Categories: News

Making People Warm For Digital Currency

Bitcoin enthusiasts all over the world may have noticed how it is much harder to convince consumers to use Bitcoin, whereas merchants and retailers seem to be more open to the idea. For most consumers, digital currency is not a solution, but more of a niche product that no one seems to be using. A mind shift will need to happen at some point, but how does one go about nudging people in the right direction?

Also read: Time To Stop Using The Vircurex Exchange

Changing The Digital Currency Conversation

One way to get people excited about Bitcoin and digital currency is by trying to change the conversation. For most people, mentioning the term Bitcoin will immediately put them off, but “blockchain”, “virtual currency” and “digital currency” seem to be acceptable to most people for some unknown reason. In the end, the conversation will turn to Bitcoin, but at least they will not be put off by the thought as much.

There are those in the Bitcoin community who will not agree with trying to change the conversation by any means. That is only normal, as we all like Bitcoin and see the clear advantages this particular digital currency brings to the table. Moreover, we have all put the negative aspects and scams behind us, whereas mainstream consumers seem to be stuck in the way of thinking digital currency is only used by internet criminals.

But there is a bigger concern that needs to be addressed, albeit it will be a much more significant challenge. Most consumers do not see or need Bitcoin as an alternative to traditional finance. Especially those people living in unbanked and underbanked regions, who prefer to stay completely anonymous in the financial world, do not see the benefit in Bitcoin by any means.

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Unlike what most people assume to this very day, Bitcoin is a far cry from an anonymous form of payment. Granted, users are identified by wallet addresses, which offer pseudonymity. But at the same time, all of the Bitcoin transactions in the past, present, and future can be publicly trace don the blockchain in real-time. This removes any shred of full anonymity in the Bitcoin world.

Moreover, Bitcoin just makes a lot more sense for business owners compared to consumers. As a [small] business owners, reducing any costs is an important element of running a successful company, and Bitcoin helps reduce transaction fees by quite a margin. Additionally, digital currency is the only form of global frictionless payments available in the world today, and there are no additional infrastructure fees associated with accepting Bitcoin payments.

Changing the public perception of Bitcoin will not be an easy task, as a lot of damage has been done to the public image of digital currency in the past few years. As more merchants and retailers accept Bitcoin payments, consumers may start to think twice about how they pay for goods and services. But only if the retailers play their role in educating customers on digital currency.

Source: Reddit

Images credit 1,2

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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JP Buntinx

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