Crypto is completely revolutionizing how we approach money, with many believing it to be the very future of finance itself. In the US alone, it is estimated that around 28% of adults currently own at least one form of digital asset, with a further 14% revealing an intention to invest in the future.
Cryptocurrency has numerous benefits for users, including increased security, low transaction costs, and the potential to increase in value over time. Yet, as revealed in a 2020 report, only 28% of small businesses in America accept it as a payment method, and even fewer large corporations do the same. With many of the businesses that don’t accept crypto payments reporting that they are considering adopting cryptocurrency acceptance in the future, a lot of investors are left wondering what could be stalling them.
Businesses that Accept Crypto
There are a variety of big-name businesses that accept crypto in the States, including Starbucks, Microsoft, Tesla, and PayPal. Recent statistics have even suggested that a total of 2,300 businesses, both big and small, accept it as a payment method. Leading the charge in this area, however, is the gambling and sports betting sector. Gambling and crypto go hand in hand, with players and bettors alike able to make an additional bet on the volatility of the coins themselves. In this context, volatility refers to the tendency of digital assets to rise or fall in value over time.
There are a plethora of major advantages for bettors using platforms that accept crypto wagers. On the top-rated Ethereum eSports betting sites, for example, users not only enjoy the increased security that crypto brings, but they will be rewarded with fast transaction speeds and low transaction fees, even if they are playing on an offshore platform. When you couple this with the impressive bonuses and incentives these sites offer, it’s hard to see why anyone would choose the traditional alternative.
Why Some Businesses are Hesitant to Adopt Cryptocurrencies
These advantages may be seen most clearly when talking about betting sites, but they remain across all sectors and businesses that accept crypto. With this being the case, alongside the ever-growing popularity of crypto itself, it’s difficult to see why more businesses haven’t jumped on the crypto bandwagon.
A lot of this comes down to uncertainty and a mistrust of digital assets as a whole. Cryptocurrency does not function like any other kind of currency. As mentioned, it can be highly volatile. Although this is often an asset for investors looking to make a profit, it can actively dissuade businesses. This is because, even though a digital asset might rise in value over time, it could also fall, and this is a risk many businesses aren’t willing to take.
However, there is a solution to this, and it comes in the form of Stablecoins. Stablecoins are types of cryptocurrency that are tethered to a traditional currency’s value, such as the USD. Stablecoins have certainly got the attention of many businesses, and in 2022, it was estimated that 75% of retailers were considering adopting them, as well as other popular cryptocurrencies like Bitcoin, but the results of these decisions are yet to be seen.
Why All Businesses Should Adopt Cryptocurrencies
It makes sense that businesses might fear crypto. After all, it is only natural for humans to fear things that are new and different. However, businesses will need to open their eyes to the benefits of digital assets and adopt them soon, lest they risk being left behind.
Crypto has a wide range of benefits for businesses. Firstly, it is decentralized, meaning it does not rely on the input of third-party institutions, such as banks. Instead, transactions are encrypted and pass through a giant public ledger known as the blockchain. Such encryption technology allows a business to retain high security when making transactions. Additionally, the decentralized nature of crypto means extremely low transaction fees, even when large amounts of currency are moved. And if all that isn’t enough, crypto is growing in popularity, and adopting the currency is sure to attract new customers to every business.
