Bitcoin Usage Among Merchants Is Up

[plvbob0070]

Bitcoin usage on the merchant is increasing every year. Although it's nothing compared to the use of credit cards. Bitcoin has a $4 billion purchasing power while credit card has $3.7 trillion, but not bad for Bitcoin since Bitcoin is still growing.

“In 2020, we’re hyper-focused on providing a complete merchant experience with business features and insights, better serving other geographies with internationalization, adding more currencies, and building seamless integrations that leverage other Coinbase products,” Coinbase Commerce lead Sahil Amoli told CoinDesk.

A merchant in Paris was interviewed regarding crypto transactions. According to him, people are still not ready for crypto payments and that they prefer to keep it rather than spend it. He has a point and it's obvious why. But for him as a merchant, he prefers receiving crypto payments than PayPal. Because of the nature of his business, he often receives payments digitally because their products cost a huge amount of money. But since his business is about lingerie boutique, customers (mostly men) prefer Bitcoin than credit cards to avoid showing up on their bills what they had both.

Source:
https://www.coindesk.com/bitcoin-usage-among-merchants-is-up-according-to-data-from-coinbase-and-bitpay

This just shows that some customers and merchants prefer crypto payments, no wonder why Bitcoin usage increases. As it continues to grow, customers and store owners are starting to see the real value of cryptocurrency. It can give them benefits that other payment options can't. It will make them realize that bitcoin is a lot more advantageous by making the transaction much convenient for the merchant and the customer. Like the customer doesn't need to bring money to purchase a product because they can easily pay with bitcoins using their phones as long as they have internet access.

“People are not ready to pay with crypto. They prefer to keep it rather than spend it,” Daumas said.

Although just like what he said, most of us would rather choose to keep our coins than to spend it, and I'm somehow guilty about it. Most of us see the value of bitcoin as an investment that we need to store than a currency we can use for day to day transactions. One issue I see is that there's still no enough merchants that accept Bitcoin unless it's a luxury brand.

Every day, crypto adoption is increasing so I really think that there should be something that will help merchants to learn crypto payments.

Also, I've seen this poster and it catches my attention because it suits the merchants. This kind of lesson should be included in the curriculum to teach young people especially those who are in a business-related course to know cryptocurrency. Business students are the future businessmen and entrepreneurs and in the future, we will achieve more adoption so it should be taught to them. Millennials will be needing it sooner and when they grow up.  If they teach students about credit cards, why not start teaching them about crypto right?

Do you guys feel the growth of Bitcoin among merchants, like do you see increasing of shops that accept Bitcoin payment? And does add crypto to the curriculum would really make merchants accept Bitcoin?

PS: I'm not posting this to promote the site, I just want to share the news with everyone.

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[gentlemand]

In my part of the world, the UK, there are fewer options than there used to be and very few new ones coming. It looks to me the optimism surrounding merchant adoption peaked in 2014 and has been going slowly downhill ever since. Lots of places have rescinded it as an option like Steam, Expedia and others.

Coinbase forcing merchants to handle their own seeds must have put a huge dent in their business and I've only ever used one place that had Coinbase as its payment processor.

Merchant adoption will come en masse a long time down the line. The speculation phase needs to transition into a store of value and then it eventually might become a currency of sorts.

I definitely appreciate the ability to spend it. I don't expect it to grow much for a lengthy while.

[avikz]

There are mainly two part of the story. Bitcoin adoption is definitely on the rise and that's not surprising in any way. But there are two major things which actually determines the fate of the adoption.

1. Legality - it is a big factor behind botcoin adoption. In a country like Japan, its much easier to find a merchant that accepts bitcoin because bitcoin has a legal status there. So legality of bitcoin definitely means a lot when it comes to merchant adoption.

2. Mentality - people are greedy. Common people always look ways to make money. Bitcoin is definitely one of the most attractive assets I have seen in decades. Common people like me, simply don't want to loose the opportunity to make money. That's why they are less inclined to spending their bitcoins.

Bitcoin adoption will certainly grow on its own as more and more people will become interested about it. But these two major factors will play the biggest role in the background.

[TheNewAnon135246]

I came across www.spending-bitcoin.com a while ago. Well over 1,000 merchants are listed there.

[Chlotide]

Crypto is not a valid form of payment in most countries. You would need to use a payment processor to get the job done. The thing I am wondering is how would a merchant accepting crypto payments go about giving a refund. Would assume in fiat most likely.

[dothebeats]

Though crypto has value, unfortunately not everyone is brave enough to accept it as a form of payment. Sure there are a few merchants here and therr accepting bitcoin as payment but sadly, even those are disappearing as time passes by. Not to mention that ever since big names started closing their doors on crypto payments, independent merchants followed suit, thus bringing a rather lame adoption phase for cryptocurrency and making it a non-viable payment solution yet again since no one accepts it.

Until speculation has subsided and the craze for get-rich-quick involving crypto has died out, we may not be seeing crypto receiving the adoption and attention from the merchants it was always destined to have.

[maxreish]

Pro bitcoin payments by Merchants are increasing. That's a good sign for adoption, yeah. I remembered one Merchant I got a chance to talk to him for a few minutes. I ask him how's the progress for bitcoin payments. And yeah, the answer is probably same like other Merchant's owners. It wasn't yet  often used. And that our countrymen isn't yet ready to spend it thus still majority, considering it as a store value than of spending it as a payment.

[jhonjhon]

The adoption of bitcoin as another mode of payment to merchants is still starting that is why we can’t compare it to credit cards and debit cards. As the adoption of bitcoin increases every year more and more merchants are also thinking of adopting it just to survive and be ahead from there competitors, we may see still a few merchants who accepts bitcoin but is t is only a matter of time that bitcoin will be considered another way to make payments for our goods and services.

[The Sceptical Chymist]

“In 2020, we’re hyper-focused on providing a complete merchant experience with business features and insights, better serving other geographies with internationalization, adding more currencies, and building seamless integrations that leverage other Coinbase products,” Coinbase Commerce lead Sahil Amoli told CoinDesk.

OMG, that sounds like some of the worst public-relations gobbledygook I've ever read. 

Merchant acceptance might be up, but I doubt there's been much of an increase in people using bitcoin to buy things--or if there has been, I don't think it's a trend that's going to stick.  Ever since I became aware of bitcoin, I've always wondered why anyone would want to spend it instead of fiat if privacy isn't a concern, which it isn't for most people.  That isn't to say I don't understand why bitcoin is revolutionary, because I do.  But for the average person it isn't necessary when it comes to buying everyday goods & services.  It wasn't necessary 10 years ago when bitcoin came out and it isn't today, so I don't see this article as anything of huge importance.

[plvbob0070]

Pro bitcoin payments by Merchants are increasing. That's a good sign for adoption, yeah. I remembered one Merchant I got a chance to talk to him for a few minutes. I ask him how's the progress for bitcoin payments. And yeah, the answer is probably same like other Merchant's owners. It wasn't yet  often used. And that our countrymen isn't yet ready to spend it thus still majority, considering it as a store value than of spending it as a payment.

It's no surprise that most customers don't use them as payment. It's either they don't know about bitcoin or they don't want to spend it. They are indeed increasing although in my case, I haven't seen one in my country that accepts crypto payments. I know there are some merchants in my country that accepts crypto but I just haven't encountered one yet. The thing is, although I know it's increasing, I can't feel it myself. I guess we're still early for mass adoption but it's the start.

The adoption of bitcoin as another mode of payment to merchants is still starting that is why we can’t compare it to credit cards and debit cards. As the adoption of bitcoin increases every year more and more merchants are also thinking of adopting it just to survive and be ahead from there competitors, we may see still a few merchants who accepts bitcoin but is t is only a matter of time that bitcoin will be considered another way to make payments for our goods and services.

Just like what you have said, Bitcoin payment is just starting so it is nothing compared to the number of usage of credit and debit cards. It's almost everywhere like almost everyone has one. But the good thing is that even though there's debit and credit, the merchants still have a space for crypto payments. That they are still willing to accept it even though there's no much customer who uses it.

[pooya87]

In my part of the world, the UK, there are fewer options than there used to be and very few new ones coming. It looks to me the optimism surrounding merchant adoption peaked in 2014 and has been going slowly downhill ever since. Lots of places have rescinded it as an option like Steam, Expedia and others.

from what i've seen the merchant adoption peak happens when there is consumer adoption peak when they are also at the peak of their spending. and that happens during price rises. which is part of the reason why 2017 showed a lot of merchant adoption.
the reason why Valve,... dropped bitcoin as a payment option was the huge fees that negated all the adoption during 2017.

[Janation]

I think this depends on the place that you are in.

In my country, despite the legalization of cryptocurrencies, people are still not accepting Bitcoin and other cryptocurrencies that much. Online, there are some mobile payments that accept Bitcoin but in terms of offline transactions or payment methods, they prefer fiat. Some say it is their investment so they will hold into it rather than use it.

[qwertyup23]

Fortunately, merchants in the Philippines that accept bitcoin have been increasing over the past years. One thing also to note is that our local exchange provide different payment options for various services. These merchants saw the opportunity of bitcoin and began accepting it as a mode of payment. But I consider bitcoin as a valuable asset for investment.

I think this depends on the place that you are in.

In my country, despite the legalization of cryptocurrencies, people are still not accepting Bitcoin and other cryptocurrencies that much. Online, there are some mobile payments that accept Bitcoin but in terms of offline transactions or payment methods, they prefer fiat. Some say it is their investment so they will hold into it rather than use it.

This is true. While other countries have progression in the acceptance of cryptocurrencies, there are others who are still yet to be accepted as a means of payment for services/product. This also depends on the government regarding their stand with cryptocurrencies. Once they give the green signal, merchants would start accepting it as a mode of payment.

[minairia3]

I heard of this and this definitely good news to the Philippines crypto users. It's only 11 years but crypto progress has seen progress, many country still dont trust the effect of using blockchain tech but not all even the strictest one always have an outlier to the group. We cant condemn government authorities for being so strict about this cause admit it, this is not perfect and can still be use for illegal and wrong doings which every country should lay provisions with.

Nice thread OP at least we know that the progress is increasing day by day.

[AicecreaME]

“People are not ready to pay with crypto. They prefer to keep it rather than spend it,” Daumas said.

Exactly, because it is more worth it to exchange it in fiat rather than spending it directly to buy things on the market, which may cost more than their regular expenses. I think we need more time before we reach that moment in which spending bitcoin is a regular thing to do in our everyday lives, where its price is almost triple the last ATH price we've had in year 2017, if that time comes, the transaction fee that we are going to pay in every transaction we've had will be like a penny.

[davis196]

Bitcoin usage among merchants goes up because the bitcoin price goes up,so the merchants want to get more bitcoins,before the BTC price hits the moon.Sneaky little rats....
At the same time,nobody wants to purchase stuff using bitcoin,because we are in a bull trend and the price might be at 12K USD next week.Damn it,let's just face the fact that Bitcoin will never going to be massively used for retail purchases.The number of merchants accepting bitcoin payments doesn't matter.

[Reid]

But since his business is about lingerie boutique, customers (mostly men) prefer Bitcoin than credit cards to avoid showing up on their bills what they had both.

This is really funny. I understood it before the sentence even end.  
It is a good thing, for those who have courageous merchants that will enter the crypto currency field as a payment option.
I am really smiling now.  

At my side though, I am still having a hard time to see those who can do it.
Actually, I don't see it yet.
It may really start from other countries merchant first before my own countrymen will follow it.
Sad but true.

[Kakmakr]

The building of a strong merchant network is key to the success of Bitcoin. This is where most of the Alt coins are failing, because they think everything stop, once the token are developed. People need a motivation to buy the token and the motivation is usually some advantage that Bitcoin has over other payment methods.

The one used in the example of men using the token to buy sexy lingerie is one of the things that gives Bitcoin an advantage over it's competitors. The pseudo anonymity protect the user of that token and more boutiques and sex shops should be approached to ask if they would be willing to accept Bitcoin.

Why should there be a paper trail back to the customer to show his adult purchases to some centralized financial organization or the government to which it is reporting to.    

[GmAdvice]

Although bitcoin adoption may move at a glacial pace,  merchants are seeing sustained traction regardless of market dips. There are many countires which bitcoin is not use a legal tender,  but there some countries which uses bitcoin as a payement gateway,,
There are many merchants which accept bitcoin and other crypto currencies as a  payment system, with the increase in no.of users using bitcoin as a payment system its popularity and usage increases, it will produce a strong merchant network which uses bitcoin as a payment gateway is the way to the success of bitcoin..

[20kevin20]

A big difficulty in adding the Bitcoin payment method to a website is volatility, confirmations, the number of customers using this payment method and the fees. Most websites will not go through the headache of adding Bitcoin payment methods to their platform due to the small number of people willing to pay through it.

The number of people using Bitcoin always peaks when the price is the highest. That's when the craze starts and then everyone goes silent until the next market ride. Therefore, it's just a hassle many websites consider they don't need. If Bitcoin will ever become a true payment method and adoption will be on a significantly higher level than it is today, adding it might become an option for website owners. Until then though, it's going to probably stay the way it is.