Stores are Ready to Accept Bitcoin but are Customer Ready to Use it?
By Max Steadman – Cryptocurrency Enthusiast
Bitcoin, being the most common and famous cryptocurrency around the world, is still facing a hard time in becoming a real-world use currency for payments. This is gradually changing, however, because many businesses and merchants are either preparing or implementing cryptocurrencies into their ecosystem for alternative payment methods.
Two of the major crypto trading platforms, Coinbase and BitPay report an increase in corporations utilizing bitcoin payments. BitPay alone, for example, actioned more than $1 billion in assorted goods and services transactions sent in the world’s leading crypto asset – Bitcoin, with overall an incline in large Bitcoin transactions.
Coinbase also notes that their platform processed another $135 million in cryptocurrency transactions, revealing a 600% rise from 2019. Chainalysis, an analytics firm, have revealed in its report of the previous year that a total sum of $4 billion in cryptocurrency transactions took place throughout the whole year. They show that cryptocurrency trading in exchange for goods and services is only becoming more popular and common.
It seems that cryptocurrency as a retail ecosystem is enhancing in its presence and value. Companies appear to be eagerly welcoming this technological shift both for their own growth as well as the convenience and choice of the customer.
The hurdle for cryptocurrencies and retail consumers continues to be the volatile nature of the Bitcoin price and the market. Its vulnerability in this respect and its continuous price swings do pose issues. Many companies, due to the susceptible nature it has to losing value, refuse to accept it as a payment method for the time being.
While this volatility is worth noting, others highlight the fact many retail consumers do not utilize these digital assets as they should. Many claim that they are designed to facilitate financial transactions and are a much securer means of doing so.