Post
Topic
Board Bitcoin Discussion
Re: Number of Merchants Accepting BTC Payments Surged by 174% in 2023
by
nelson4lov
on 09/01/2024, 20:11:33 UTC

~Snipped
In your opinion, why do you think more businesses accepting Bitcoin as payment method are concentrated in American and European continents?
Possible reasons:
  • High costs of transactions — it's impractical especially in smaller, developing countries for costs of transaction for a single tx. Slower confirmation times too, is an inherent issue. There's almost no reason to transact in Bitcoin vs traditional payment methods
  • Adoption rate still low despite decent growth — there is only a subtle increase in adoption of Bitcoin in developing countries.

Businesses survive if they make profit but they won't be able to price their goods at a favorable rate due to the additional costs bitcoin adds as transaction fees. Faster confirmation times and ultra low transactions fees will push bitcoin adoption by businesses.