Does anyone have any input when we might see more conventional merchants accepting things like Bitcoin for purchases? Great to use them online but it would be more convenient if you could use them at your favorite supermarket or big box store.
How long before wider use?
Hey my friend, Lot of people using bitcoins for merchent payments. Let me get you a list
Overstock.com – A company that sells big ticket items at lower prices due to overstocking
Subway – Eat fresh
Microsoft – Users can buy content with Bitcoin on Xbox and Windows store
Reddit – You can buy premium features there with bitcoins
Virgin Galactic – Richard Branson company that includes Virgin Mobile and Virgin Airline
OkCupid – Online dating site
Namecheap – Domain name registrar
CheapAir.com – Travel booking site for airline tickets, car rentals, hotels
Expedia.com – Online travel booking agency
Gyft – Buy giftcards using Bitcoin
Newegg.com – Online electronics retailer now uses bitpay to accept bitcoin as payment
Wikipedia – The Free Encyclopedia with 4 570 000+ article
Alza – Largest Czech online retailer
The Internet Archive – web documatation company
Bitcoin.Travel – a travel site that provides accommodation, apartments, attractions, bars, and beauty salons around the world
Pembury Tavern – A pub in London, England
Old Fitzroy – A pub in Sydney, Australia
The Pink Cow – A diner in Tokyo, Japan
The Pirate Bay – BitTorrent directories
Zynga – Mobile gaming
4Chan.org – For premium services
EZTV – Torrents TV shows provider
Mega.co.nz – The new venture started by the former owner of MegaUpload Kim Dotcom
Lumfile – Free cloud base file server – pay for premium services
Etsy Vendors – 93 of them
@shanzida do you know of any big brands in UK that accept bitcoins?
Here are 13 Major Retailers and Services That Accept Bitcoin https://www.lifewire.com/big-sites-that-accept-bitcoin-payments-3485965
use them at your favorite supermarket or big box store
This is a really important question @turkey because the moment that this happens, the functional value of the cryptocurrency being widely accepted will skyrocket.
The big difference between online shopping and physical shopping is the time spent standing up waiting. If you buy something online with a cryptocurrency, you can then move on to do other things. But in a physical store, if you do the same thing, you have to stand at the counter and wait for your transaction to be processed and enough subsequent blocks created to give the retailer confidence that there won't be a double-spend. Only then will you be handed your goods and free to leave.
Right now, using bitcoin, the average confirmation time in May '18 is twenty minutes. That's a long time to stand around and won't suit most people. And this depends a bit on the transaction fee you offer, which brings us to the second problem.
In May, the average bitcoin transaction fee has been $2.36 and that's a lot higher than free eftpos, or even many credit card fees. But if you're talking about mass adoption, then you need to look at the fees charged during the peak trading periods of 2017 to get some idea, because transaction fees depend on transaction volume. During this period, transaction fees jumped over the $20 mark. That alone is enough to kill wide adoption of cryptocurrency.
But neither of these problems are with us forever. I've only talked about bitcoin because it dominates the industry. But there are many other options that already have solutions to massively reduce transaction time, getting it well under a minute. And there are also coins that can scale without such unacceptable increases in transaction fees. So why aren't they the most popular? Trust. But that's a whole new subject.
As people become more comfortable paying with cryptocurrency online, and more suppliers and consumers become aware of the comparative benefits and ease of use, I'd imagine we will start to see more physical merchants cryptocurrencies as payment.
My guess would be that the big-dog tech companies like Apple, Google, and Amazon will be some of the first to start integrating this technology into our everyday lives. They may not be your traditional supermarkets so to speak, but I'd be willing to believe big developments are around the corner.
And.... there's always the possibility that these brick and mortar stores--that older generations have become so comfortable with--are going to start to feel more obsolete and phased out as newer, tech-friendly generations enter the workforce and start to make some noise. Cryptocurrencies and blockchain projects could be a big contributor to these lifestyle changes.
And online shopping is dependent on the delivery infrastructure that supports it. As it becomes more popular, there are more deliveries, more competition, and more efficient delivery services. So the cost and time taken to deliver online purchases is decreasing and will continue to do so for a long time yet.
As this problem diminishes, online shopping becomes even more popular and less brick-and-mortar stores will compete or exist. So maybe the question about physical stores accepting cryptocurrency will eventually apply only to those that have goods that need to be inspected, or served hot like coffee, or cold like icecreams. These are such cheap items, that vendors might trust the system and not make customers wait for confirmation.