Large retailers tune out bitcoin acceptance

19. July 2017.

Large retailers tune out bitcoin acceptance | Mobile Payments Today

Large retailers tune out bitcoin acceptance

July 20, 2017

Bitcoin is now accepted at only three of the top 500 online merchants, down from five from last year, according to a report by Bloomberg.

Retailers might be turning down bitcoin due to scaling challenges and slow and costly transactions; transaction fees also could be discouraging bitcoin users from making small purchases with the currency, the article said.

"There's a problem with the fees being so high — it does price out certain things," Bruce Fenton, founder of Atlantic Financial, said in the report. "There are some micro transaction use cases — a cup of coffee is the big analogy everybody uses — that are being sort of priced out just because bitcoin is going up so much."

As a counterpoint, Jonathan Johnson, a board member of online retailer Inc., claimed in May that the number of bitcoin transactions had tripled on that site since it integrated bitcoin payments in 2014.

Topics: Bitcoin, POS, Retail, Trends / Statistics

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