eCommerce Adoption?

[hahahafr]

The greed of men would just not allow crypto enthusiasts spend their cryptocurrencies. Honestly speaking sometimes when i look at some transactions i did way back i feel like kicking myself in the face. Anybody who believe in bitcoins and cryptocurrencies would definitely not spend all of them just like that.

The adoption and use of bitcoin will happen but it's really far from now i guess.

[sunsilk]

I'm not into ecommerce maybe your target customers aren't really into crypto. But it's good to see someone like you in the business who's been doing this for 4 years. I hope that you will never remove the option of paying your products with crypto.

It's just strange that BTC is not being used for value transfer at all.

Don't surprised with that, the revolution is just starting to spread all over the world. Give more years about it and you'll see the increase of your sales through crypto transactions.

[Artemis3]

I've been accepting cryptocurrencies since 2014. Currently using Coinbase Commerce to receive coin payments.

I am a big believer of cryptocurrencies and BTC but the results are quite... underwhelming. Less than 0.5% of total transactions processed is on BTC/ETH/BCH. I just did a trend analysis over the past 4 years and there is no signs of increasing.

Can crypto ultimately replace fiat money? I don't see this trend happening even though more vendors are accepting crypto.

Any eCommerce vendors here? I want to hear from you. Hoping your result is different from mine.

It is brewing slowly, it simply has not reached critical mass yet. Also some people are awaiting regulation in different countries, with Japan being in the lead.

You have done the right thing, and shouldn't need to worry. That 0.5% is a 0.5% of satisfied customers, that would probably choose you again over others without the crypto payment option. I haven't seen your site but you could try positioning well the BTC logo, perhaps with a link explaining what it is or one of the many youtube videos that explain crypto currencies.

I can't promise it will replace fiat any time soon, but there will be a long period of coexistence. There is also the generational divide, those who were born in a world with crypto and those who didn't and still refuse their existence, who happen to be occupying lawmaking seats. As these dinosaurs leave, acceptance can only increase and adoption with it.

It might take another 100 years for crypto to be the only means of conducting transactions, with fiat itself becoming more and more virtual and less physical, the next logical step is crypto which is safer than a debit card and faster than a wire transfer. When internet came, credit cards started losing their purpose and were being used more as a means of electronic payment, something for which they were not designed. A customer who just wants to transfer money to a site online doesn't need or care for credit, and you can actually use a credit card like a debit card (pay in advance) to override its limit anyway.

A debit card works, but you need a bank with an account, etc. All of that goes poof with crypto, where you can choose to be your own bank and not beg others to do your accounting in exchange of even more fees (and play roulette with your money but lets not get into that).

It's only a matter of time, take it easy.

[jakelyson]

That is the sad truth. Currently, most users of bitcoin view it as an investment vehicle rather than a payment method. There could be a variety of reason to this but the most prominent is that bitcoin can be very valuable in a very short time. And, if you are a trader, bitcoin is more profitable to you by taking advantage of the huge fluctuation in price. Though the e-commerce use of bitcoin is important for its adoption, I think it will take a back seat until for at least a couple of years.

I do not know how Coinbase Commerce works but I hope the expense to keep accepting bitcoin as payment is not too big. I hope you can continue to accept bitcoin as payment.

[squatter]

Can crypto ultimately replace fiat money? I don't see this trend happening even though more vendors are accepting crypto.

Any eCommerce vendors here? I want to hear from you. Hoping your result is different from mine.

In these early adopter days, most users are investors holding for higher prices. Everyone is speculating about usage and network utility years and decades down the road. It doesn't make sense to buy bitcoins -- incurring bank transfer fees, trading commissions, and Bitcoin network fees -- then use them for day-to-day spending shortly after. Holders tend to wait for significant price gains before spending.

This dynamic may change when Bitcoin and cryptocurrencies' speculative gains are mostly priced in and mass adoption has already taken place. At that point, people will still hoard bitcoins because of their scarcity and opt for cryptocurrencies with higher inflation or lower fees. But banking fees and trading commissions will be less of an issue since most people will own cryptocurrency at that point.

[beatzcoin123]

I dont foresee a possibility of crypto currency taking over fiat completely. But what i can categorically tell you is that crypto will be here for a long time, to compete side by side with fiat, Thats the beauty.

[NathanJB]

Crypto will one day replace fiat. But then we have to admit that people will most likely save them for better days than spend them. After all, crypto, especially Bitcoin, has become more of an investment than a digital money. If it rises triple in value in the next few months, why would you just spend it, right? As soon as we reach a certain level of stability though, we will be seeing more on crypto spending. Well, I hope so.

[stompix]

The greed of men would just not allow crypto enthusiasts spend their cryptocurrencies.

How is the greed of holder preventing you to spend your bitcoins?

Honestly speaking sometimes when i look at some transactions i did way back i feel like kicking myself in the face. Anybody who believe in bitcoins and cryptocurrencies would definitely not spend all of them just like that.

And look who is the greedy one:P
Seriously, think at least once if not twice before posting.

A debit card works, but you need a bank with an account, etc. All of that goes poof with crypto, where you can choose to be your own bank and not beg others to do your accounting in exchange of even more fees (and play roulette with your money but lets not get into that).

It's only a matter of time, take it easy.

Let's actually get into a bit of the roulette playing because some sort of gambling is the main reason why people don't use crypto besides the speculation that it will go to a million.

I gave above an example of how I've paid with crypto to buy a smartphone just a week ago.
Would I buy something from this users website with crypto? NO. Sorry OP, but that's the reality.
And not because the op is a newbie, or cause I've never heard of the website before, it's because is a foreign business and I have zero ways to ask for a chargeback if s*** happens.

This is why I bought that smartphone, the shop is 2km away from me in the capital, the payment processor has a license to conduct business in my country for financial purposes, there are places where I can ask for either a refund or to return the product or anything else.

And this is where the international fee advantage of BTC (which I know from the previous discussions you're a real fan you can't stop comparing it to banks  ) is obliterated because you have to place your trust in the vendor.

[vladimirhf]

it will happen ofc and I think libra will push this ahead. Banks are also offering new services - centralized - to pay with qr codes. it's not crypto yet, but people are getting used to the interface.

[Kakmakr]

It's a tricky situation at the moment, because the price has dropped with more than 80% since 2017 and a lot of people are hoarding coins in the hope to get more "bang for the buck", when the price goes to a new ATH again.

Have you advertised properly that your sites are accepting Bitcoin, because most sites do not market that very well and then they blame the community for not supporting it. I would create a thread announcing that you are offering Bitcoin payment on your site and ask for inputs on how to increase traffic to your site.  

[TobiasVR]

crypto is currently only decorating and complementing fiat money for transactions. now fiat money is still the main one and there is no crypto sign that it can shift fiat money