AtomicPay CEO Weighs in on Crypto Market’s Major Roadblocks: Scams, Hacks and Volatility
The road to crypto adoption has been an interesting one. In the last decade, crypto has seen acceptance from merchants around the world as well as more mainstream attention. There is, however, still work to be done and some feel that adoption should be done faster than the current rate.
Benz Rif, the CEO is AtomicPay, has said that while there has been some progress made with crypto adoption, it is nowhere near expectations that were held in 2014.
“The amount of money in e-commerce is around $2.8 trillion. But Bitpay itself is only like $1 billion. So we are so far away. But for years we were convinced that one-day cryptocurrencies would be the future of digital payments,”
The reason for this, according to him, is that fact that there are too many scams in the crypto industry and as a result, it has a bad reputation and is distrusted by the public.
“Alone in 2018, we saw more hacks and scams that we have seen over the past 10 years. There are so many hacks, so many scams, it creates distrust among the general public. I asked my wife, I asked my friends: why don’t you guys use cryptocurrencies? They told me this very simple issue. ‘We can’t trust that with all this news on it.’ Unless we can solve this issue, we will never form a trust among general merchants and people.”
Market volatility was also named as a factor in getting merchants to adopt Cryptocurrency. RIF argues that merchants will be reluctant to adopt crypto if the value of what they pay for could significantly decline by the next day. While the fiat currency market also suffers from volatility, it isn’t nearly as extreme as that of the crypto market.
The Rif certainly has experience dealing with merchants as a result of his position at AtomicPay. AtomicPay is based in Thailand and works as a non-custodial Payment processor.
This means that client funds aren’t held in escrow before transactions are made. Also, AromicPay doesn’t charge transaction fees on all transactions but instead charges a 0.9 percent fee each month for their services.
The volatility within the industry has been seen in recent times with the value of bitcoin falling from $20,000 in late 2017 to less than $4,000 as of now.