Menu IconA vertical stack of three evenly spaced horizontal lines. This story was delivered to BI Intelligence “Payments Briefing” subscribers. Out of the leading 500 internet sellers, just three accept bitcoin, down from five last year. The peak is limiting the benefit for both customers and accept bitcoin in accepting bitcoin.
Customers: As bitcoin’s price has skyrocketed, the report found that customers holding the currency seem to be more interested in holding it to make money rather than spending it on goods that could be purchased in other fiat currencies. And when they do try to spend it, it often comes with high fees, which eliminates the utility for small purchases, or it takes a long time to complete the transaction, which could be a turn-off. Merchants: Lack of demand on the consumer end isn’t prompting merchants to invest in the infrastructure required to accept bitcoin, something that’s magnified by insufficient support or effort in increasing the acceptance network from those behind the scenes. And even when merchants do see success with bitcoin acceptance, it’s still a very low share of overall volume — bitcoin sales are tripling, but comprised just 0.
Bitcoin will continue to go mainstream, but as an asset rather than a transaction method. People will continue to be more interested in trading or investing in bitcoin rather than using it as a fiat currency. That said, blockchain, the distributed ledger technology underpinning the cryptocurrency, is taking hold in a number of finance and commerce-related use cases. Outlines banks’ experiments with blockchain technology. Details blockchain projects at three major banks — UBS, Credit Suisse, and Banco Santander — based on in-depth interviews.
Discusses the likely trends that will emerge in the technology over the next several years. Highlights the factors that will be critical to the success of banks implementing blockchain-based solutions. To get the full report, subscribe to an All-Access pass to BI Intelligence and gain immediate access to this report and more than 250 other expertly researched reports. As an added bonus, you’ll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. Get the latest Bitcoin price here.
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