Since blockchain technology was invented, several cryptocurrencies have evolved, each having its own user base, governance structure, use case, and more.
All cryptocurrencies are changing how individuals do daily financial transactions and how they think about money, ownership, and value, which may lead to a higher appreciation for blockchain-based currencies.
When you consider that the DeFi industry is on its way to become a trillion-dollar market on its own, the rate of change is likely to appear quick. The Bitcoin whitepaper sparked a stir on the cypherpunks’ mailing list in 2008, starting the fundamental changes.
Since then, there’s been not stopping the ever-increasing buzz about Bitcoin’s possibilities. Public interest in blockchain technology soon skyrocketed, leading to the meteoric growth of hundreds of distinct cryptocurrencies, DeFi, NFTs, the dApps, and the DEX’es, and all the wackiness that accompanied them.
Coins and tokens made of cryptography: a novel kind of money
These days, it’s fair to say that Bitcoin and cryptocurrencies in general have arrived as a novel, engaging, and exciting means of exchange for both casual crypto users and corporations looking to broaden their access to unfettered financial markets.
Clearly, this is the case presently, since using cryptocurrency to pay for products and services is not seen as strange at all. Almost every conceivable type of business has found a way to trade, transact, or accept payments on decentralized networks since Bitcoin was invented. This was either because it fits their business model well or because cryptocurrency payment methods simply supplement traditional ones quite nicely.
Many issues should be considered before accepting bitcoin as payment. Maybe even a decent one for the whole gang! This research will show that you could be correct.
Are the benefits of cryptocurrency acceptance enough to justify the hassle?
Despite thousands of companies currently accepting cryptocurrency payments as a valid method of payment, new research conducted by cryptocurrency exchange Crypto.com demonstrate that there is still a large discrepancy between customer demand and crypto merchant services.
While 60% of businesses polled expressed interest in accepting cryptocurrency payments, just 4% of shops surveyed actually accept cryptocurrency payments. This research included only 110,000 consumers and over 1.5 million Worldpay merchants. Moreover, 40% of consumers polled are currently making purchases using digital assets, while 75% are interested in doing so.
Sixty-four percent of Crypto.com’s clients utilize prepaid cards to spend their assets in locations that do not immediately take digital coins as payment due to the ten-to-one ratio between crypto-friendly consumers and merchants that conduct business in crypto. This data clearly implies that there is a pressing need for wider acceptance of bitcoin payment options.
The analysis argues that the travel, automobile, digital media, and hotel sectors have the most potential because of the large demand and supply gaps between them.
High consumer interest in bitcoin payment alternatives is a compelling argument in its own right, but it is hardly the only reason for any company to seriously consider accepting cryptocurrency payments.
Are you ready to acquire an edge over the competition?
It took time for cryptocurrencies to gain widespread acceptance. Thousands of people invested years of study into developing Bitcoin, Ethereum, and other popular blockchain solutions, and finding scalability solutions to meet the rising demand for decentralized network transactions.
Since the framework has already been laid, adopting bitcoin for use in commerce is a breeze. And with the assistance of payment providers, the entire process may be automated with little effort, bringing several advantages to organizations.
A corporation may easily join the future revolution by accepting bitcoin as payment. Are you ready for more? Bit Hide lets you take bitcoin payments today.