Bitcoin finds itself in an awkward position when it comes to merchant adoption. On the one hand, we have a lot of big companies showing initial support for cryptocurrency. However, the price gains over the past few years have not necessarily increased the number of merchants accepting Bitcoin. Jonathan Johnson, president of Medici Ventures, finds this situation rather strange. Top merchants should chomp at the bit to accept Bitcoin.
As we discussed in a previous article, top merchants are still very wary of Bitcoin and cryptocurrency. More specifically, fewer top merchants now accept Bitcoin compared to 2015. That is a very troubling development, even though there doesn’t appear to be a clear logic behind it. Granted, Bitcoin is volatile, but retailers are protected from that by the payment processor. If Bitcoin’s price momentum is an indicator, retailers should be queueing up to accept cryptocurrency payments.
Jonathan Johnson Wants More Retailers to Accept Bitcoin
Johnson feels Overstock has seen quite an uptick in Bitcoin transactions so far. That is a strong indicator people are willing to spend cryptocurrency. Jonathan Johnson feels this momentum can translate to any other major retailer dealing with Bitcoin payments as well. With the vast majority of retailers
Read more ... source: NewsBTC USA
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