Post
Topic
Board Bitcoin Discussion
Re: 1,500 restaurants in France start accepting bitcoin payments through Just Eat!!!
by
Upgrade00
on 10/09/2020, 05:10:16 UTC
For online orders, most merchants will have to do this in order to avoid losses. They're converting BTC into fiat instantly in order not to be affected by price volatility, and converting BTC
Payment processors is already common practice for outlets that accept payment in Bitcoin although not many Bitcoin users appreciate it.
I would like to contrast this situation with another restaurant which got involved in Bitcoin recently, although in a different way;
A Canadian based restaurant recently converted all its holdings to Bitcoin, effectively using it as a reserve currency over other options like fiat or gold. They however did not begin accepting it as a means of making payments and even discouraged others from spending theirs, one of their tweets in response to a question about whether they would accept Bitcoin as payment read:
"Thank you brother. We will not unfortunately,, however we do recommend that you don’t spend it. It’s to be hoarded  Wink"
In a subsequent tweet, they wrote that; "...We will probably accept it when it stabilizes in price. That is 10 years out maybe more in our opinion Thumbs up"

My question is; Which is better practice to promote adoption of Bitcoin?
• Accepting it as a payment method, bit not holding it.
• Holding it as a reserve currency, but not accepting it.

I personally would chose the first, one of the best ways to improve adoption Imo is by providing more daily uses for Bitcoin and giving holders an avenue to use it practically, rather than just leaving it sitting in a wallet.