This one is certainly not a surprise.
Business acceptance of bitcoin as a form of payment is a challenge, according to BitPay’s William Zielke.
Per a recent report by BitPay and interactive news platform PYMNTS, out of 8,008 US consumers surveyed in February, 57% of former or present crypto owners made at least one purchase using it last year, and 59% of consumers who never owned crypto are interested in using it to make purchases in the future.
In either case, the whole crypto industry is now watching El Salvador, where BTC is set to become legal tender in September this year and merchants will be obliged to accept BTC at the request of a customer.
Another issue is volatility, reminded Shafrir, and this one certainly doesn’t come as a surprise to anybody.
Per Zielke, many consumers are not even aware that they can spend their bitcoin, and they don’t know how to do it.
Similarly, Gundrum noted a simple fact: “Bitcoin is complicated” – it comes with many factors one needs to learn about and understand.
Regulation is one of those aspects within crypto that not everybody can agree on – while some see it as beneficial, others deem it detrimental.
This can be particularly seen on social networks such as Twitter and Clubhouse.
BitPay’s biggest takeaway from the conference was that consumer and business interest is “exploding,” said Zielke.