We all know that Bitcoin has been around for almost a decade and is mainly run by trading syndicates that are overwhelmingly from China. We also know that there is only a scant few people that actually accept Bitcoin for payment because it does not make much business sense when not many regular people own the internet currency outside of very small positions. Now, the price sky rocketed to $3000.00 per coin a short while back, then plummeted to $1800.00 a few weeks later which indicates extremely high volatility trading speculation mostly because how can anyone actually use Bitcoin outside of trading it ?
Can I Use Bitcoin Yet
The below article was published recently on July 12th… article source
“The price of bitcoin is up over 250% since last year, but acceptance of the cryptocurrency as a form of payment among top merchants has declined.” With the colossal surge in Bitcoin price wouldn’t one think merchants would use Bitcoin more not less ?
“A research note out Wednesday by a group of analysts at Morgan Stanley led by James E Faucette said “bitcoin acceptance is virtually zero and shrinking,” despite its impressive appreciation.” Again, with valuation soaring Bitcoin acceptance is dull and getting duller.
“According to the bank, last year bitcoin was accepted at five of of the top 500 online merchants. Today, only three of the top 500 merchants accept bitcoin as a form of payment.” I am not sure Onecoin is going to be the top cryptocurrency for merchants in the future, but It appears Bitcoin failed and is not built for such an idea.
“The disparity between virtually no merchant acceptance and bitcoin’s rapid appreciation is striking,” the analysts wrote.
The investment bank outlined three reasons for the decline in bitcoin acceptance among merchants.
“The first reason has to do with the appreciation of bitcoin. Most owners of the cryptocurrency are unwilling to let go of their holdings to pay for goods because they expect the price of bitcoin to go up. This point underpins the bank’s thesis that bitcoin mainly functions as an investment vehicle rather than fiat currency that you could spend on goods and services.” Yes, I concur, and in my opinion Bitcoin is not equipped to be world reserve digital currency for people who actually want to use Bitcoin outside of trading it.
Issues with bitcoin’s scalability, which has made transactions slow and expensive, is another reason the bank thinks merchants find bitcoin unappealing as a form of payment. The cost of business to use Bitcoin has lifted into orbit the past few months.
Finally, there has been a lack of pressure from the people who run the bitcoin infrastructure, according to the bank, to push merchants to accept bitcoin as a form of payment. Most average people do not and will not expose themselves to hyper risky price movements like Bitcoin. It is simply not an undertaking that up until now businesses will not pursue.
“The ecosystem has focused more on value speculation rather than the foot leather-eating work of increasing acceptance – way easier to trade speculatively than convince new merchants to accept the cryptocurrency,” the bank said. Funny, that is exactly what Onecoin preaches and Dr. Ruja Ignatova has committed to focusing on merchant development this year.
The bank notes that, while many merchants are uninterested in accepting bitcoin as a form of payment, many find the technology that underpins the cryptocurrency as a tech they could use to improve their infrastructure. The technology is great and I presume will be here forever with all its neat potential applications, but the sad part of this great Bitcoin story can be summed up in a few short words. How can anyone actually use Bitcoin ?
You Can’t Use Bitcoin Here
Now that Dealshaker has been open for about six months and the growing pains are minimal, the Onecoin network is starting to see some real value on this huge and expanding e-commerce platform for merchants. With thousands of new businesses joining Dealshaker every single day, it appears Onecoin is not having the troubles that Bitcoin has in garnering interest in merchants to use the Onecoin digital currency as a method of payment.
You can’t use Bitcoin here in Verona, Italy but you certainly can use Onecoin. I know the area well and this is a deal shaker for sure.
Beam Me Up Some Deals Padre !!
*I am an independent marketing associate of Onelife and all information, writings and opinions on this blog are mine alone with zero connection to the company Onecoin or Onelife unless directly sourced by company.*