On merchants not willing to accept crypto

[Chikitita2004]

You are absolutely right.

If you are willing to spend money in exchange for a good or service, be it fiat or bitcoin, there is someone out there who will accept it. Now, while millionaires can buy anything they like in bitcoin by throwing enough money at it, the average person here isn't going to be able to convince some big supermarket or chain to start accepting bitcoin, but they could certainly have success in smaller independent retailers or tradespeople. After me asking every week for a month or so, one of the sellers at my local farmers' market started to accept bitcoin, and now he isn't the only one accepting it and I'm not the only one spending it.

Stop waiting for retailers to accept crypto and start asking them to accept crypto. Holding won't get us anywhere if no one is spending.

True enough. Everyone is holding, not willing to spend any of their holdings and yet expecting bitcoin to have a better price. No use of it will make it dormant, imobile and for sure nothing will happen to our expectations and speculations. The supply and demand remains stagnant.

[1714256181]

1714256181

[andypagonthemove]

If merchants prices fluctuate, and are actually pegged to a fiat currency, then can that really be said to be "accepting bitcoins". To my mind they're not really accepting bitcoin, but using bitcoin as a way of transfering fiat.

[deisik]

You are absolutely right.

If you are willing to spend money in exchange for a good or service, be it fiat or bitcoin, there is someone out there who will accept it. Now, while millionaires can buy anything they like in bitcoin by throwing enough money at it, the average person here isn't going to be able to convince some big supermarket or chain to start accepting bitcoin, but they could certainly have success in smaller independent retailers or tradespeople. After me asking every week for a month or so, one of the sellers at my local farmers' market started to accept bitcoin, and now he isn't the only one accepting it and I'm not the only one spending it.

Stop waiting for retailers to accept crypto and start asking them to accept crypto. Holding won't get us anywhere if no one is spending.

True enough. Everyone is holding, not willing to spend any of their holdings and yet expecting bitcoin to have a better price. No use of it will make it dormant, imobile and for sure nothing will happen to our expectations and speculations. The supply and demand remains stagnant

This is a separate topic which deserves its own thread and thorough analysis 

As everyone is holding and not going to spend anything from their stashes, we could expect the prices to decline. In this manner, it is not very likely that supply and demand will remain stagnant. Maybe not today, but we will see a lot of price action with people probably adding more to their stashes as many are promising here (let's assume they actually put their money where their mouth is). But if things remain the same, this process is set to repeat itself over and over again. And this is the price holders are going to pay for their greediness and reluctance

[keanne_isaac]

Early adopter of crypto currency and bitcoin to be specific will reap more positive revenue than to those who stick to the old means of payment and not adopting cryptocurrency. In the end more and more people would used crypto currency as mode of payment both online and offline transaction.

[ranman09]

This is a major misconception, because merchants don't have to hold Bitcoins to accept them.

Why? Because services exists this times that handle the payment/exchange process from Bitcoin to the fiat currency of the merchant's preference and availability inside the service itself right away. Extremely easy.

Example: https://bitpay.com/retail

Is this what I think it is?

You can accept payment and then quickly convert it into fiat right away with the current market price?

[deisik]

This is a major misconception, because merchants don't have to hold Bitcoins to accept them.

Why? Because services exists this times that handle the payment/exchange process from Bitcoin to the fiat currency of the merchant's preference and availability inside the service itself right away. Extremely easy.

Example: https://bitpay.com/retail

Is this what I think it is?

You can accept payment and then quickly convert it into fiat right away with the current market price?

No, it is not what you think it is

The poster you replied to seems to mean that merchants don't even see any cryptocurrency per se as they are using payment processors like BitPay or CoinGate, which deal with all the required conversions and volatility issues. Basically, you, as an online shop owner, just install a plugin on your site which is provided by the payment processor, and your clients will be able to pay with crypto. Then at the end of the week you receive a fiat transfer into your bank account which totals payments made during that week by the clients of your shop

[bitbunnny]

Early adopter of crypto currency and bitcoin to be specific will reap more positive revenue than to those who stick to the old means of payment and not adopting cryptocurrency. In the end more and more people would used crypto currency as mode of payment both online and offline transaction.

That it's true, with time Bitcoin will get more adopted but still there are some conditions for that. As far as businesses are involved Bitcoin is still too risky and too expensive for them and that is also valid for online merchants who are still not willing enough to accept Bitcoin. Bitcoin debit cards are the solution for users who thus don't have to worry if the merchants accept Bitcoin directly or not. I think that positive regulation could help with better Bitcoin acceptance by merchants who would thus feel more secure and protected.

[Julunguul]

This is not about will they accept crypto or not, this is about what kind that might be a problem if they used it, Because at some country we know that crypto has regulation and also even forbidden to use it as payment. After all, these bubble are the most scariest stuff that make crypto avoided by merchants

[ranman09]

Is this what I think it is?

You can accept payment and then quickly convert it into fiat right away with the current market price?

No, it is not what you think it is

The poster you replied to seems to mean that merchants don't even see any cryptocurrency per se as they are using payment processors like BitPay or CoinGate, which deal with all the required conversions and volatility issues. Basically, you, as an online shop owner, just install a plugin on your site which is provided by the payment processor, and your clients will be able to pay with crypto. Then at the end of the week you receive a fiat transfer into your bank account which totals payments made during that week by the clients of your shop
[/quote]

Great explanation. Thank you. So it is not automatic just as I said it will be, but it was close. So merchants can do these I wonder why they won't? Maybe because crypto can still bounce up and down in a week?

[deisik]

Great explanation. Thank you. So it is not automatic just as I said it will be, but it was close. So merchants can do these I wonder why they won't? Maybe because crypto can still bounce up and down in a week?

It is fully automatic in case of Bitcoin payment cards

But in this case you just pay with your Bitcoin card in the same way as with any other such card, and whoever you pay to may not even know that you paid with crypto. Obviously, this has nothing to do with merchants knowingly willing to accept cryptopayments. Regarding accepting Bitcoin payments online, there is simply no demand for such payments as explained in the OP. And that's the root of the problem

Really, given that you can easily integrate cryptopayments into your shop and the payment processor guarantees you real-time exchange rates (this is not a big deal), every merchant would readily add this option if there was massive demand for such payments. Further, you receive the bulk payment at the end of the week but the conversion rates are determined real-time, i.e. when a client actually pays (not at the end of the week, as you seem to assume)

[Nellayar]

Merchants do not want to accept bitcoin because of its volatility. The price of bitcoin change fastly time by time and no one can predict where it will go (increasing or decreasing movement). They just want an assurance that they can make profits with their products. In fact, if I will goes to their own shoes, I definitely accept fiat than cryptocurrency. Specially, if I will sell a lambo or ferrari car.

[JPSelzer]

It should take enough time for people to stop considering bitcoin as an investment tool. Now only a few are ready to pay with bitcoins for any product or service. But I hope that in the future we will gradually come to the fact that crypto will be used on a par in Fiat money.

[deisik]

Merchants do not want to accept bitcoin because of its volatility. The price of bitcoin change fastly time by time and no one can predict where it will go (increasing or decreasing movement). They just want an assurance that they can make profits with their products. In fact, if I will goes to their own shoes, I definitely accept fiat than cryptocurrency. Specially, if I will sell a lambo or ferrari car

Volatility is not an issue here

Merchants can accept crypto via payment gateways. Well, actually, it is not them who accepts crypto as merchants are in fact accepting fiat before. It is these gateways that actually accept cryptopayments and it is them who are dealing with the volatility issues, i.e. merchants are offered instant real-time exchange rates and there is virtually no slippage (read, volatility doesn't mean a thing to shops)

Big retailers, on the other hand, can directly accept crypto. In that case they should themselves hedge against volatility, but it is not a big deal either as there are enough liquidity providers which help solve this issue as easily and as cheap

[celot]

We sad about many merchant is not willing to accept bitcoin as transaction payment, how ever bitcoin is easy way ho to purchase buy or selling our product, have lower fee if using bitcoin than we have use USD.

[Screamshot]

If you believe in a  project you have to make some sacrifices to make that project succeed. Merchants who believe in cryptocurrency are to try their best no matter the condition bitcoin is facing to accept it as a means of payment so the general public do not lose hope on bitcoin. 

[pixie85]

There are many reasons why people aren't spending Bitcoin. Like why would someone who is at a loss spend his coins in a bear market?

Actually, this is a good reason

As you can either sell them and book losses or spend them and then not have that feeling of being a complete loser having to close a losing position. Well, ultimately it is still six of one and half a dozen of the other, but in the latter case you won't feel yourself that low. And you can always buy back when the price goes lower and feel like a winner

Trying to fish for the bottom is a terrible idea. It's like joining a black friday crowd to fight over who gets to that huge flat screen first. People who are selling and waiting for it to go back up usually are the same people who buy and wait for it to reach +1000%.

Why would you feel like a loser when the price is down? I wouldn't because I know it's a temporary situation and I wouldn't sell at a loss.

If you got cheap Bitcoin and they are worth 10 times more now it's very difficult to find something you want to spend them on. If I had a million dollars in cryptocurrency now I wouldn't spend because I don't need anything expensive right now. What am I gonna buy? A thousand pizzas or 5 thousand coffees?

That's because you don't have a million dollars in cryptocurrency. Or, maybe, it is the exact reason why you don't have so much in the first place

I don't have a million because I come from a poor family and couldn't invest a lot even if I wanted to. For the same reason I'm not a spender who wastes money on unimportant things. Life taught me to value money and I understand and support people who see the true value behind Bitcoin and are holding.

[jointherevolution]

For me there are merchants who refuse to accept crypto and also consumers who do not care about crypto. But let's take a look back in a couple decades, a lot of people did not like plastic money too. The difference between the two is that governments and banks made plastic money necesary so people had to adjust to it. I do not see how this will happen with crypto.

[deisik]

There are many reasons why people aren't spending Bitcoin. Like why would someone who is at a loss spend his coins in a bear market?

Actually, this is a good reason

As you can either sell them and book losses or spend them and then not have that feeling of being a complete loser having to close a losing position. Well, ultimately it is still six of one and half a dozen of the other, but in the latter case you won't feel yourself that low. And you can always buy back when the price goes lower and feel like a winner

Trying to fish for the bottom is a terrible idea. It's like joining a black friday crowd to fight over who gets to that huge flat screen first. People who are selling and waiting for it to go back up usually are the same people who buy and wait for it to reach +1000%.

Why would you feel like a loser when the price is down? I wouldn't because I know it's a temporary situation and I wouldn't sell at a loss

I understand your point

If you really believe deep inside that the current decline is a temporary situation, you wouldn't indeed sell for a loss and wouldn't feel like a complete loser as you don't doubt and question your trading decisions (I mean, your whole involvement with crypto). But this is not the case with the majority of cryptocurrency "investors" (aka bagholders) who bless with their mouth and curse inwardly. If given a chance, they would gladly sell at their entry point and forget about crypto for good

If you got cheap Bitcoin and they are worth 10 times more now it's very difficult to find something you want to spend them on. If I had a million dollars in cryptocurrency now I wouldn't spend because I don't need anything expensive right now. What am I gonna buy? A thousand pizzas or 5 thousand coffees?

That's because you don't have a million dollars in cryptocurrency. Or, maybe, it is the exact reason why you don't have so much in the first place

I don't have a million because I come from a poor family and couldn't invest a lot even if I wanted to. For the same reason I'm not a spender who wastes money on unimportant things. Life taught me to value money and I understand and support people who see the true value behind Bitcoin and are holding

Basically, if you don't have a million, you can't feel and think like a real millionaire. But it also works in reverse as well, to wit, you are not a millionaire because you can't think and act like a millionaire. That was my point

[Sithawaka]

This is not about will they accept crypto or not, this is about what kind that might be a problem if they used it, Because at some country we know that crypto has regulation and also even forbidden to use it as payment. After all, these bubble are the most scariest stuff that make crypto avoided by merchants

High volatility can be definitely point out as an obstacle and it is the most significant reason why bitcoin haven't progress in businesses because it makes majority of Organizations and clients hesitate to combine there businesses or make payments with bitcoin because in a little time it can do a big profit loss but we should know high volatility of btc is the main reason why many investors are attracted to invest in it but also it scare merchants away from accepting it but if bitcoin doesn't get adopted into businesses with the help of merchants its path to become a global currency will be much difficult so I hope this will change due to its increasing popularity in the financial sector 

[Ains_sama]

at the moment the traders are waiting for a very good moment to make a sale, because we know that the price of bitcoin and crypto has been too long for a low price decline.