Post
Topic
Board Bitcoin Discussion
Re: Mainstream Adoption
by
UserVVIP
on 21/07/2015, 01:07:35 UTC
In all honesty, Bitcoin is not yet ready for mass adoption. Don't get me wrong, minimal fees are great. However, this feature is overshadowed by all the hoops and obstacles companies have to go through to deal in Bitcoin, as well as the lack of fraud protection and overall user friendliness.

Why is it not ready? And there doesn't seem to be any hoops or obstacles. All they need to do is accept it which is simple to integrate whether you're an online store or brick and mortar shop. Fraud protection will be covered by a payment processor too, not that they have to worry about that much unlike credit card companies.

The hoops and obstacles lie in setting up wallets, payment processors, etc. This may seem like common sense to us, but backing up and 2FA and whatnot are foreign entities for the average Joe. There are also regulations and laws regarding btc in some regions, mainly USA. Also, for many businesses, incorporating Bitcoin also means the parties they interact with must embrace Bitcoin. Employees also need to be trained in BTC literacy. And at the end of the day, how often will clients or customers choose Bitcoin over fiat?

It seems like Bitcoin is the perfect  option at face value, but in all honesty its too much work to adopt it in order to save a few percents on some transactions.

There will be a time for Bitcoin to see mass adoptions by businesses, but that time is not now.