To many people, the Bitcoin revolution seems to be in full effect all over the world. Transaction volumes keep rising, more unique wallet addresses are generated, and the price has been relatively stable for quite some time now. But that doesn’t mean Bitcoin can be used in more real-life situations than before. Not even businesses located in the heart of Silicon Valley know what Bitcoin is, let alone accept is as a payment method.
Also read: Why You Should Considering Installing a Bitcoin ATM At A Retail Location
Using Bitcoin In Silicon Valley Is Still Difficult
Despite being one of the biggest technology hubs in the world, people living in Silicon Valley can be quite ignorant as well. That is to say, those who are not active in the technology field themselves are not keeping tabs on what is going on in the payment industry all that much. Otherwise, they would have known about Bitcoin by now.
Unfortunately, that does not seem to be the case just yet, as retailers at the Westfield Valley Fair mall have never heard of Bitcoin to begin with. But that is the only concern, as they are behind the curve on traditional payments as well. Most stores don’t even accept the new EMV-enabled plastic cards either because their payment terminals need to be upgraded.
Not having heard of Bitcoin is quite strange at this particular location in Silicon Valley, especially when considering there is a Bitcoin ATM located inside the mall. As it turns out, locating that Bitcoin ATM can be a difficult task as it is tucked into a corner in a side hallway on the second floor. People not actively looking for this machine will just walk past it without giving it a second thought.
However, people could also be using it as an excuse not to deal with Bitcoin payments altogether, if they don’t know how the system works, and they can’t be bothered to ask another staff member for help. More educational efforts and training sessions are needed to not only convince the store, but also their staff on the benefits of Bitcoin.
At the same time, this addresses one of the key issues new and innovative payment methods – including Bitcoin – are faced with confusion and lack of understanding. Even though various merchants all over the world have seen the benefit of accepting these new payment methods, to some, it just doesn’t seem to be worth their time. Whether or not that is a good decision remains to be seen, though, and retailers in Silicon Valley might want to rethink their stance.
Volatility Is Still A Pressing Issue For Acceptance
Even though Bitcoin has been relatively stable throughout 2015, many merchants still see the digital currency as being far too volatile. This is a very weird argument, considering there are plenty of payment processors who will convert Bitcoin payments to fiat right away, not exposing anyone to price volatility if there would be any.
Then again, if particular merchants would be interested in keeping [a portion of] every transaction in its Bitcoin state, volatility could become an issue in the long run. However, it is also that volatility that gives every merchant a chance to increase the value of every incoming transaction they saved in Bitcoin, something that isn’t possible with any other payment method in the world today.
Source: TH Online