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Topic: 67,1% of micro businesses do not know what cryptocurrencies are. (Read 1056 times)

Aurora Castro (OP)

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67,1% of micro businesses do not know what cryptocurrencies are.

January 12, 2020, 11:38:52 PM

In Mexico, the UENI research firm conducted a study, in a field composed of 1287 Mexican microentrepreneurs, that is: supermarkets, restaurants, clothing sales, accessories, among others. In which it was concluded that 67.1% of respondents were unaware of the world of cryptocurrencies. The remaining 32.9% who said they knew the concept of cryptocurrencies, were asked another question, in which they were asked, if they would be willing to accept cryptocurrencies as a method of payment? and the result was that 50.4% of respondents he said no .

https://www.criptonoticias.com/negocios/67pc-pequenas-empresas-mexico-desconoce-bitcoin-criptomonedas/

What you think?
-Why does the population know cryptocurrencies?
-What would happen if at least 67.1% of microenterprises accepted Bitcoin as payment methods?
-Could it be that there are more countries like Mexico in which the population does not know or fear this new technology?

hatshepsut93

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Re: 67,1% of micro businesses do not know what cryptocurrencies are.

January 12, 2020, 11:46:50 PM

If 16.5% of small enterpenuers adopted crypto today and their customers actually used it, that would be a great success for crypto as a whole, because it's so far away from what we have now - how many merchants accept crypto right now - 0.1% ? You may think that this survey point out that not enough business owners support crypto, but it actually shows that not enough customers are interested in paying with crypto, so there's not much demand for its adoption.

dimastegar

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Re: 67,1% of micro businesses do not know what cryptocurrencies are.

January 12, 2020, 11:54:59 PM

One of the reasons most people don't know about crypto is the lack of crypto education. Most people who know about crypto are because they do research about this technology. We as crypto users should be responsible for spreading education and the benefits of using crypto. Starting from the closest people around us.

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TimeTeller

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Re: 67,1% of micro businesses do not know what cryptocurrencies are.

January 12, 2020, 11:58:43 PM

Quote from: dimastegar on January 12, 2020, 11:54:59 PM

Though internet is one of the major source of information when it comes to crypto.
Many people don't have the access to internet but for those who knows how to use it, they are the ones that learned first about crypto.
And for those interested to know more, they can always read a lot of articles pertaining to crypto.
This forum alone can already give you tons of knowledge and information to all levels of crypto users - newbies, miners, developers, or just regular crypto users.
I think it is now easy to understand things if you will really devote time to study. We do have now google and everyone has the freedom to search what is unknown to him.
So those merchants, what they can do is give time to understand crypto if they want to know more about it, the benefits that they can derive and so on.

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Re: 67,1% of micro businesses do not know what cryptocurrencies are.

January 13, 2020, 12:03:31 AM

Quote from: dimastegar on January 12, 2020, 11:54:59 PM

There should be a way to educate them easily. The reason why they dont know about crypto is because they are busy in other things lack of time to study or no one will teach them. It will be a big help if there are business that will accept crypto or bitcoin in thier store and other store will be curious what it is and soon will follow to accept it also.

mrquackquack

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Re: 67,1% of micro businesses do not know what cryptocurrencies are.

January 13, 2020, 12:26:05 AM

Well I'm obviously not an expert on either the economy of mexico or s.a. but seemingly I don't think these countries/continents are living under a rock. None the less they might have heard about crypto so on and so forth and well along with mexico, s.a. and africa are seemingly an untapped market for digital currency. Also alot of people still to this day aren't aware of crypto and blockchain technology. None the less i think people living in those areas, should be vigilant about spreading the benefits for crypto to maybe one day offer them another form of pay.

crzy

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Re: 67,1% of micro businesses do not know what cryptocurrencies are.

January 13, 2020, 12:29:48 AM

Most of the Micro businesses in my place didn't have any access in bank as well and I don't they should have too since the capital is small and just enough to support their business. Micro Businesses are too far from this kind of adoption, and most of them don't need this one but hopefully in the future they will adopt too.

Aurora Castro (OP)

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Re: 67,1% of micro businesses do not know what cryptocurrencies are.

January 13, 2020, 12:41:35 AM

Quote from: hatshepsut93 on January 12, 2020, 11:46:50 PM

It is true, because the same problem is repeated in both cases, and they do not have enough information, and they are afraid of taking risks, they prefer to continue in something "safe". and I believe that if microenterprises implement this payment method, it would help society to want to know more about this.

CryptoBry

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Re: 67,1% of micro businesses do not know what cryptocurrencies are.

January 13, 2020, 12:51:19 AM

Quote from: hatshepsut93 on January 12, 2020, 11:46:50 PM

Exactly. This is the problem on the side of the customers and consumers. We have to remember that if there is a need or the demand for any infrastructure like a payment scheme, any business will eventually adopt otherwise they can be left out of the blue. However, when these business owners do not see their customers demanding or even suggesting that they should be allowed to pay using cryptocurrency then they will not act accordingly. Merchants can easily adapt to anything, they usually just follow the trend where the money is. However, the big takeaway here is that there remains a vast opportunity for cryptocurrency to explore, and we are hoping that time is coming when this gap can slowly be filled so that at least 25% of these business owners can be using cryptocurrency maybe five years from now.

Aurora Castro (OP)

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Re: 67,1% of micro businesses do not know what cryptocurrencies are.

January 13, 2020, 12:52:05 AM

#10

Quote from: TimeTeller on January 12, 2020, 11:58:43 PM

Quote from: dimastegar on January 12, 2020, 11:54:59 PM

Exactly, although Google and YouTube have banned some content about cryptocurrencies. And what you say is true, example in Venezuela the light and internet fail a lot, so it is complicated that communities like these can obtain information.

blckhawk

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Re: 67,1% of micro businesses do not know what cryptocurrencies are.

January 13, 2020, 12:59:38 AM

#11

That effectively means that 16.45% of all microbusinesses on that local area are willing to accept cryptocurrencies. That's normal because:

1. Microbusinesses often knows that cryptocurrencies are volatile, and not knowing there are stablecoins.
2. They are still assessing the risk-benefit ratio, and clearly, risks like slow transactions or uncertainty if the transactiom would pass through, aren't worth of the benefits they would get.
3. Adoption would most likely start from those large companies, because once these small businesses see that the big players do it, it must be something good, and adoption would be easier.

MURONDI

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Re: 67,1% of micro businesses do not know what cryptocurrencies are.

January 13, 2020, 01:22:45 AM

#12

in my opinion for now bitcoin is not suitable for payment, especially for small companies, because the price of bitcoin is very volatile, bitcoin is more suitable as an investment asset as is stock, maybe in the future bitcoin can be implemented as a means of payment.

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Re: 67,1% of micro businesses do not know what cryptocurrencies are.

January 13, 2020, 01:27:47 AM
Last edit: January 13, 2020, 01:39:40 AM by aubert

#13

Quote from: MURONDI on January 13, 2020, 01:22:45 AM

This volatility problem has long been resolved. just use payment gateway services out there they will automatically convert all the cryptos they received into money and send it straight into your account. People keep repeating the same thing about volatility makes bitcoin unsuitable for payment but that's not actually the case. Even the transaction fee has now becoming so cheap and the transaction speed is well, not really fast but normal enough.

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Yaunfitda

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Re: 67,1% of micro businesses do not know what cryptocurrencies are.

January 13, 2020, 02:22:23 AM

#14

Quote from: Aurora Castro on January 12, 2020, 11:38:52 PM

What you think?
-Why does the population know cryptocurrencies?

I think it's case to case, look at Japan, at least majority of them know bitcoin because they are using it.

Quote from: Aurora Castro on January 12, 2020, 11:38:52 PM

-What would happen if at least 67.1% of microenterprises accepted Bitcoin as payment methods?

It will be good for bitcoin if we see offline/online stores starts accepting it.

Quote from: Aurora Castro on January 12, 2020, 11:38:52 PM

-Could it be that there are more countries like Mexico in which the population does not know or fear this new technology?

Maybe, but the thing is that every country or at least the whole population are now interconnected because of Internet so I doubt that some country or individuals are going to be isolated and not known crypto in the next coming years.

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Re: 67,1% of micro businesses do not know what cryptocurrencies are.

January 13, 2020, 02:45:46 AM

#15

I think this is the common pattern all over the world. At this stage, cryptocurrency is still infant and growing. We cannot deny that the adoption is not yet at its fullest but we can surmise that the speed is pretty much fast. 32% awareness of cryptocurrency among businesses is actually high. And since half of it is willing to accept crypto, that would mean 15% of all businesses are open for crypto market adoption. That is already a good number. And it is still growing.

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Re: 67,1% of micro businesses do not know what cryptocurrencies are.

January 13, 2020, 03:07:42 AM

#16

Nothing to be blamed because the statistics in other countries could be higher than in Mexico but indeed cryptocurrency isn't something to be interested for some people especially for the enterpreneurs that with the charateristics of cryptocurrency which is volatility always be part from it then maybe although most people know cryptocurrency then probably they will not using it or ignore it

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Re: 67,1% of micro businesses do not know what cryptocurrencies are.

January 13, 2020, 03:25:18 AM

#17

Quote from: Aurora Castro on January 12, 2020, 11:38:52 PM

there are a couple of things wrong with this study.
first of all the study group is too focused and limited. not to mention that it is not global whereas bitcoin is a global currency and the percentage differs from one region to another.
secondly i say that the last 50.4% is way too low, i'd expect at least 90% of them say no to the question. i would say no to it too because i have no desire in accepting "cryptocurrencies". i would however say yes to the question "would you accept bitcoin as payment".

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Re: 67,1% of micro businesses do not know what cryptocurrencies are.

January 13, 2020, 03:30:56 AM

#18

Quote from: Aurora Castro on January 12, 2020, 11:38:52 PM

What you think?
-Why does the population know cryptocurrencies?
-What would happen if at least 67.1% of microenterprises accepted Bitcoin as payment methods?

then that means mass adoption really happens right?and if this comes true then we are on the right track and may give us all the blessings we need.

Quote from: Aurora Castro on January 12, 2020, 11:38:52 PM

-Could it be that there are more countries like Mexico in which the population does not know or fear this new technology?

there is of cours,but i am lucky that my country is not one of those because we have a open minded president that understand what crypto can give and help to our economy.

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Re: 67,1% of micro businesses do not know what cryptocurrencies are.

January 13, 2020, 04:24:19 AM

#19

Quote from: Aurora Castro on January 12, 2020, 11:38:52 PM

Well its difficult to answer the first question because Im not residing in Mexico, hence Im not aware why the locals havent shown any interest in bitcoins or any crypto for that matter.

The second question I believe youre referring to is why the 32.9% knows about bitcoins, I believe the answer is that theyre the tech savvy population and thats why they know about it.

As for your third question no one really knows whether we will see a major growth in prices, or will the prices remain neutral because of the sudden adoption.

The answer to your fourth question can be found by a simple google search, and I feel you should use google for it and if you find interesting statistics do share here.

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Re: 67,1% of micro businesses do not know what cryptocurrencies are.

January 13, 2020, 04:34:13 AM

#20

Even if 80% of micro business start implementing crypto as one of their payment processing method in their system it will further stimulate the adoption. They will indirectly inform people that there are things could be used for payment and not just paper money.

Quote

Could it be that there are more countries like Mexico in which the population does not know or fear this new technology?

There are many, or i must say far too many even in the developed country. As you can see, japan that is deemed to be crypto friendly have relatively low crypto adoption for small business as I can see.

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