Bitcoin as a means of payment is not nearly as big as it used to be. Of all webshops in our country that accepted the currency, the majority of them have stopped again, according to research by BNR.
By going through historical overviews, BNR gained insight into which webshops have come back to accepting Bitcoin as a means of payment. According to BNR, two-thirds of web shops no longer use bitcoin. Of the 117 stores, only 39 still accept bitcoin.
A tour of the shops shows that the volatility of the currency and anti-money laundering legislation are the motivation. “If you sell a product for 80 euros worth of Bitcoin on Monday, only 60 euros can be left on Friday,” a web retailer told BNR. And due to new anti-money laundering legislation, the administration became too much for providers of crypto wallets.
Bitcoin is the best known and most traded crypto currency. Pressure from regulators on the crypto industry is increasing worldwide. The Securities and Exchange Commission (SEC), the watchdog for stock market trading in the US, has long believed that many digital currencies are actually securities, such as stocks or bonds. This would make the regulations surrounding cryptos stricter, making them more difficult to trade.
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