This Locksmiths Business In The UK Adopted Bitcoin 4 Years Ago And Nobody Used It Yet

This Business Adopted Bitcoin 4 Years Ago And Nobody Used It Yet

The crypto world is full of very interesting stories. The story of a small business in the United Kingdom, Seymour Locksmiths, is interesting but somewhat tragic, though. This story was originally reported by The Next Web’s Hard Fork.

Seymour Locksmiths decided to start accepting Bitcoin in 2014. This would not make a very interesting story, we know, but something interesting has happened, or better, not happened: nobody used Bitcoin to buy anything from the store since them.

Yes, that’s right. In almost five years, nobody actually used the Bitcoin payment option. All Bitcoin enthusiasts will tell you that what Bitcoin really needs in order to take off is adoption. So they bug every single merchant in the world to accept the asset, but sometimes things simply do not happen as they should. This was what actually happened here.

According to the company, there was a large “school of thought” that suggested that Bitcoin adoption was near and that people would use it on a peer to peer (P2P) basis. This prompted Seymour Locksmiths to understand that, in order to escape payment networks such as Visa, people should start using Bitcoin.

The store decided to actually test the theory for real then and be a part of the revolution. However, despite the price of Bitcoin going up with time, the revolution never actually came. People still use Visa more than Bitcoin and nobody actually used the service, which was started in September 2014, a time in which Bitcoin was getting popular.

Seymour Locksmiths decided to officially accept Bitcoin for all its services and goods and also started to accept DASH soon after that too.

The owner of the establishment sadly told The Next Web’s Hard Fork that nobody used a single cryptocurrency to pay for anything. At least for this company, the revolution failed them. The company believes that there are several reasons for what happened.

One of the reasons is that not a lot of people who actually hold Bitcoin have it in hot wallets and transactions are very expensive, even for small payments. Bitcoin transactions can be a good way to send big quantities of money but they are very cumbersome for small transactions without using software like the Lightning Network.

On the other hand, the LN is not very user-friendly, so not a lot of people actually use it unless they are very tech-savvy.

Also, when cryptos finally got very mainstream in 2017, people actually wanted to hold them, not spend them. They were treated as something that you hold because you speculate that the price will increase, not like fiat money. Bitcoin was an investment, not money.

Add some unluckiness to that and you got the recipe for disaster: nobody ever used Bitcoin or any currency in the company ever and there is no timeframe for someone ever using.

People Are Not Paying For Things With Crypto

Seymour Locksmiths is far from alone. Pornhub, for instance, which is one of the biggest porn sites in the whole world, has started to accept crypto payments last year. Some months after the experiment started, the company affirmed that not even 1% of all the people were paying in cryptos.

Even crypto dapps are struggling. CryptoKitties still exist, but it has lost several users. The dapps which are more popular are some gambling ones, and some of these platforms are somewhat dubious.

It looks like the Bitcoin revolution simply has to try harder. We are in a bear market and everybody might be sad, that’s true, but the industry and the community need to organize if they ever want to push adoption forward because now is the time to build the technology and create the future.

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Gabriel Machado
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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