Sometimes it is difficult for the cryptocurrency industry to understand how end users of any digital currency are finding their experience. With daily innovation in such a young industry, new ideas, new solutions and new processes are appearing daily, but sometimes we see evidence that the users are not having their needs met. One such instance comes from a small petition on change.org, which gives a clue as to the issues the digital currency industry must address to see wider success and growth.
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An ongoing issue with digital currencies, and bitcoin in particular, is the ability to spend them in everyday life. Within the industry it is easy to forget that if cryptocurrencies are to attract a wider user base, they will want to spend those bitcoins as they do fiat currency, and while advances have been made, notably prepaid debit cards that are funded by digital currency but can be used in the same way as a fiat currency card, there are obviously still perceived problems from people outside the industry that are trying to use bitcoin.
For digital currencies to gain a wider audience it is important that those people’s experiences are acknowledged, which is why a petition that appeared on the change.org petition site recently is actually something to take note of. The petition itself is to try and push Walmart, the giant retailer, into accepting bitcoin payments for the vast range of groceries, goods and household essentials they sell. The timing is actually quite apt, as Walmart recently announced it was dropping Visa as a payment solution because of the high fees involved in those transactions, but it is not the success or otherwise of this particular petition, nor is it the specific issue of Walmart accepting bitcoin payments, that is really important.
What should stand out with this situation is that people who want to use digital currency, in this case bitcoin but it applies to all alternatives even more so, but are finding it difficult to spend them. These people are also fairly pro-active, given the creation of a petition, and so bitcoin is obviously important to them as well. This is the very market that all digital currencies must empower and reach out to, the key to expansion and success for the cryptocurrency industry. Now, whether it is lack of visibility of the various card solutions, bitcoin ATM’s to the user base, or if these options simply are not addressing the particular needs of a section of people or something else, it is important that the wider industry looks more closely at the problems those people are having and if the industry is not addressing them, to ask why.
Indeed, for the future of digital currencies, it is likely the most important issue to address.