Bitcoin’s price has been booming in the last two years (with some recent hiccups). This must mean that the cryptocurrency is becoming ubiquitous at online retailers, right?
Wrong. According to a new Morgan Stanley report, via Bloomberg, only three out of 500 largest online merchants accept Bitcoin.
And it’s not growing either. That number is down from five retailers last year.
The report doesn’t say which three retailers accept Bitcoin, but it’s not very hard to guessone is likely Overstock, which has been strongly advocating Bitcoin since 2014. But the largest online storesAmazon, Wal-Mart, Applestill do not accept direct payments with any cryptocurrency.
This sounds counterintuitive. Bitcoin’s original promise is that of a decentralized currency and an automated payment system that’s fast, secure, and has ridiculously small fees. Its market cap grew from $4 to $40 billion in two years, which implies that retailers are coming on board. But they’re not, and they had several good reasons not to.
As pointed out in the Bloomberg article, the volatility of Bitcoin’s price does not suit retailers (or owners), nor do the rising transaction fees. The former is largely a result of all the speculative trading with Bitcoin, and the latter are caused by the limitations of Bitcoin’s blockchain, which can currently only process a low number of transactions, roughly 2-3 per second. Since miners (users who provide the computing power for the network) can choose which transactions to process, transactions with a higher cost now have a much better chance to go through.
This issue has turned into a raging debate that may be solved on August 1, when a big part of the Bitcoin community will attempt to adopt the proposed SegWit2x upgrade, which increases the size of blockchain blocks (from 1MB to 2MB) and increases the volume of transactions per block.
Ideally, this should make the Bitcoin payment network faster while also lowering the transaction fees. But not everyone is on board, and a failed adoption could result in a so called hard fork, which would split Bitcoin into two separate cryptocoins.
This is important, as it probably gives retailers (investors, too, but that’s another matter) pause before they decide to adopt Bitcoin. Just look at this notice from the Bitcoin foundation, warning that all retailers should stop accepting Bitcoin payments a day or two before August 1 due to the possible disappearance of Bitcoin and the likelihood of “significant price fluctuations.”
Other cryptocurrencies, such as Litecoin, are poised to take over in case Bitcoin fails. Litecoin has notably already adopted the similar SegWit upgrade and has no issues with scalability or rising transaction fees, but it’s less used than Bitcoin and even fewer online retailers accept it.
On the flip side, if SegWit2X adoption goes as planned and Bitcoin emerges faster and more future-proof, it could be an incentive for retailers to finally give the green light to Bitcoin payments.
Disclosure: The author of this text owns, or has recently owned, a number of cryptocurrencies, including BTC, LTC and ETH.
More From this publisher : HERE
If you like our content help us with a share… or two …
Also - I have some free stuff for you .......
Nr 1. In This FREE Report you can Discover:
Secrets to acquiring the freshest, hottest leads via YouTube In-Stream ads quickly and easily! Best secret tips for the most effective targeting for your ads! Totally legal, but little-known method for literally stealing traffic from your competitors! Get more traffic to your videos and landing pages without spending a fortune! And much more - all within this special FREE report!
Nr 2. Did you know you can Absolutely EXPLODE YOUR EMAIL LIST FOR FREE with UNTOUCHED offline sources?
Nr 3. The #1 secret to becoming an affiliate superstar - Earn your first $100 online – without a dime to invest.
If you’re still looking to “make it online – I have just the thing for you. It’s a video series that shows how to make your first $100 online – even if you don’t have a dime to invest. Yes – nothing. Free. Nada. Is this possible? You bet. It’s the most powerful system used by those “in the know”. Good things don’t have to be difficult. And they don’t only come to those who wait. Have A Look
Nr 4. Top 10 Email Marketing Mistakes. Which of these mistakes do you make?
Nr 5. You can learn about : The hottest social networking site that will send an unlimited stampede of traffic to your site - for FREE! How to quickly locate a swarm of hungry buyers using "information portals"! The fast and easy way to use simple images to siphon targeted traffic, on command! Learn how to get the most possible traffic from Instagram, and make sure that traffic converts! And much more ...
Nr 6. It’s no secret… Facebook is an incredible place to get tons of free, viral traffic. But… most people are going about it all wrong. How many of these mistakes are you making? Download the free report to find out.
Nr 7. Special free report . It's called "Operation Midas Touch" and you can download it here...
The report features a surefire method for generating at least $1000 per week online,without a website or product of your own!
Nr 8. Instagram is still one of the hottest ways to get a LOT of traffic fast. All by sharing images. Sounds easy enough, yeah? Well, yes and no. If you want to really start driving a lot of traffic and making sales using Instagram then you should download this report.
Nr 9. When it comes to creating a product online there are so many ways to approach it. Wouldn’t it be great to just get the meat of it all so you can get started faster? Well, the good news is, today you can download a guide called the Product Creation Formula Quickstart Guide. It’s as the title suggests - a Quickstart guide. You’ll get a list of action steps to take right away. Download your copy today !
Nr 10. Would you like to finally USE all of that dusty PLR you have sitting around on your harddrive? Or maybe find the resources for the best PLR available - at the best prices? What about how to use that PLR to make you money with just a few minutes of work. Well, you’re not going to want to miss this!
Nr 11. Buzzfeed’s top post has more than 21 million views. Think about that for a sec… ONE of their articles has had over 21 million people who have read it! And they have thousands of articles... what would you do with that kind of traffic? A friend of mine hacked their method and was able to use it to get 11,592 targeted new subscribers in 2 weeks on their very first attempt!
Nr 12. Push notifications are one of today's hottest trends in website traffic and conversions, and for good reason. Studies have shown that as many as 40% of people will opt-in for push notifications, which is about TEN TIMES the rate of people who opt-in for emails! That’s huge! Not only that, but they're also highly effective at pulling clicks, as well. Some studies have shown CTR at an average of around 40%, with highs of as much as 80%! Again, that’s huge!
Nr 13. Would you like to know how to get more money from the exact same number of website visitors you’re currently getting? Even if you’re website is getting as few as 1-2 visitors a day, this report will show you how to increase your profits using these few handy hacks.
Nr 14. People have now realised that it's not the size of the list which matters, it's the quality. ... and the only way to create a quality list is by launching your own products. Let it be $7 ebooks, $17 info products, $27 video training product or software's... all of these work. My good friend Kevin Fahey has is revealing how he's launched over 20 products in the past 4 years, many of them top sellers. Needless to say he's banked a handsome amount in this time.
Nr 15. Do you ever feel that the man you like or even love, just doesn't see you or desire you in way you want him to? Or... maybe you're able to get a man's attention though not the right kind of attention? Or... maybe you're still single because you wait and wait for men to approach you first? What you may not know is that the way we flirt will either attract the "wrong" man for us or the "right" man.
Nr 16. When it comes to getting sales and leads online, there is ONE thing that 95% of marketers use... it's called a LIST. My friend Jimmy just released a free book that explains WHY a list is important and how YOU can build your own list. It's available right here (and it won't cost you a penny)
Nr 17. If you have tried everything, and still aren't able to get your Ex back, then you need to pay attention.
Nr 18. What if I told you that you could make ANY woman WANT to do ANYTHING for you? Would you think I'm crazy? Well... what If I told you that you could also make her LOVE every minute of it and come back for more?
Nr 19. I have a special free plugin for you today. It's called "Covert Hover Mini"
This plugin will triple your blog traffic by compelling your visitors to share your images on social media. This is some really clever stuff and it works like a charm. After you grab your free plugin, don't forget to read the free bonus report as it will show exactly how and why this strategy works like crazy.
Nr 20. The days of being able to get away with a basic WP theme and a pic or two are gone, your site needs to look good. Even Google are looking for you to have engaging graphics on your site. But getting good quality graphics made for your site is a pain, AND it will cost you both time and money (if you outsource it). But I have a special free download for you today. A virtual treasure chest of over 21K profit pulling graphics you can start sing today to generate more traffic & sales!
Nr 21. 20 professional full HD background videos. These background videos are perfect for giving your videos that extra kick they need to stand out from the crowd Oh yeah they are in full 1080p HD too, I hope you'll enjoy them.
Nr 23. No doubt, you've seen all of the video launches lately! There is a reason for it... Video marketing is a GREAT way to make money, and with the recent creation tools making it super accessable for anyone to get started... It's no surprise that more people are making videos. However... there is a missing element to most video marketing products...
Nr 24. For the first time ever... You can get the straight scoop on how someone is selling over $1,000,000/year of t-shirts on Facebook!Use them .... and have fun !