How the Mainstream Merchant Ecosystem May Promote Crypto Adoption for Bitcoin Payments
Getting into cryptocurrency isn’t as easy as it seems. There are a number of barriers to entry, such as technical expertise, funds, and the ability to get used to all of the tools and resources available. Due to the barriers to entry, the community is still relatively small, which means that there are not many dApp users either, even though there are thousands of apps available.
And at this point as well, bitcoin has yet to take off into the mainstream and become a widely used form of payment. Further, Fluence released dApp survey results and determined that
“New user onboarding was mentioned by more than three-quarters of the respondents as a major obstacle to adoption.”
As for merchants that accept Bitcoin, although there are a number of them, it is a relatively small amount compared to the many merchants out there.
Of course, as many know, adoption of crypto has its benefits. For example, crypto may be able to provide users with a reduction in fees that third-party payment processors often take. Second, because bitcoin is decentralized, no third party controls it and as a result, there is no censorship.
One of the most significant ways that barriers to entry can be reduced is when retailers recognize that they can do without the high processing fees when they use bitcoin as a form of payment. According to EventChain CEO Ashton Addison,
“When other retailers release they don’t need to pay outrageous processing fees, by tapping into ag lobal decentralized payment network, they will adopt crypto payments as well.”