Cryptocurrency Merchant Payments: How To Accelerate Mainstream Usability?
The Cryptocurrency market has only increased in popularity since its humble beginnings in 2008. That popularity hasn't changed the fact that it continually causes commotions for everyone, from major companies and governments, to its holders and merchants that want to use it as a means of transaction. The latter makes for a critical discussion about how we can bring cryptocurrency, and their transactions, into the real world in an effective way.
Apart from a few enclaves of merchants that do accept some form of crypto as a transaction, it remains a wholly minuscule number compared to its potential. Hypothetically, if you could take cryptos out of the digital world and find a way to effectively weave them into the fabric of retail and merchant use, the benefits would be truly prodigious.
Some of these include the fact that, unlike fiat, cryptocurrencies, especially when accepting them, give a unique range of advantages. But the underlying question that goes along with implementation is one that many merchants must be thinking: are cryptocurrencies just a fashion statement by people looking to use them as currency?
Maths can answer this question, according to research performed this year, over $190 million was made in transactions using bitcoin, and this is a figure that has continually risen since records began in 2013, when the number of purchases stood at $9.8 million.
Through the power of mathematics, it's clear to see that using cryptocurrencies offer advantages, with others including a reduction or even removal of transaction fees while also making them faster to complete for both sides. Both consumers and merchants have a lot to gain from utilizing Bitcoin, but in order to truly feel the benefits of using crypto, it needs merchants to get behind it as the future of consumer transactions.
More companies are accepting crypto all the time, including some seriously big names, but many others remain unwilling to take the plunge. But there have to be legitimate reasons for why major companies are hesitant in incorporating them. So what are the concerns? And how can the crypto world make it easier for them to make up their minds about whether to accept them or not?