Why Do You Think Merchants Avoid Cryptocurrencies?
If you are quite familiar with bitcoins and cryptocurrencies then you will find most of the merchants avoid taking or accepting cryptocurrencies. Bitcoin pro official website has pointed out that cryptocurrency seems useless for many because most of us are unable to make use of crypto coins in our daily life of a day to day basis.
If we have to make cryptocurrencies accepted all across the world then the adoption of it must be inspired among the small merchants and traders too. The common man just understands the language of the day to day life, the only fact that the cryptocurrency could be used to buy their daily life groceries would make them inclined towards this digital currency.
Many business people avoid or decline the use of the bitcoins because they fail to understand the basis on which the price of the bitcoins is marked. They do not really trust the volatile market which decided the price of the cryptocurrencies. It also indicates that the price of the bitcoins fluctuates and rises and drops in an hour.
What Does Volatility Mean?
Bitcoins or any other cryptocurrencies are considered to be extremely volatile, which also means that not a single individual can make themselves dependent on the cryptocurrencies for any payment or debt or insurance or rent because the values would fluctuate and you might not get back what you had expected. Although the chances of loss using cryptocurrency are rare to hit because usually, the value of the cryptocurrencies goes up. But nevertheless, it is better not to be completely dependent on them.
Crypto Wallet Which is Trusted More
Users would definitely like a user-friendly wallet and all the wallets that are already present market are not really user friendly.
There are some wallets that are difficult to use with improper security and unnecessary holes in the wallet. Such wallets are a low-quality wallet. Hence there have been samples of wallets such as the Venmo is one of the most popular wallets and is used by most people all over the world. Some are trying to bring out wallets which would be convenient for the merchants to use so that they can use the wallet like a PayPal wallet or any such digital currency wallet.
Bitcoin is the Boss
In a very short span of time, bitcoin has been able to rule and dominate the world as per its own rules. Time and again people have laughed at this currency and have failed to accept it either due to the lack of understanding or due to the fear of losing on to real ideas and concepts about the bitcoins. The value of a bitcoin rises and falls hour to hour so nothing can be predicted beforehand.
The biggest chokepoint is the maintain the proof work of the bitcoins, it might lead to centralization with such proofs which might not have been noticed earlier ever. It is illegal for anyone or any country to hide the use of any cryptocurrency or any wallet.
So, it has been legalized in many countries while in many it has not been yet so the merchants and small businessmen are not very happy about the use of it. Some countries like India have come up with their own digital currency called google pay so that it is linked to the bank and the RBI has control over what is going to happen and when. It no longer remains anonymous. But again, the USA has accepted the bitcoin like it is. They have shown no offense or disagreement at using the crypto-coins for a coffee or a breakfast.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes