Getting merchants to accept Bitcoin has proven to be difficult. Even though it has become easier to do so, merchants simply arenât interested. In fact, there are fewer top retailers dealing with BTC payments compared to a few years ago. It is evident something is changing, although it is hard to determine what. Despite this downturn, the Bitcoin price is still holding its own with relative ease.
A new article by Bloomberg indicates top retailers donât like Bitcoin. Until recently, only 1% of these merchants accepted BTC payments. That number in itself was already very low. Unfortunately, it now appears there are only three left. This goes to show Bitcoin holders are not too keen on spending the currency, for some reason. It is still a speculative asset which is not used to pay for goods and services directly.
With so few major retailers accepting Bitcoin payments, that is not surprising either. There are only so many electronics or flights you can purchase every single year. Consumers want a way to spend Bitcoin on everyday purchases. Bitcoin debit cards have certainly helped in this regard. However, they donât allow users to spend Bitcoin directly. Using an intermediary tool to do so is not what people want Bitcoin to achieve in the long run.
There is a bigger question of why merchants are not keen on accepting Bitcoin. The speculative aspect of the currency may have something to do with it. Additionally, the ongoing scaling debate may have made some entities think twice. Assuming those scaling problems are solved come August 1st, things can get quite interesting. Scaling issues have also pushed transaction fees up, making it less likely people will spend BTC.
At the same time, one has to keep in mind the top 500 list has some interesting companies on it. The likes of Amazon, Apple, and even Wal-Mart will never integrate Bitcoin directly. Scaling Bitcoin is the first step toward turning this situation around. With the scaling debate gone and fees kept low, things will eventually change. It is evident these are crucial weeks for the future of Bitcoin. Only time will tell what will happen in the next few years.
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