Why many small businesses don't accept Bitcoin

[Ishicryptic]

I have often wondered why buying and selling with Bitcoin is not popular despite it's growing popularity and adoption. From my research I found out that Satoshi Nakamoto, primarily created Bitcoin for p2p decentralized transactions between two parties. Despite the growing adoption of Bitcoin it is still not popular for buying and selling and I realized that it is because it's a volatile asset. The diminishing price of Bitcoin during dip is why I think that it is not popular for payments of goods, many small businesses that makes turnover on the short term can not accept Bitcoin.

As Bitcoin is volatile and is more profitable to hodl on the long term, that is why many people prefer not to spend it on the short term. It has become more of a valuable asset to hodl than a digital cash for buying and selling.

Most small businesses are not willing to accept Bitcoin because it is volatile, especially during price dip. Most hodlers are not willing to sale or spend their Bitcoin until bull run. I don't see the growth of Bitcoin as a digital cash for buying and selling in the near future, I only see it's growing adoption as an investment asset. What is your take on it?

[Hatchy]

It's still a good means of payment in some part of the world. But here on our side, in Nigeria majority use BTC as an investment not a means of transaction.speaking of volatility, you should know that not just BTC is volatile but all cryptocurrency and Bitcoins volatility is lower compared to others out there. There are some other reasons why small scale business don't accept btc as a means of payment which is fee. Though currently the fee is moderate but what happens when it increases like we saw some months ago. That's why Bitcoin should serve as an alternative payments method in any business. For me, if I'm introducing any cryptocurrency into my business for instance, I'll prefer using stable coins so as to be Able to retain the value of my goods after sales.

[Marvelockg]

One characteristic that helps people to choose a particular payment medium primarily is the Ease of usage and its availability to the average man on the street. Do you know there was a time when rumor was going around that the CBN was set to produce 5000 naira notes? Do you know part of the reason why we've not seen it yet is because if it eventually comes into the market people wouldn't want to release it easily but will prefer to HODL it?

Small businesses like shops and kiosks even prefer physical cash so it will enable them to give balance to other buyers and buyers on the other hand who would at times want to buy a small item that's at the range of 500 to 1000 naira would prefer fiat to Bitcoin since transaction fee for such an amount is quite much.

The limitation of the fiat in the area of spending mostly applies to international boundaries where you want to transact with another country that is using a currency that's not the same as your country's currency. With that you can easily pay with Bitcoin and wouldn't have to bore yourself with all the transactions at the bureau d change, that's even if they can convert from the Nigerian NAIRA to most of the African currency. Bitcoin is not a replacement for the fiat but it is already relevant just like fiat also has its applications.

 For regular buying and selling of goods and services in a local environment, fiat is what's necessary to be used but when you're considering a digital asset that has a profit potential and that you can bank on any day and anytime to help solve the currency conversion issue, Bitcoin is the big deal.

[Lida93]

As Bitcoin is volatile and is more profitable to hodl on the long term, that is why many people prefer not to spend it on the short term. It has become more of a valuable asset to hodl than a digital cash for buying and selling.

I take it that bitcoin with it's current level of adoption has not matured enough to get to that ground of everyone using it for buying and selling from all big and small businesses. I do think that moment will come gradually when that function of bitcoin will be widely utilized just as the hodling of it as a valuable asset for long term purposes is been generally done by almost all of it's adoptors.

There was a time many never wanted to hodl but today they (individuals, institution's) are hodling for long, so it's optimistic there will come a time when the expansive use of BTC for buying and sell by all both medium and small scale businesses without minding it's phenomenon of volatility.

[Juicyhome]

I have often wondered why buying and selling with Bitcoin is not popular despite it's growing popularity and adoption. From my research I found out that Satoshi Nakamoto, primarily created Bitcoin for p2p decentralized transactions between two parties. Despite the growing adoption of Bitcoin it is still not popular for buying and selling and I realized that it is because it's a volatile asset. The diminishing price of Bitcoin during dip is why I think that it is not popular for payments of goods, many small businesses that makes turnover on the short term can not accept Bitcoin.

As Bitcoin is volatile and is more profitable to hodl on the long term, that is why many people prefer not to spend it on the short term. It has become more of a valuable asset to hodl than a digital cash for buying and selling.

Most small businesses are not willing to accept Bitcoin because it is volatile, especially during price dip. Most hodlers are not willing to sale or spend their Bitcoin until bull run. I don't see the growth of Bitcoin as a digital cash for buying and selling in the near future, I only see it's growing adoption as an investment asset. What is your take on it?

OP I think you're using your immediate environment to conclude on this, in some countries they use bitcoin to buy and sell, even online some vendors accept bitcoin for payment og goods and services. The matter for Nigeria be say not many small businesses and big ones can really use it to trade for exchange of goods. The awareness has not gotten to that level in Nigeria,  here if tell market woman that you will pay with bitcoin she will call the police for you sef, because  she don't know what bitcoin is talk more of changing it with goods. Bitcoin has come to stay, with time every one will be aware of it.