What Needs to Happen Before Bitcoin Replaces Visa and Other Digital Payment Methods?
Accepting payments in Bitcoin (CRYPTO: BTC) has some notable advantages. The original cryptocurrency was built for an online world, and eliminates or reduces many pain points for merchants by lowering banking fees, reducing transaction costs compared with digital payment networks like Visa (NYSE: V), and expediting the speed at which transactions are settled.
Bitcoin isn't perfect, though. Crypto and blockchain-based assets are still new technology, so many people aren't familiar or comfortable with how they work. Wild swings in Bitcoin's price is also a major detractor as a form of payment. As a result, most merchants aren't even thinking about replacing traditional platforms run by Visa and big banks just yet. At this point, convenience and peace-of-mind using incumbent networks outweighs any of the benefits of switching to blockchain-based payments. But here are three ways Bitcoin could capture a larger share of the digital payments market.
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Source Fool.com
