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.
Analysis: What 2019 Could Bring for Bitcoin
Trading in altcoins was a big part of what made Bitcoin price spike towards the end of 2017. A section of the crypto space argues that while altcoins helped Bitcoin’s market cap swell, they also bro
Bitcoin Cash Going Down as Stellar Warms up
Bitcoin Cash’s market cap has been cut in half since the Nov. 15 hardfork which birthed the Bitcoin ABC and Bitcoin SV chains. Now at a mere $3.5 bln and a unit price of ~$201 as at the time of writ
300k User Data from Chinese Auto Finance Platform Sold For One Bitcoin on Dark Web
It is revealed that 300,000 pieces of user data from a Chinese auto finance platform Jiurong were compromised and priced at one bitcoin on the dark web.
According to the leaked data posted, persona
Heyday of Bitcoin Mining Rigs Business at China’s Huaqiangbei is Over Amid Crypto Market Carnage
Bitcoin price slumped to a 13-month low of about $4,300 on Wednesday, making mining the world’s leading digital currency an unprofitable business. A lot of mall miners, mining rigs dealers and minin
Dialogue with Bitcoin Evangelist in Latin America: RSK Labs CEO Diego on Crypto Industry
Diego Gutierrez is the CEO at Koibanx and president of Bitcoin Argentina NGO. In addition, Diego also serves as the CEO of Rootstock/RSK Labs, a smart contract platform built on top of bitcoin.
China’s Bitcoin Billionaire Zhao Dong : Bitcoin Price to Hit $50,000 in Three Years—Now Is the Time to Buy the Dip
Despite Bitcoin’s latest crash and a real chance that its price will go much lower, Zhao Dong, prominent Chinese OTC trader and founder of Dfund, remains bullish on the the world’s biggest cryptoc
Bitcoin Miners Sold by Kilo in China Amid Cryptocurrency Crash
The leading cryptocurrency bitcoin once fell below $4,300 on the afternoon of November 20 – down more than 17% on a 24-hour basis and hitting a 13-month low since October 2017. Great losses are seen
Xiao Lei: 3 Main Reasons of the “Unreasonable” Bitcoin Price Crash
Cryptocurrency markets experienced a havoc in the past few days. Bitcoin, the uncrowned king in the crypto world, has fell as much as 30% over the past two weeks, while other major tokens are all suff