Topic: Will full BTC adoption require Retailers to ONLY accept BTC? (Read 1373 times)
in the end banks will accept it as a different kind of payment, btc become their choice for some type of business over dollar, normal currencies will remain present, btc adoption doesn't mean replacement, but it could be in a very distant future
No, I don't think so! At the current situation people go out and prefer to pay with debit, credit, gift cards which give them a sense of security over cash. Some day the btc is fully adopted and there must be a reason that most of the people have incentive and advantage to pay with BTC over fiat. But the retail will still accept cash as well in case some people like to pay with cash.
Will full Bitcoin adoption require that retailers transact almost exclusively Bitcoin? Similar to small shops in our local communities that only deal in cash and not debit or credit.
The retailer doesn't have to accept fiat when there are so many easy ways for buyers to exchange their fiat into Bitcoin.
The retailer doesn't have to accept fiat when there are so many easy ways for buyers to exchange their fiat into Bitcoin.
Businesses have to accept legal tender in most countries by law. That basically means unless the government changes this law (not going to happen) you'll never have BTC as the only form of payment method. I'd personally be more than happy if we could just get it to the same level of acceptance as PP and CCs. That would by all means be more than enough to keep Bitcoin going for a long time to come.
Nope. That will never happen. But that's ok cause as long as many see it as a viable payment option then it has succeeded.
Will full Bitcoin adoption require that retailers transact almost exclusively Bitcoin?
No, it won't. Those things will happen around roughly the same time though. When Bitcoin reaches 80%+ market saturation globally, fiat will soon cease to exist (have no value).I cannot speak with certainty about the fate of gold or altcoins, but I'd cautiously argue that the outlook is poor for both. Bitcoin is the only place I truly feel my money is safe right now.
Forcing Bitcoin on people is not the point so I don't think that would ever happen. It's a matter of choice when you use Bitcoin, IMO that is why it is special. When I think of a adoption I think of Bitcoin competing with other forms of payment options. Giving the consumers the ability to choose which they'd rather use is why Bitcoin is as big as it is right now.
The best way for brick and mortar stores to start accepting BTC and spread the use of BTC would be for them to follow the offer that some online stores have offered, 10% discount on purchases with BTC. Cash is cash, any b&m store hopes that all their customers would use cash to avoid the fees associated with accepting credit cards payments, but when accepting BTC, those fees petty much disappear. Might be best for them to start at 10% for initial interest into the idea of paying with BTC, then after so much time, possibly lower the discount to 5%.
IMHO - we are more likely to see BTC supplement fiat and credit cards. The vast majority of the public are debt serfs and require credit to run their lives, paying interest to their masters.
I agree with this. A store that only accepts one payment method will be at a disadvantage competitively. This is why stores accept Visa, Mastercard, American Express, and discover instead of just Visa.
I think more stores accepting bitcoin and offering a discount for using it will increase adoption.
IMHO - we are more likely to see BTC supplement fiat and credit cards. The vast majority of the public are debt serfs and require credit to run their lives, paying interest to their masters.
No, fiat will still exist. So it will always be an option as long as big governments exist. I think they will use btc to prop up the dollar.
No, not by any means. Full adoption would mean nearly every retailer offering to accept BTC right along side fiat.
I also don't think that full BTC adoption means that Retailers will accept only Bitcoin as way of payment.
It's not realistic that all their customers will accept Bitcoin right away, just because Bitcoin is payment option.
It's long way to go until Bitcoin from main alternative currency become main currency and even then still many people will be more comfortable with Dollars, Euro etc.
It's not realistic that all their customers will accept Bitcoin right away, just because Bitcoin is payment option.
It's long way to go until Bitcoin from main alternative currency become main currency and even then still many people will be more comfortable with Dollars, Euro etc.
Replacing real cash with bitcoin could be something that is way further into the future than many may think. I personally don't see it happening any time soon to be honest and even if it did there would have to be so many regulations put onto it, it could become ridiculous. Until businesses big and small knew they were safe to accept bitcoin I don't see many taking the plunge.
adoption vs replacement
This is a great distinction!
To the great examples listed for the adoption of Paypal or Credit Cards, you're right in that they didn't require that not other form of payment be accepted.
So perhaps a better question is, for best adoption should retailers say "We accept BTC, and also cash, credit, paypal, etc" or should they just list BTC at the end of the existing familiar list of payment options?
for bricks and mortar stores it is general knowledge that cash and cards are accepted. so only requires "bitcoin accepted here" stickers to be highlighted.
as for online, as long as bitcoin is in the list without having to scroll down a page or click an extra button just to realise bitcoin is also taken, the order of the list doesnt matter either. (though bitcoin fans love to see it seen first place)
hopefully one day some retailers will just accept cash or bitcoin and bypass credit cards or bank cards
just like a lot of restaurants in my area are cash only
just like a lot of restaurants in my area are cash only
You can accept BTC as a additional payment method, but in most countries there are laws against accepting only other currencies, against the countries fiat currency.
When the government decide to accept only BTC it would be no problem for the merchants to do that.
When the government decide to accept only BTC it would be no problem for the merchants to do that.
Will full Bitcoin adoption require that retailers transact almost exclusively Bitcoin? Similar to small shops in our local communities that only deal in cash and not debit or credit.
The retailer doesn't have to accept fiat when there are so many easy ways for buyers to exchange their fiat into Bitcoin. Also, if retailers only accept Bitcoin it will force buyers to engage in the full process of acquiring Bitcoin, having a wallet, and then spending that Bitcoin. If retailers have fiat as a payment option side-by-side with Bitcoin I don't think many people will choose Bitcoin (as new users), because they already have fiat and the retailer will accept it.
What does the community think about this?
The retailer doesn't have to accept fiat when there are so many easy ways for buyers to exchange their fiat into Bitcoin. Also, if retailers only accept Bitcoin it will force buyers to engage in the full process of acquiring Bitcoin, having a wallet, and then spending that Bitcoin. If retailers have fiat as a payment option side-by-side with Bitcoin I don't think many people will choose Bitcoin (as new users), because they already have fiat and the retailer will accept it.
What does the community think about this?
No it won't retailers accept multiples forms of payment already. Bitcoin will be just another form they accept. The customer may chose. This is a nice way of letting the customer chose how he/she wishes to pay for their goods or services. Even a modest adoption would give Bitcoin a lot of traction!
hero member
Activity: 560
Merit: 509
I prefer Zakir over Muhammed when mentioning me!
No, of course not.
Credit card adoption didn't require that retailers stop accepting cash. People can simply see how much better it is (don't have to deal with change or writing checks, buy now pay later, rewards for using), and transition on their own. Once retailers start passing on the savings they get, people will see how much better Bitcoin is than credit cards, and transition.
Credit card adoption didn't require that retailers stop accepting cash. People can simply see how much better it is (don't have to deal with change or writing checks, buy now pay later, rewards for using), and transition on their own. Once retailers start passing on the savings they get, people will see how much better Bitcoin is than credit cards, and transition.
In most countries BTC isn't known. That's the problem. First we need to make a class on BTC in countries and tell them to test it (which can be done with testnet, IMO) . Then they will be aware of BTC and starts looking forward about it because of the following reasons : Fast, Easy, Reliable, Anonymous (Hiding private details like address) etc...
Kindly,
MZ
adoption vs replacement
This is a great distinction!
To the great examples listed for the adoption of Paypal or Credit Cards, you're right in that they didn't require that no other form of payment be accepted.
So perhaps a better question is, for best adoption should retailers say "We accept BTC, and also cash, credit, paypal, etc" or should they just list BTC at the end of the existing familiar list of payment options?
No, of course not.
Credit card adoption didn't require that retailers stop accepting cash. People can simply see how much better it is (don't have to deal with change or writing checks, buy now pay later, rewards for using), and transition on their own. Once retailers start passing on the savings they get, people will see how much better Bitcoin is than credit cards, and transition.
Credit card adoption didn't require that retailers stop accepting cash. People can simply see how much better it is (don't have to deal with change or writing checks, buy now pay later, rewards for using), and transition on their own. Once retailers start passing on the savings they get, people will see how much better Bitcoin is than credit cards, and transition.
Jump to: