Experts said: merchants to accept bitcoins as payment is the key to increase bitcoin users!

Experts said: merchants to accept bitcoins as payment is the key to increase bitcoin users!

Bitcoin executives and analysts, including ChainofPoints, CEOlreneKatzela, retail businesses believe bitcoin bitcoin acceptance is key to mainstream use, is the key to bitcoin users increased.

Since 2014, bitcoin industry and the market has seen large accept bitcoin businesses, such as TigerDirect and Expedia and other companies have begun to provide bitcoin as one of the main way to pay their own, this is the key to bitcoin users increased.

At present, bitcoin is bitcoin users more as a store of value and hedge assets rather than a real digital currency. Some bitcoin bitcoin investors, such as Jesus RogerVer, believes that bitcoin community must be committed to the development of bitcoin into a settlement system and digital cash, rather than digital gold.

Although this idea is not necessary, because bitcoin is as a store of value or the clearing system, which can depend on bitcoin users, but we need to understand is limited by businesses are limiting bitcoins for mainstream use.

Through the integration of various techniques, such as isolation is currently active witness (SegWit), bitcoin block is expected to expand at least 2.1 times. Taking into account the average block size of 1MB, 2.1 times will make the bitcoin network to achieve effective expansion.

Unlike many investors view is that bitcoin block size expansion does not instantly increase bitcoin hundreds of millions of new users. Bitcoin user group is not a linear growth. On the contrary, the number of bitcoin users is growing exponentially, because bitcoin is still in the early stage.

As the Katzela stresses, the bitcoin has with cash or other traditional payment form compared to the general population and the benefits of the consumers and persuade them to use bitcoin, this is very important. Some bitcoin platform, such as, have begun by bitcoin payment for goods offered 20% discounts to attract mainstream users or ordinary people. Some individual businesses offer special discounts for the same pay with bitcoin customers, because bitcoin significantly reduced the businesses need to pay credit card fees or financial service fee.

When the user first try to use bitcoin currency by bit, will see this is a safe and fast payment, and lower than the credit card payment or bank transfer cost. At the same time, because businesses bitcoin lower fee appreciation, they will launch special discounts or promotional activities, this will greatly increase the use of new bitcoin users rate.

Katzela said,

“Taking into account the use of the existing payment required fees, merchant level cost savings is obviously. More and more businesses are in the form of reward and discount the cost savings to consumers. With these cost savings to consumers will soon realize the virtual currency to allow them to buy goods and services at lower prices.

More and more businesses begin to accept bitcoin, because they see bitcoin volatility decreased significantly. This digital currency in the past 12 months as a whole has showed a stable trend.

As Katzela explains, the number of businesses to accept bitcoin is increasing, but the mainstream bitcoin users did not grow at the same velocity. Those who accept bitcoin businesses currently only attract existing bitcoin users, and not to take further measures to attract mainstream bitcoin users.

Katzela said:

“The increase in the number of businesses to accept virtual currency accounts for only half the target user group widely. Get the number of consumers will be more widely in daily use so that consumers can feel the sense of security of virtual currency.”

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