New Study Shows Local Merchants Could Help Drive Bitcoin’s Success in the Future for Adoption
Over the course of the past 4-6 months, numerous articles have been posted online that claim “Bitcoin is on the verge of mainstream adoption”. However, common sense says that for any financial commodity to be successful, it is essential that the masses endorse the offering first.
In this regard, crypto assets are no different. While one can argue that for digital currencies to become popular, institutional players need to start making use of them. In the same breath, if local vendors and merchants don't accept such a burgeoning asset class, it will become increasingly difficult for the masses to adopt digital offerings like BTC, ETH, XRP etc.
Mainstream Adoption of Crypto Starts With Small Businesses
Simply put, if alt-assets such as Bitcoin are not taken up by small vendors, use cases associated with such an ingenious technology will remain largely limited to certain niche’ tech circles.
With that being said, attracting new users to such a burgeoning market is challenging to say the least. However, we can safely say that crypto is now past that point where a majority of investors across the globe have at least heard of this unique form of money. The main issue that now persists is,
“How do we spend these tokens and are there people who are actually interested in buying assets which they might not be able to liquidate all that easily?”.
This is where a localized business model comes into play— especially since small biz. operators are more often than not financially independent and can help a local economy flourish simply by allowing for the use of a particular asset class.
Alt-Assets Can Allow Small Biz. Operations to Thrive in Today’s Cutthroat Market
As small ventures start to make use of digital assets, their customer's bases will invariably expand. Not only that, if larger businesses start to accept crypto, their mainstream appeal will most likely increase— which in turn will allow owners to not liquidate their holdings, instead use them for making daily purchases or even keeping them for long-term personal use.
In the end, the objective of any burgeoning industry is to become part of the mainstream. With this in mind, it is worth remembering that for crypto to be accepted by larger businesses, there currently exist many hurdles that still need to be tackled.
For example, there are issues related to corporate approval, infrastructure manipulation that can still get in the way of crypto entering the world of multinational operations.
It now remains to be seen what the future holds for this nascent sector.