Johnny Litecoin Paints Picture Perfect Path Towards Bitcoin Adoption: Credit Card Surcharges
According to Johnny Litecoin, Cryptocurrency Adoption Draws Closer As Credit Card Surcharges Skyrocket
The world is making room for cryptocurrency as more and more businesses decide to welcome Bitcoin and Ethereum as payment options. Litecoin is gaining traction as well, achieving multiple partnerships in various industries. Crypto assets are starting to become an integral addition to the world of payment settlements.
Jon Moore, who has been nicknamed “Johnny Litecoin,” believes that cryptocurrencies are about to make a big difference in the payment world. Moore has continually been an advocate of cryptocurrency for quite a while and happens to be the VP of the National Merchants Association. He believes that the crypto industry would become even bigger in its adoption as the surcharges that merchants impose on credit card purchases rise.
The crypto proponent posted a video on Twitter, saying that he has been having “big meetings” with various companies so that he can convince them to use both Bitcoin and Litecoin as available payment options. The surcharges are one of the biggest impacts on users paying with them in the industry. The surcharges imposed by merchants are in response to the charges that credit card companies charge to the merchants.
A major driver of #Bitcoin and #Litecoin Payment Adoption is going to be credit card fees being passed on to the consumer. Surcharging credit card fees is the hottest topic in Payments!! I am pumped #PayWithLitecoin will be the answer for consumers to pay a lower price!! pic.twitter.com/6AMly4chzL
— Jon Moore (@jonnylitecoin) March 26, 2019
This transfer of responsibility of those fees from the merchant to the consumers is a good thing for cryptocurrency. Moore believes that the smaller charges involved in the cryptocurrency community are motivating to users that may be looking for opportunities to say some money. Even if a merchant charges up to a 1% surcharge for accepting cryptocurrency as payment, the total amount is still much smaller than the 4% fee that most merchants charge to credit card transactions. The savings of up to 3% adds up over time.
Merchants have been tied in with high fees consistently lately. American grocery chain Kroger announced a few weeks ago that they would no longer be accepting VISA, considering that they have such high fees and are inefficient. They have been looking for another option to give their customers a cheaper payment option, which would reduce the cost of goods as well. Reports show that cryptocurrencies have been a consideration for this need.