinking that your profit will be compromised then the bast way to deal with this is to convert the received Bitcoin into fiat immediately as you received it as payment. There are some wallet that provide that type of service. This way, the merchant will not be in vain when the price of Bitcoin goes up or down.
hero member
Activity: 882
Merit: 500
"Japan: No Bitcoin Tax, Thousands of Stores to Accept the Cryptocurrency"

article published July, 5, 2017
https://edgylabs.com/2017/07/05/japan-no-bitcoin-tax-stores-accept-cryptocurrency/

"AirRegi is a widely used, tablet-based point-of-sale app in Japan. Currently, around 260,000 establishments, stores, and commercial facilities use this proprietary app to accept payments from their clients."

It makes sense that a transition to accept bitcoin would be underway for more US-based stores.
This is really a big thinkable thread because I myself when I seen the Bitcoin in very starting of 2014 then I found that there is no restrictions to use Bitcoin and there is nothing that needed tax , but after the legalisation of the Bitcoin we found that many of the other countries ( included mine country where I am living ) also started to make the new rules and thinking to apply the fee as the fee tax ( GST ) 18% which is not fair and also we need to pay the tax to the government to buy btc at 18% , so I think the many government of the countries are stealing the money if the bitcoiners by 36% , and I don't think it can be profitable for us .
But opposite of this use of the fiat is recommended like the fiat without taxation to buy normal stuff at the shop  .
Well here  we need a better law to use Bitcoin so that Bitcoin can easily how in this world and everyone can use for small small purpose to make buy sell things which should be tax free .
hero member
Activity: 1806
Merit: 672
I guess the first step will always be the proper acceptance of any country's government on making Bitcoin as a mode of payment in their country. Just like what Japan and Korea will do, it will surely pave the way for retailers and businesses to accept Bitcoin as a mode of payment. Another situation will be if other retailers see the big opportunity or any good results from other retailers of accepting Bitcoin to their businesses it will surely convince them on accepting Bitcoin as a mode of payment.
sr. member
Activity: 504
Merit: 250
Along with the development of bitcoin of course its popularity will continue to increase, although currently the price of bitcoin is declining but of course this is only momentary and after passing this phase most likely bitcoin price will increase again drastically
newbie
Activity: 42
Merit: 0
Here a are couple of main reasons retailers do not take Bitcoins.

1- They are still difficult to deal with. You have to figure out how to accept them, where to store them and where and how to turn them back into fiat currency.
Retailers do not want to sit down and study this all and figure it out they just want systems that will take a payment. 6-seconds done..

2- Much of the gateway technology is new. New technology means bugs, problems, lag time, learning time, failed experiments, bankrupt companies, etc. Retailers just want proven stuff to plug in and go.

3- Bitcoin is unstable. It can lose 10% in one day. Retailers have tight margins 10% can make or break the profit in a sale for many.

The big reason WHY ? Why would a retailer go tru the extra trouble .. ? You have a few devoted Bitcoin fans and you have some of the IT crowd exploring it but as far as mainstream it needs to be easy and worthwhile.

People do not go out of their way just to make life hard for no reason. Especially when it comes to $$$. In the world of retail the payment is the final end of the line. It needs to be as easy and flawless as possible.

Bitcion need better apps, less fees and become more stable to start with.
Pages:
Jump to: