If businesses can already accept cryptocurrencies with services that immediately settle in fiat, why do so few accept them? How can we get more to accept them?


  1. thabootyslayer


    Because consumers aren’t transacting in crypto..? 99.99% of normal people don’t care to go through the hassle of buying and using crypto so adding that option from a merchants standpoint just isn’t worth it. It just complicates things.

  2. bbqyak


    Too much hassle. I don’t think it attracts any more business than regular. At least if we’re talking about brick and mortar stores.

    They would have to be knowledgeable themselves, their staff, etc. Nobody goes to these stores demanding they accept crypto and hardly anyone actually pays in crypto. It’s just not something that would increase business nor would it save them money or make the job easier. Once again, referring to brick and mortar.

  3. Elean0rZ


    I think it’s a cost/benefit/demand thing.

    Look at existing payment rails. From the perspective of a small business, the best case would be if everyone paid in cash: the transactions themselves are free, and you can fudge things to lower your taxes. The flip side is, no-one carries cash anymore so even though accepting debit and/or credit incurs fees, those fees are offset by the larger customer base you can now attract. It’s worth it to pay more to ‘unlock’ more customers.

    Whether to accept crypto depends on similar considerations. In accepting crypto, businesses are opening themselves up to fees, assuming they use a service that immediately converts crypto to fiat, or else to the risks of market volatility if they choose to hold the crypto without converting it. Those costs could be worth it if accepting crypto brought in significantly more customers than are brought in by cash/debit/credit alone. However, that’s not currently the case.

    For one thing, relative to the total pool of consumers out there, crypto users are a very small minority.

    For another thing, even within the small pool of crypto users, few are willing to spend crypto, vs. holding it and hoping it will moon.

    Finally, even if one were willing to spend one’s crypto, the current payment landscape makes it physically and logistically difficult to do so (granted, this is slowly improving).

    Until these things change, the economic argument for average businesses to accept crypto will remain weak.

  4. skuzzadonx


    I spent half an hour at cumbys last week trying to explain this to the dude behind the register and get them to take it but they just don’t get it. I think the dude just listened because I was lettin him hit my juul. It’s not gonna be an easy road bros but we will get there

  5. FlamingSky_CEO


    It’s just not in the mainstream psyche in the way it is with early adopters and the business case is not clear. Whilst people still see it as a speculative currency it is treated like a hyper-inflationary 3rd world dollar in most peoples minds. Until they fundamentally understand it the adoption rates will be slow. I don’t believe crypto is simple and people are fundamentally simple, it’s just the way of the world. I also don’t think the speculation on the price of BTC helps, as a poster has said already, why spend 5 BTC if you can buy for 3 BTC a few days later (or vice versa of course).

  6. Frogger_Returns


    No one is going to like this answer, but if you want regular people to buy apples and paper towels with crypto, you must have two things:

    – Apps with straightforward ways to accept and send crypto (think Venmo or the Cash App)
    – Services that act like banks for crypto

    Before you get out your Satoshi Vision Pitchforks™️, let me point out that I love what cryptocurrency is for enthusiasts. But try getting your friends who have Venmo to instead use your rank 37 crypto of choice to split the check at Olive Garden. Is their an app to make the transaction? How easy is it to exchange addresses? How do they convert their fiat to the crypto?

    “But it’s fee-less and only take 4 seconds.”

    Who gives a shit! Certainly not Gram Gram when she is checking out at the craft store.

    As for my mention of banks, what I really mean is people need customer service. They need someone to help them when there are issues with their money.

    “But crypto is about being your own bank.”

    That’s true for enthusiasts, but regular people *want* some aspects of a centralized currency. All it would take is for someone to lose a chunk of change once to swear it off and go back to credit cards and cash.

  7. flufffyzebra


    Hard to deviate from a system which has been in place for ages. Also companies might consider useless and expensive the hassles which it might incur (think asset management and taxes etc.).

  8. If businesses see cryptocurrency as a means to make more money for themselves, but also simultaneously can provide extra value to their customer base in this way, they will themselves choose to add paying with crypto as an option. Tough bridge to cross.

    Sometimes my life goes like this:

    1. My main credit card I use for most purchases has been cancelled approximately 9 times over the years due to fraud prevention (product design flaw of CC’s).

    2. Usually my bank lets me know quickly, but they don’t always, leading to my understandable confusion (human error)

    3. Upon my card being denied/shutdown I have to set the time aside to wait on hold for a new CC (poor infrastructure and customer service)

    4. The new card will take 5-7 business days to arrive (how long does bitcoin take?). Or I can pay the bank an extra $5.00 and it will take 1-3 business days (how long does bitcoin take though, really?).

    Design flaws of BTC can be fixed, through countless unrelated developers who have quite different means. Human errors are eliminated as we are no longer trusting humans if we choose to opt for a truly decentralized currency. I never have to wait for my BTC to arrive, or to be sent to me, for more than a few minutes – tops, so the mailing problem can be eliminated.

    Nothing about what I’m saying is enough… but it’s a start. And then there’s the future of privacy+digital currencies, which is a related topic to falling victim to such fraudulent behavior. But I’ll let others speak to that, if able.

  9. vegueria124


    That type of adoption is not going to happen unless BTC becomes less volatile. However, the value of Bitcoin is driven more by those who want it as a store of value. By buying and holding, you are decreasing the available supply and positively contributing to the price of Bitcoin, maybe even moreso than the guy who uses it to purchase something that the vendor then immediately converts to fiat.

  10. PAlove


    I get the feeling that it’s less about a lack of businesses that are accepting this payment method, and mostly that payers aren’t willing to pay with such volatile currencies.

    The idea of a currency that changes value based on its technological progress, developers and news releases doesn’t make sense to me. Don’t get me wrong, I’m pro crypto for sure — but this is a problem I’ve never been able to figure out.

    The AUD:USD rate is about 1:0.72 at the moment. The world can assume that it will be about the exact same tomorrow (give or take a 0.1%-1% difference), barring any economical crises sprouting up over night. An Aussie is willing to make the conversion and pay for something in USD now because they know that ratio won’t suddenly explode in their favour.

    Speaking for myself, I would never pay for anything with Bitcoin because its price is so damn volatile. Imagine my horror when I pay 5 BTC for a new motorcycle, and wake up the next day to see that the bulls have rallied out of fuckin’ nowhere and my purchase could have been made for 2 or 3 BTC (or even less). Buddy who sold the motorcycle just got *paid*. But it just as easily could have gone the other way!

    Sure, services are out there that settle instantly in fiat — that satisfies the risk criteria for merchants. But where’s the risk hedging for the buyer? Is there a 30 day price guarantee that refunds the buyer BTC if the price explodes soon after their purchase? Absolutely not…

    Again, I’m pro crypto. I just don’t see a way around this. Bitcoin (or whichever crypto becomes the main cryptocurrency) will need to be so mainstream, it fluctuates as little as USD does. Sorry moon boys, but this ride won’t last forever.

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