Bitcoin may be everywhere suddenly, but there’s little reason for everyday people or even merchants to start adopting it as an alternative currency or payment method.
The digital currency, whose price has exploded past $10,000 (and then back down some) in the last two months is expensive to get, complicated to use and by next spring they’ll need to figure out how to pay taxes on their bitcoin transactions and holdings. Using cash or cards is just faster and cheaper. And for retailers — like KFC, who added bitcoin support throughout its Canadian locations last week — entertaining the price fluctuation is just a marketing scheme.
“I don’t think using bitcoin [to pay] solves a problem that needs to be solved today,” said David Sica, a partner at Nyca Partners. “For retailers, it’s a way to get noticed, making an announcement that you’ll accept bitcoin will give you some press, but payment volumes won’t be high.”
More in Marketing
WTF is the American Privacy Rights Act
Who knows if or when it’ll actually happen, but the proposed American Privacy Rights Act (APRA) is as close as the U.S. has ever come to a federal law that manages to straddle the line between politics and policy.
Here’s how some esports orgs are positioning themselves to withstand esports winter
Here’s a look into how four leading esports orgs are positioning themselves for long-term stability and sustainability, independent of the whims of brand marketers.
Marketing Briefing: Marketers eye women’s sports as a growth area amid WNBA draft, record March Madness
Marketers are considering the space more this year, according to agency execs, with some noting that the women’s athletes may get more attention from brands ahead of the Summer Olympics this July.