The lack of knowledge on the subject is the biggest problem discovered by small businesses that do not accept bitcoin as a means of payment. At least, that’s according to a recent survey by the Argentine Confederation of Medium-Sized Enterprises (CAME).
The adoption of bitcoin as a means of payment still faces challenges around the world. One of the fears of companies when accepting the currency is directly related to the market price as their quote is volatile relative to fiat currencies.
Moreover, because it is a new technology, few know how to operate the means of payment in their branches. It is worth remembering that even with all the technological advancements of recent years, there are still many banks in Latin America, as well as institutions that have not yet adhered to digital payment methods.
In this way, CAME’s research can help to understand, at least in Argentina, what the main obstacles are to the growth of bitcoin payments.
Small businesses in Argentina that don’t accept bitcoin as payment blame ignorance for the problem
CAME’s survey, published last Wednesday (27), spoke with young businessmen and entrepreneurs from 19 provinces in Argentina.
The survey, conducted between May and June 2022, found that the majority of entrepreneurs who do not accept cryptocurrencies or invest in the industry (53% of respondents), they do it out of ignorance about technology.
Other points they pointed out as a barrier are second-rank distrust, lack of capital to invest, volatility and finally they prefer other investments last.
However, young entrepreneurs are inclined to change this reality for the future, the research shows. When asked whether they intend to accept bitcoin and cryptocurrencies as a means of payment, 76% were inclined to make this news available to customers.
“With regard to respondents’ expectations regarding the future use of digital assets and cryptocurrencies in their SMEs or enterprises, 76% of respondents answered that it is very likely or likely that they will start using them. While only 8% replied that it is very unlikely.”
Cryptocurrency Education Can Solve Problems
Since bitcoin is a decentralized digital currency, people themselves are seeking education about the technology.
For example, to accept bitcoin in a business, just create a wallet and make the public address available in a visible place, simple steps taught on the Bitcoin.org website.
By accepting bitcoin as payment, it is one of the ways to get coins without having to buy them in the market. The process of accepting this payment method is very similar to that of a PIX in Brazil, except that it is not necessary to have a bank account for this and the possession of the money is in the custody of the company itself.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
