The store of value narrative in the year 2017 surrounding Bitcoin and its massive growth of $20.000 hardened the hodl in retail investors. This made them slow down their cryptocurrencies investment due to fear of losing out incredible profits.
A significant amount of people were not spending their Bitcoin, and thus merchant adoption came to rest. From then onwards, several merchants have considered not to accept cryptocurrencies like Bitcoin or Ethereum as a payment method and even backed the decision. Although the merchant adoption is halting across most part of the world, Switzerland is heading towards regular growth of Bitcoin for payment methods.
Switzerland heads for Retail Merchant Adoption way
As a result of the previous financial crisis, Satoshi Nakamoto originally developed the Bitcoin. Bitcoin was designed as a peer-to-peer system for electronic cash transfer, or the digital currency was designed to act as a medium of exchange.
Bitcoin was highly advertised and shifted to the store of value narrative. This resulted in an increase in Bitcoin fans to just hodl onto the leading crypto asset by the market cap instead of investing them on goods and services.
The merchant adoption has declined due to lack in transactions of bitcoin usage within merchants and eventually has set it back to reverse path. The latest example that we can consider is of Amazon. Twitch, which was owned by Amazon, the giant e-commerce company has dropped the cryptocurrency payments from its platform. The merchant adoption of Bitcoin and crypto is not in a good position because the important retail company has taken back its support.
Meanwhile, in Switzerland, Digitec Galaxus AG- the largest online retailer of the country which raises over billion dollars in revenue for every year, has decided to start accepting digital cryptocurrencies from this month onwards as a method of payment which includes Bitcoin.
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Ever since the largest online retailer, Digitec Galaxus AG has announced its support for accepting crypto payments, more and more retailers have started to accept the digital asset as a payment method.
Within two weeks, Dolder, a historic five-star luxury hotel, Kessel auto dealer and Zug based House of Wines have even started accepting cryptocurrencies as a payment’s mode. These firms are also renewing the exchange narrative that has been lost by Bitcoin in recent times.
All the three retailers will be accepting cryptocurrencies through ‘Inapay’ which is a smartphone-based payment app. Inapay is designed by Inacta, a Swiss-based firm.
Switzerland is a big supporter of the financial hub which welcomes crypto assets, while, Inapay is already receiving support. The merchant adoption in the country should increase in the days to come from now onwards.
The head of a blockchain advisory at Inacta, Roger Darin mentions that the Inapay app will allow sellers to accept payments from their clients and also said that the sellers need to be on alert when dealing with cryptocurrencies directly. He is hopeful that one day small businesses like hairdressers will be making use of Inapay to receive crypto payments from their customers.