Getting merchants and store owners to accept Bitcoin payments remains a significant challenge. According to one Reddit user, a deli in Terryville, CT, has been accepting Bitcoin payments for quite some time. It makes a lot of sense for smaller businesses to accept Bitcoin, due to reduced fees and global availability.
Small Business Owners Are A Big Market For Bitcoin
Over the past few years, a lot of businesses and companies have started to accept Bitcoin. In most cases, these are big brands with a lot of appeal.Name such as Expedia, Microsoft, and Overstock.com are just a few examples. But are they the ones who will drive global Bitcoin adoption in the long run?
That is a very interesting question, and for now, the answer would be ‘no”. It is good to have major companies and platforms on board of the Bitcoin Revolution, though. But there are not the places most everyday consumers frequent often. No one will purchase Bitcoin to get a laptop from Overstock or book a trip through Expedia.
A significant impact will be made when consumers can pay for everyday goods and services with Bitcoin. Paying bills with Bitcoin is already possible if one wants to use an intermediary service to do so. Bitwala is an excellent service to achieve this goal, and they are quite successful so far.
In-store payments are the way to go for Bitcoin. At the same time, this will also be the most challenging sector to gain any traction on the retailer side. For small business owners, it makes a lot of sense to accept Bitcoin payments. No one wants to deal with high transaction fees for card payments. Storing large amounts of cash is a security risk as well.
The biggest gains are to be made in the so-called mom-and-pop stores. Individual business owners who do not have to explain these decisions to overarching companies or brands. Having the option to pay at a local grocery store or deli with Bitcoin carries a lot more weight than Microsoft accepting cryptocurrency.
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