Why BTC is not adapted into business?? - page 14.

Glory90

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Quote from: fernandoaleixo on July 16, 2018, 10:24:05 AM

I always wondered what is the problem for BTC to be finally adopted in the wide range of business, I was expecting at least a great adaption in the online business

Bitcoin has been adopted as a payment but this adoption rate is still low if you measure it based on the number of all businesses that operate

Quote from: fernandoaleixo on July 16, 2018, 10:24:05 AM

what stops business from adapting BTC, the volatility? The low rates of adoption? Or maybe a lack of propaganda? BTC is so great and I really wish I could use it in more places IRL!

things that hinder the growth of Bitcoin adoption in various businesses are regulations in various countries and low demand from the Bitcoin user base, I think businesses will adopt Bitcoin if the use case of Bitcoin as payment continues to grow and many requests from customers to receive Bitcoin as payment

Crypto_trader87

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I am realy not sure why but maybe because bitcoin is so volatile and because of that the conversion of bitcoin into a fiat money will goes up and down also and this will affect in the price to the real world business.

yyourboss

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In commercial activities, if the currency fluctuations used for exchange are huge so that cooperation is difficult to continue, bitcoin has a huge volatility, which is very bad for business contracts.

Dudeperfect

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I do believe that volatility in the price and uncertainty in legal aspect are the main reasons why Bitcoin is not yet adopted in the corporate industry. As we all know that Bitcoin is a part of a highly volatile Crypto market and even the small fluctuation in price might affect the cash flow of companies having billions of turnover on the other hand, corporations might be looking for some regulations from the government in this regard before actually starting to use cryptocurrencies in the financial transactions.

SilverChromia

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I dont think that bitcoin is not adapted into some business. maybe bitcoin is not adapted a lot in some business but we all know that there are already some busineess that already featuring bitcoin and other crypto currencies in their business there are a lot of them i know at this moment and some of them is like online shopping and even in the malls those stores repairing laptop or gadgets is already accepting bitcoin and other crypto currencies as a payment and if the things will go in the right way and keeping doing a lot of good things using any other crypto currencies in the future it will be more successful and we will see a lot of improvements on this and that will bring to bitcoin a lot of popularity and to other crypto currencies in every part of the world.

Indamuck

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They will eventually start accepting crypto as payments once its more widely accepted. If they refuse to they will be losing money to other companies that are willing to take crypto as payment

BrewMaster

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There is trouble abrewing

the adoption has happened but it not that big yet. so you can not say they have not at all. the thing is, bitcoin is new and being new means people still don't understand it and to use it they have to learn new stuff, the businesses have to upgrade their systems and security protocols,... and all that takes time. then there is also the problem with people willingness to spend bitcoin which is low since the price keeps on rising.

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The reason is volatility, that's the only reason. The business world is a serious world, so they do not want to wrestle with volatility issues.

kier010

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many business and companies still prefer to use fiat as payment but there are already business and companies using bitcoin as payment and salaries. bitcoin price every time so for me it is not ideal to use in business. but they can also add option if they want to be paid with bitcoin.

silviyako

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The volatile nature of bitcoin is the main reason why. Businesses will not try to use something that will potentially give them loss of money. Businesses areestablished for the profit they can give. if bitcoin suddenly falls down in price, buseness can loose the money thatthey have tarded for bitcoin,.

MVT_Freedom

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Interesting thread, thanks for the read guys!

avikz

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Quote from: fernandoaleixo on July 16, 2018, 10:24:05 AM

I always wondered what is the problem for BTC to be finally adopted in the wide range of business, I was expecting at least a great adaption in the online business but even so, what stops business from adapting BTC, the volatility? The low rates of adoption? Or maybe a lack of propaganda? BTC is so great and I really wish I could use it in more places IRL!

There are three main reasons that are acting as bottlenecks for bitcoin's adoption.

1. Legal framework
2. Liquidity
3. Volatility

Propaganda can't help unless we find a solution to these three points. There are few companies that are trying to solve the liquidity issue by providing settlement services to the merchants, but then volatility is eating into the profits and brings uncertainty to the merchants.

If the solution to these three problems are found, the adoption rate will increase exponentially. But sadly, none of these are in our hands.

audaciousbeing

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Quote from: fernandoaleixo on July 16, 2018, 10:24:05 AM

I always wondered what is the problem for BTC to be finally adopted in the wide range of business, I was expecting at least a great adaption in the online business but even so, what stops business from adapting BTC, the volatility? The low rates of adoption? Or maybe a lack of propaganda? BTC is so great and I really wish I could use it in more places IRL!

It might not have been adopted to the extent that you want, but its surely being adopted and in mostly every facets of human businesses, at least one business has accepted bitcoin. I have read about airline and booking websites that have accepted bitcoin, so also I have read about a school accepting it as school fees, we have some online stores that sell wares accepting bitcoin with some even open their ANN thread on the forum. The most popular is on peer-to-peer sites that you can exchange your bitcoin for practically anything you want.

However, all of the above is not enough reason for more adoption to happen as the issue stopping the mass adoption is more complex than what we can summarized to two or more factors. Rather its a combination of reasons and the Paramount of it is government recognition on a large scale. By the time that happens, every other businesses will fall in line.

spastikss

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Yes not all of them but some companies use bitcoin as a payment method. If Bitcoin is to be used more widely, it has to be accepted by the whole world.

drm

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Quote from: fernandoaleixo on July 16, 2018, 10:24:05 AM

I always wondered what is the problem for BTC to be finally adopted in the wide range of business, I was expecting at least a great adaption in the online business but even so, what stops business from adapting BTC, the volatility? The low rates of adoption? Or maybe a lack of propaganda? BTC is so great and I really wish I could use it in more places IRL!

The companies that do look into it or even integrate it have to deal with a lot of volatility, and micro transactions are sometimes not doable due to network fees. It's just not really there yet.

Fourgh

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Because it's very hard to monitor and the transaction fees can be so high and transfer rates might be so slow. With bitcoin still using the old blockchain, many transactions are not going to a faster rate than expected. So yeah we need more miners and a new solid blockchain (not a fork) to help Bitcoin survive.

YuginKadoya

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I think your question should be "Why other business and companies still doesn't adopted bitcoin?" Because there are business and companies that already are using bitcoin as their primary payment and accepting it as payment, And if you are not aware of it now you already know, But why do other business, establishment, and companies still doesn't adopt bitcoin, I guess there are still people that doesn't trust bitcoin or other Cryptocurrencies, Or they don't have enough knowledge regarding it and may have a mind set of a risk regarding the unknown.

davis196

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Volatility+lack of regulation clarity.All the business owners are afraid about what will happen with bitcoin after they adopt it.There is still a small chance of btc to become illegal worldwide.They are afraid about losing their revenue and btc savings.Your question is kinda wrong.Bitcoin is adopted in crypto trading and gambling businesses,it isn`t adopted by the "brick and mortar" businesses.

brkttlv

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İ think the reason is bitcoin didn't achieve the promises, especially about commisions. But bitcoin has still time, may be in the future we can shop by bitcoin.

burgerpatty

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I am amazed why all business not adapted bitcoin, i think this happen because fear of peoples they think anytime BTC can banned by government also fear of its volatile price. if peoples start thinking as a business opportunity then they will accept bitcoin payment if some groups of business and E commerce sites start accepting bitcoins as a payment then this will be good for crypto market.

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