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susila_bai
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October 08, 2017, 07:55:44 PM |
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Retailers will not accept bitcoin payment, because BTC confirmation time is too slow - up to one hour or so. Retailers need very fast confirmation time - up to 15 - 20 seconds. Shop cashier will not wait long time for one customer, especially if there are many customers in the queue behind.
Now Amazon is gonna accept the bitcoin as a payment soon everyone will accept the bitcoin payment for sure with the trust and interest shown to the bitcoin. That's the reason segwit activation and block size increasing is happening. Soon confirmation time for bitcoin will be take place in a minute. Then everyplace you can find a board bitcoin accepted here.  Even with this we need the legal status in the country where the retailers wanted to use bitcoin as payment if bitcoin is illegal then they cannot do business in bitcoin. So if the country gets bitcoin as legal status then the development will be fast like in japan after government gave bitcoin legal status now bitcoin is accepted in most of the places and in business also. |
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Reez
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October 08, 2017, 08:58:17 PM |
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Every single day, more retailers accept Bitcoin. More and more all the time. |
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mallboat
Jr. Member
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Activity: 44
Merit: 10
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October 08, 2017, 09:07:48 PM |
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"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 strategy of Japan is an eye opener to other countries who have not yet adopt bitcoin. It is an advantage to Japanese people who have bitcoin in possession because they can purchase now using their bitcoin in thousands of store in Japan. Maybe if other countries would approve or follow the steps of Japan more retailers around the world will do the same thing. With that the circulation of bitcoin will be much stronger. |
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sergeyo9
Newbie
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October 08, 2017, 09:55:54 PM |
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I don't really see this will take place but if the value of bitcoin will be much more stable i can see that far more suppliers settle for Bitcoin will happen. But as of now, i do not believe casual individuals, whose not techy one particular , probably will not think about this as a extravagant factor, or perhaps if bitcoin will be a trend a mainstream development, for certain many individuals will bandwagon/fanatic of bitcoin, in that time i believe more stores will accept bitcoin.
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carriebee
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October 08, 2017, 10:14:02 PM |
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Retailers will not accept bitcoin payment, because BTC confirmation time is too slow - up to one hour or so. Retailers need very fast confirmation time - up to 15 - 20 seconds. Shop cashier will not wait long time for one customer, especially if there are many customers in the queue behind.
Now Amazon is gonna accept the bitcoin as a payment soon everyone will accept the bitcoin payment for sure with the trust and interest shown to the bitcoin. That's the reason segwit activation and block size increasing is happening. Soon confirmation time for bitcoin will be take place in a minute. Then everyplace you can find a board bitcoin accepted here. Even with this we need the legal status in the country where the retailers wanted to use bitcoin as payment if bitcoin is illegal then they cannot do business in bitcoin. So if the country gets bitcoin as legal status then the development will be fast like in japan after government gave bitcoin legal status now bitcoin is accepted in most of the places and in business also. There is needs to be solve before more retailers will accept bitcoin as payment. Because confirmation often takes too long to confirm the transactions and it should be addressed properly. And yes bitcoin should be legal and ofcourse to be approve by the goverment before it will happen to accept more retailers. |
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thet
Full Member
Offline
Activity: 322
Merit: 110
elysian.finance
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October 08, 2017, 11:04:39 PM |
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When the government and all of the countrymen eventually accepts bitcoin.
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terbetet
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October 08, 2017, 11:13:26 PM |
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Retailers will not accept bitcoin payment, because BTC confirmation time is too slow - up to one hour or so. Retailers need very fast confirmation time - up to 15 - 20 seconds. Shop cashier will not wait long time for one customer, especially if there are many customers in the queue behind.
I do agree with you. Because retailers will just accept bitcoin usage if they know that they will benefits on it and it was commonly used by most of the people to purchase goods and services. Since retailers do not see any progress to make bitcoin a term of payment, they will not accept bitcoin but as soon as they see that it is essential to accept bitcoin, for sure they will start accepting bitcoin. |
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millgates
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October 08, 2017, 11:18:36 PM |
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Retailers will not accept bitcoin payment, because BTC confirmation time is too slow - up to one hour or so. Retailers need very fast confirmation time - up to 15 - 20 seconds. Shop cashier will not wait long time for one customer, especially if there are many customers in the queue behind.
I am sorry but I dissagree with you, I think the confirmation time is not a big problem because in fact that the number of retailer which accept bitcoin is keep increasing. The russian largest online retailer named ulmart was announced that they will accept bitcoin as a form of payment from 1 september ago. Also, there are retailer named alza which has installed bitcoin ATMs in it's storefronts. |
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Chanock
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October 08, 2017, 11:32:57 PM |
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Janpan is open country for cryptocurrencies because they are in a highly technology country and most of their transaction is in virtual or digital. The good in japan there using the easiest way of payment with less tax using crypto than they use credit card with high tax and interest. Hoping other country do what japan did in accepting bitcoin in retailer and merchant.
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MMysterious
Sr. Member
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Activity: 972
Merit: 255
Bear season or just the beginning
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October 08, 2017, 11:50:38 PM |
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I really hope many retailers will accept Bitcoin soon. For sure Japan would be one of the first country that would accept Bitcoin so most likely this country will soon have retailers throughout the country accepting Bitcoin and hopefully altcoins too in the near future.
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Hotel_Prodeo
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October 09, 2017, 03:34:08 AM |
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Retailers will not accept bitcoin payment, because BTC confirmation time is too slow - up to one hour or so. Retailers need very fast confirmation time - up to 15 - 20 seconds. Shop cashier will not wait long time for one customer, especially if there are many customers in the queue behind.
Yes true, bitcoin confirmation is too long so it can make a queue until the whole day, if you want fast of course high cost, it certainly takes careful preparation from the developer to be able to solve the problem of the old confirmation if using regular cost. |
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kimpena
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October 09, 2017, 04:46:18 AM |
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I think retailers will be convinced to accept bitcoin as payment if its value become stable. Because if bitcoin value is not stable then it will be big risk to them to take it as payment, for there is a big chance to incur losses than gain. If you are the retailer and you knew that the currency they will use to pay you has an unstable value, will you accept that currency? Of course not. Although it has a good part, which is its efficiency in making transactions. Maybe sooner or later, if bitcoin gets its stable value, most of retailers will gladly accept it as payment, but for now, it wouldn't be a good thing on their part.
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CoinsCoinsEverywhere
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October 09, 2017, 02:37:42 PM |
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I think retailers will be convinced to accept bitcoin as payment if its value become stable. Because if bitcoin value is not stable then it will be big risk to them to take it as payment, for there is a big chance to incur losses than gain. If you are the retailer and you knew that the currency they will use to pay you has an unstable value, will you accept that currency? Of course not. Although it has a good part, which is its efficiency in making transactions. Maybe sooner or later, if bitcoin gets its stable value, most of retailers will gladly accept it as payment, but for now, it wouldn't be a good thing on their part.
I see this as more of a problem for customers than the retailers. There are already services out there that a retailer can partner with to have bitcoin transactions instantly converted to fiat. That pretty much eliminates potential losses for the retailer. Customers, however, have to worry about the wild price swings. It's a big problem when the price you saw for a product an hour ago is now 2% more because the bitcoin price dropped $100 since then. |
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Harlot
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October 09, 2017, 02:44:54 PM |
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I think retailers will be convinced to accept bitcoin as payment if its value become stable. Because if bitcoin value is not stable then it will be big risk to them to take it as payment, for there is a big chance to incur losses than gain. If you are the retailer and you knew that the currency they will use to pay you has an unstable value, will you accept that currency? Of course not. Although it has a good part, which is its efficiency in making transactions. Maybe sooner or later, if bitcoin gets its stable value, most of retailers will gladly accept it as payment, but for now, it wouldn't be a good thing on their part.
I see this as more of a problem for customers than the retailers. There are already services out there that a retailer can partner with to have bitcoin transactions instantly converted to fiat. That pretty much eliminates potential losses for the retailer. Customers, however, have to worry about the wild price swings. It's a big problem when the price you saw for a product an hour ago is now 2% more because the bitcoin price dropped $100 since then. The problem here is even if they accept Bitcoin who would be the takers of that mode of payment? Because like what you said Bitcoin is volatile and by using it as a mode of payment they are taking the risk of spending more Bitcoin when the value is down. And yes there are Bitcoin Wallets that offer these kinds of payment system where the company doesn't directly receive Bitcoin but what they do is the Bitcoin wallet gives them Fiat Currency as payment for their service or product but mostly this involve online payments and I don't see how it will work when you are in a physical store. |
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ruslanv
Newbie
Offline
Activity: 22
Merit: 0
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October 09, 2017, 03:04:23 PM |
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Much more BTC sites are popping up each day. It won't be lengthy now till it turn into a universal norm.
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fiulpro
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October 09, 2017, 03:24:37 PM |
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"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. Yaaa... Thats right..even I have heard about this news. Japan is technically more advanced ..and.. also they are quite... Flexible... Regarding accepting any new innovation for commercial use... Also...! The founder of bitcoins was from Japan too thus maybe they are willing to establish it..as any normal currency.. Anyways... Onto the question... More countries will start accepting bitcoins only when the government approves their usage and legalize it...then again they will need the help of technical staff and... Supporters and..a good amount of crowd...and obviously good deals initially to attract crowd. Its not easy... But... Many countries are taking this step..  The deam of bitcoins as a global currency is not far away  |
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nrvasquez
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October 09, 2017, 03:25:59 PM |
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it seems it depends on the government again. japan can do such a thing because their government also supports it.
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KuromaYoichi
Sr. Member
Offline
Activity: 756
Merit: 251
Sovryn - 300-500% APY on USDT Deposit
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October 09, 2017, 03:34:03 PM |
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When bitcoin can afford a lot of transactions, right now it can't as the confirmation take so long (10-15 minutes). If this problem is solved and bitcoin is regulated at the country where the merchant is located, it won't take long until they will accept bitcoin.
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jatin729
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October 09, 2017, 05:05:31 PM |
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i think if big brand like amazon or ebay will take initiative to accept bitcoin as a payment than revolution will come in retail market. many of retail store will come in and start accept bitcoin as a payment.
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CoinsCoinsEverywhere
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October 09, 2017, 08:52:04 PM |
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I think retailers will be convinced to accept bitcoin as payment if its value become stable. Because if bitcoin value is not stable then it will be big risk to them to take it as payment, for there is a big chance to incur losses than gain. If you are the retailer and you knew that the currency they will use to pay you has an unstable value, will you accept that currency? Of course not. Although it has a good part, which is its efficiency in making transactions. Maybe sooner or later, if bitcoin gets its stable value, most of retailers will gladly accept it as payment, but for now, it wouldn't be a good thing on their part.
I see this as more of a problem for customers than the retailers. There are already services out there that a retailer can partner with to have bitcoin transactions instantly converted to fiat. That pretty much eliminates potential losses for the retailer. Customers, however, have to worry about the wild price swings. It's a big problem when the price you saw for a product an hour ago is now 2% more because the bitcoin price dropped $100 since then. The problem here is even if they accept Bitcoin who would be the takers of that mode of payment? Because like what you said Bitcoin is volatile and by using it as a mode of payment they are taking the risk of spending more Bitcoin when the value is down. And yes there are Bitcoin Wallets that offer these kinds of payment system where the company doesn't directly receive Bitcoin but what they do is the Bitcoin wallet gives them Fiat Currency as payment for their service or product but mostly this involve online payments and I don't see how it will work when you are in a physical store. I think the takers are "the market." Meaning, when bitcoin is paid to one of these services, that bitcoin is immediately sold on an exchange for fiat, and then that fiat is paid to the receiver (retailer). As for the online part, you need an app for that. You can already use a smartphone to make online payments in physical stores. See Apple Pay and other such apps. I also just noticed that Bitpay now offers some kind of bitcoin "credit card" (maybe more like a debit card), although I'm not sure how it works. |
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