Accepting Bitcoin as a Small Business – 4 Years In, No Customers

Re:Accepting Bitcoin as a Small Business – 4 Years In, No Cu... by bastawhiz on Friday March 01, 2019 @12:33PM (#19283192)

> It’s the lack of user focus. Setting up a bitcoin account, understanding the security implications, hardware wallet, secret keys, the whole enchilada is too big for an average consumer to digest.

I respectfully disagree. Bitcoin solves problems that the average consumer didn't care about, plus it introduces new problems.

I would never make an everyday purchase with Bitcoin. If I don't get the product I was promised, I can file a dispute with my credit card company. If the product I purchased breaks, it may be covered by a warranty from my card company. If my card number is stolen, I get reimbursed for the fraudulent charges and get a new card in the mail. None of these conveniences come with cryptocurrency. Cryptocurrency solved a problem with moving money ~anonymously with no interference from authorities. Most average folks want the exact opposite of that.

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Re:Accepting Bitcoin as a Small Business – 4 Years In, No Cu... by aeternus on Friday March 01, 2019 @06:24PM (#19286297)

>I would never make an everyday purchase with Bitcoin.

I used to think the same, but there is a coffee / snack shop nearby that accepts bitcoin/bcash/ethereum, and offers $1 off if you pay with it. A surprising number of people pay via cryptocurrency.

For a small purchase like that, cryptocurrency is perfect. Amounts are small enough that you don't need to wait for blockchain confirmations, risk is low. Credit card fees are high in-part because they are providing that fraud protection. For a purchase like this, both the merchant and I save money by not having to worry about transaction reversals and fraud.

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