Although there are clear advantages to using Bitcoin over any other traditional payment method, it has to make sense for merchants and retailers as well. Des[ite high fraud rates, and chargebacks, solutions such as PayPal and other platforms using credit cards are widely used and accepted, whereas Bitcoin is not. This is one of the main reasons why merchants see Bitcoin as an alternative payment options for now, rather than going all in on digital currency.
Bitcoin Has Not Gone Mainstream Yet
The number of Bitcoin users and retailers dealing with digital currency payments keeps increasing every year, which is a very positive sign. But at the same time, these numbers are still far from interesting to most people, as Bitcoin remains a very niche market for the time being.
Mainstream financial payment solutions, such as PayPal and Venmo, are far more widely used and accepted by the general public. The reason for that is simple; they use existing payment solutions, such as credit and debit cards. Bank accounts are supported as well, but they are being used less and less to make [online]payments these days.
However, that mainstream adoption rate of platforms based on credit and debit cards leads to enormous risks. These archaic payment tools are subject to serious fraud and chargebacks rates, as credit and debit cards were never intended for mass consumption, especially not over the Internet. No merchant wants to deal with a payment method that can be reversed on a whim’s notice.
Unfortunately for retailers, they are stuck with dealing with PayPal, Venmo, and other similar platforms for the time being. Bitcoin offers a viable alternative solution that has no fraud or chargeback rates, but a lack of adoption by consumers is holding back the growth of digital currency. After all, most users don’t see the need for Bitcoin as an alternative financial tool, but rather a niche project that will never gain major acceptance around the world.
Only time will tell whether or not these consumers are right in the end, though. Bitcoin offers full financial control at any time on any device, without relying on banks to grant access to funds. However, obtaining Bitcoin and converting it back to fiat currency remains a major struggle for most people. Digital currency has slowly started gaining more popularity, and the mind shift will not happen anytime soon. But that isn’t keeping enthusiasts from spreading the word on Bitcoin to anyone willing to listen.
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