Bitcoin's popularity has been increasing ever since the bull market of 2017 took place. Even with the pandemic, prices have recovered to their original levels (near $10k) in just a matter of months. More people are accepting Bitcoin worldwide, albeit at a slow and steady pace. I've seen many sites out there in the online world which accepts Bitcoin for goods and services. But the number of businesses and merchants accepting it for food or groceries are quite limited. In the physical world, supermarkets and even fast foods haven't even adopted Bitcoin yet. Fiat is still the predominant type of currency in the mainstream world, for buying items that are required for one's survival.
Do you think that in the future it'll be possible to buy food or groceries with Bitcoin? I know that volatility is a huge issue for Bitcoin to be accepted as an alternative to traditional Fiat, but merchants and businesses could quickly convert Bitcoin to a stablecoin minimizing the risk of loss. What are your thoughts?
Do you think that in the future it'll be possible to buy food or groceries with Bitcoin? I know that volatility is a huge issue for Bitcoin to be accepted as an alternative to traditional Fiat, but merchants and businesses could quickly convert Bitcoin to a stablecoin minimizing the risk of loss. What are your thoughts?
I think not only the volatility is the issue bitcoin is not to be accepted as an alternative payment method in different sector like when you buy foods and groceries,although it was use as payment online for bills like water and electric bill and also you can buy loads using bitcoin. The other thing that i see why it was limited to accept because of the transaction process that can be more longer than if you pay a fiat money.Also you always need an internet connection or data everytime you are going to make a transaction. What if the internet is too slow? Those are the things that i think most businesses and merchants should consider to accept bitcoin.