According to the data issued by the poll, almost 60 percent of the traders want to start taking cryptocurrency as payment by the end of this year, Hier Klicken. A large part of the traders already joined in 2021 (last year).
Demand Of Certain Reports
- The article published by the survey Crypto for Payments says that there is a difference of arounten10 times between buyers and sellers.
- Although 40 percent of buyers want to use their cryptocurrency for their purchases, only 10 percent accept cryptocurrency as payment.
- But this year, 60 percent of more sellers want to join the rest. More individual retailers also showed interest in using cryptocurrency as another option for their payment or trading.
The actual acceptance rate of cryptocurrency is much slower, with a much higher learning curve than other forms. Also, there will be more difficulties in managing an all-new payment method
Position Of The Sellers
- The paper also revealed that if sellers can accept cryptocurrency directly as payment, they will benefit from fewer transaction fees.
- Visa and Master card’s new cryptocurrency prepaid card is one of the ways of making this process much easier for people. Especially for the older generations, the high learning curve is difficult to understand quickly.
- This prepaid Visa and Mastercard can make the process much easier and more accessible to use. The card can be loaded with cryptocurrency, and a standard card machine will accept the payment. At each end of the transaction, the money will be converted as fiat currency before getting deposited. This system is much easier than today’s wallet system.
- Without a complex system like Meta Mask wallet, the currency exchange rate will increase significantly.
Fixing Certain Issues
- But for now, some problems need to be fixed before everyone can use the cryptocurrency transaction. The ten times more differences in using cryptocurrency between buyers and sellers. That difference needs to be much shorter before cryptocurrency can be mass used.
- With the higher learning curve and the confusing wallet system, in the real world, money is much more confusing for the older generation. And with a country like Japan which has one of the most aging populations on average (76 years ), the acceptance rate is much slower.
- Also, this new payment requires the management of the transaction. And with the current gas fee of the ETH blockchain, the prices are very high. This, in turn, can cost the seller a lot of time and energy to use the cryptocurrency.
- If these problems can be solved and fixed, traders can profit from much lower transaction fees than now.
- If the learning curve can somehow be shortened, this might be a big reason for traders to shift to cryptocurrency. This is why prepaid visas and Mastercard for cryptocurrency are a hot topic in the crypto world.
- The ease of use and management make the system much more acceptable to a broader audience. The cards can be prepaid and loaded with cryptocurrency and used like a regular credit card or debit card.
- With the details published by Visa cards, with this system, many more small businesses are showing interest in crypto transactions.
Present State Of The Market
- But with the current unstable market of crypto currency, the prices are constantly jumping from one place to another.
- This unstable market can be dangerous for newcomers to crypto transactions. If the market gets more stable in the future, this might not be an issue later.
- But for now, many sellers are not considering this as a trading option. Hopefully, shortly, this problem will get solved. This can increase the chances of a much broader user base.
Conclusion
Huge brands and companies like French fashion and clothing company Louis Vuitton and automotive manufacturers Citron and Bugatti are now accepting cryptocurrency as payment. Also, American electric vehicle manufacturer Tesla might start taking crypto payments this year.
With the outburst of cryptocurrencies in 2021, many large companies like Apple, Google, Microsoft, Volkswagen, Tesla, and many other OEM companies are showing their interest in cryptocurrency.
This internship will increase the market cap of all cryptocurrencies and make the market more stable. This is also good news for new investors who have faced this unstable market from the start of this year.
