Post
Topic
Board Economics
Re: How can we get people to use bitcoin as a currency?
by
1Referee
on 16/10/2018, 13:43:25 UTC
What people do with a currency is another story. It won't change as long people have no advantage using it and/or no use of it. Why would a person moves to use 100% bitcoin if it doesn't give him something new (a low cost,...) and the same question if no shop accepts the crypto. It's all about getting an ecosystem to build around.

It is, but the problem with people here is that they are waiting for things to happen on their own, and it doesn't work that way. It's all about supply and demand; if the users (who represent the demand) aren't in the mood to spend their coins, why should merchants even bother accepting it?

I can guarantee you that Bitcoin (or basically any other crypto currency) causes more frustration for merchants than actual benefits. If a payment for whatever reason doesn't go through on time, people will contact the merchant in question, and what the heck is the merchant going to do? The merchant will then need to contact its payment gateway, etc. In other words, too much hassle for no reward at all.

The worst thing is that we haven't booked any progress throughout the last years in making Bitcoin become more of a currency.