bitcoin and online transctions

[cryptopher1]

despite over 2 decades of growth of internet, statistics show that only 10% of retail transactions were conducted online. payment channels such as lightning are a massive opportunity for online payments

[Haunebu]

What is the point if merchants don't adopt and provide crypto as a payment solution? Currently, very few merchants actually provide BTC as a mode of payment which needs to be increased with time by raising adoption of BTC in any legit way possible.

Everyone needs to contribute in their own way.

[hatshepsut93]

despite over 2 decades of growth of internet, statistics show that only 10% of retail transactions were conducted online. payment channels such as lightning are a massive opportunity for online payments

Why? Many online payment methods have very low fees, and many of them are nearly instant when you are dealing with small amounts. The biggest upside of Lightning compared to fiat is that it is private and users control their own funds, but at this age no one cares about that - billions of people allow companies like Google and Facebook to harvest their data as they please. LN won't change it, it may be a revolution for Bitcoin and crypto ecosystem, but it's not a revolution in financial world.

[cryptopher1]

despite over 2 decades of growth of internet, statistics show that only 10% of retail transactions were conducted online. payment channels such as lightning are a massive opportunity for online payments

Why? Many online payment methods have very low fees, and many of them are nearly instant when you are dealing with small amounts. The biggest upside of Lightning compared to fiat is that it is private and users control their own funds, but at this age no one cares about that - billions of people allow companies like Google and Facebook to harvest their data as they please. LN won't change it, it may be a revolution for Bitcoin and crypto ecosystem, but it's not a revolution in financial world.

i think you make a valid point. i've also seen methods such as wechat payments are very efficient, so do you think bitcoin should focus more on being SOV rather than payments?

[Beerwizzard]

despite over 2 decades of growth of internet, statistics show that only 10% of retail transactions were conducted online. payment channels such as lightning are a massive opportunity for online payments

No it is not. First of all 10% looks like a wrong number but even if it is true then it doesn't tell us that people perform only 10% of trandsctions online because os lack of payment methods. Bringing to the market a new payment system like LN you are competing only with those systems that people use only for these 10% of transactions and not the other 90%

[boyptc]

despite over 2 decades of growth of internet, statistics show that only 10% of retail transactions were conducted online. payment channels such as lightning are a massive opportunity for online payments

We are already in the digital age and I think that 10% for all of retail transactions online seems to be low.

Look at the e-commerce business and other payments held online. This percentage seems to be low, I don't know the real stats but 10% truly is low for me.

[simongros]

There certainly is a lot of room for improvement. I believe its due to the products and solutions currently on offer to merchants. With time I believe entrepreneurs will provide more payment gateway solutions and in return increase the number of sales made through Cryptocurrency.

[Bitinity]

despite over 2 decades of growth of internet, statistics show that only 10% of retail transactions were conducted online. payment channels such as lightning are a massive opportunity for online payments

Where did you get this 10%? Is there any sources about this percentage?
Anyway I believe it is still need long time for e-commerce to accept crypto payment method.

[tegarp90]

despite over 2 decades of growth of internet, statistics show that only 10% of retail transactions were conducted online. payment channels such as lightning are a massive opportunity for online payments

Because retail transaction is not really worth to do online. They still have to send the physique items in a big quantity.
But maybe in could be possible in years

[Genemind]

Did you get that 10% information from a reliable source?
Bitcoin has a lot of improvement and is being adopted online
day by day. A lot of business opportunities are open for online transactions. I think it isn't 100% but 10% is too low since bitcoin is one of the most chosen online mode of payment.

[seoincorporation]

despite over 2 decades of growth of internet, statistics show that only 10% of retail transactions were conducted online. payment channels such as lightning are a massive opportunity for online payments

Is not only a massive opportunity, is the future of online payments because lightning represents the fast and cheap payment at the same time, but banks also are in troubles now and they know it, they will end using this technology for their transactions in the future.

[Artemis3]

despite over 2 decades of growth of internet, statistics show that only 10% of retail transactions were conducted online. payment channels such as lightning are a massive opportunity for online payments

This clearly needs citation. 10% according to who?

LN can help transactions from trusted recurring customers, but the most important obstacle is the shop itself accepting Bitcoin in the first place.

[slaman29]

despite over 2 decades of growth of internet, statistics show that only 10% of retail transactions were conducted online. payment channels such as lightning are a massive opportunity for online payments

I'm really curious to see how those statistics were gathered and what that really means. If you're taking into account maybe India and China and other rural populations where they couldn't anyway pay online and shop at physical stores, then of course I guess that 10% makes sense. And if so, then lightning actually doesn't help anything. I mean come on, if people aren't even going digital, much less Bitcoin, why lightning?

[okala]

Even the 10% is still base on the speculation because bitcoin have not gain such adoption that will amount to that 10% transaction being carried out using the online method. The world is gradually adopting bitcoin as a secondary currency and at that we need time before full implementation of that.

[xvids]

despite over 2 decades of growth of internet, statistics show that only 10% of retail transactions were conducted online. payment channels such as lightning are a massive opportunity for online payments

Where did you get this 10%? Is there any sources about this percentage?
Anyway I believe it is still need long time for e-commerce to accept crypto payment method.

I also have the same question,I wonder where did OP get the info.

Did you get that 10% information from a reliable source?
Bitcoin has a lot of improvement and is being adopted online
day by day. A lot of business opportunities are open for online transactions. I think it isn't 100% but 10% is too low since bitcoin is one of the most chosen online mode of payment.

It is true you could use our country the Philippines for example , We already have a local wallet called coins.ph and on that wallet we could easily convert our crypto into our local currency then use it on the wallet to pay Bills and other stuff we could also use it to pay for tax so I think it isn't just 10%.

[1Referee]

What is the point if merchants don't adopt and provide crypto as a payment solution? Currently, very few merchants actually provide BTC as a mode of payment which needs to be increased with time by raising adoption of BTC in any legit way possible.

Aside from the lack of scalability, merchants would be all-over Bitcoin if people actually spent their coins for once, but they don't.

During bull runs people aren't going to get rid of their coins because they strongly believe that they will be worth more next week or month, and during a bear market people are too upset about the loss in value to consider spending them. The current market is not a good environment for Bitcoin or pretty much any other crypto coin to function as proper payment solution for day to day items.

[Distinctin]

despite over 2 decades of growth of internet, statistics show that only 10% of retail transactions were conducted online. payment channels such as lightning are a massive opportunity for online payments

No it is not. First of all 10% looks like a wrong number but even if it is true then it doesn't tell us that people perform only 10% of trandsctions online because os lack of payment methods. Bringing to the market a new payment system like LN you are competing only with those systems that people use only for these 10% of transactions and not the other 90%

I also would like to question that 10%, OP has to put some source of the information here shared.
Well, bitcoin has to improve, it cannot be efficient without the LN and let's see how the merchants will integrate in their system and how online users will adopt it.

[Pumared]

despite over 2 decades of growth of internet, statistics show that only 10% of retail transactions were conducted online. payment channels such as lightning are a massive opportunity for online payments

If we count the world population we have in crypts only 0.34% of people using it. So it is a very irisorio value and shows the great potential of use and new adepts.

[FlightyPouch]

We can't blame them if they don't want to accept Bitcoin as a payment method. We all know how volatile it is and it will be hard for them to keep up with the changing price of it, there are also transaction fees and the transaction time that might take their services down. There are some though that don't really care about volatility and I salute those.

[olohifie]

despite over 2 decades of growth of internet, statistics show that only 10% of retail transactions were conducted online. payment channels such as lightning are a massive opportunity for online payments

The way btc rises and falls shows that it's not everybody that can risk having it soley for payments. For the tycons, physical cash in the bank is more reliable because its variation with time is within a bearable control. Stability in the crypto market will be like a chemoattractant to tycoons although that seems nearly impossible. Meanwhile amidst this volatility challenge, I think 10% is fare enough if actually the estimation is correct