As many developments within the space show how far the Bitcoin community has come (BTC), an executive from a BTC payment provider shared how in other parts of the world, adoption may still be in its early stages.
At the BTC Prague event, Cointelegraph journalist Joseph Hall interviewed Ethan Rose, founder of Pouch, a wallet service that supports the Bitcoin Lightning Network in the Philippines. The duo discussed the state of adoption in the country and how the Pouch team is trying to introduce Bitcoin to merchants on the island of Boracay, a popular tourist spot in the country.
According to Rose, His team has already managed to incorporate some 250 businesses on the island and 400 businesses in the country. His team works to promote Bitcoin adoption in the country by offering merchants another way to attract customers.
“Actually, they’re not really into Bitcoin. It’s not like they haven’t decided to spend the rest of their lives racking up SATs. Right? So our proposition is more of a way to attract new customers to their business in the long run.” explains Rose.
Apart from this, the executive also shared that there are still some difficulties in introducing people to Bitcoin. He explained:
“It’s the orange pill hard. If you can go up to someone and convince them that Bitcoin is the best money and they decide on the fly to change their mental model of what money is, right then and there. I’d say they’re a pretty gullible person.”
In addition to the challenge of introducing people to Bitcoin, the executive also shared that, As more businesses start to accept Bitcoin, there is also a risk that they may not get any sales.
“We need more buyers,” he explained. The executive said that there is a risk that businesses will not have a good experience because consumers could be diluted if many stores accept Bitcoin in the same area.
Besides, Rose reiterated that it is crucial that merchants have a good experience when accepting Bitcoin. The executive explained that the merchants could end up abandoning the effort if it does not bear any fruit. “If no one shows up after a couple of months, they just uninstall their wallet”he added.
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