July 30th, 2019 | Crypto Radar
In April of this year, Bitcoin celebrated an important usage and adoption milestone, recording its 400 millionth transaction. This is a watershed moment for the cryptocurrency since in its inception in 2009. In addition to an incredible price surge, confidence in the longevity of Bitcoin will likewise increase, thus giving it more mainstream appeal. In this article, 8 experts provide valuable insight into how to accelerate Bitcoin adoption amongst small retail businesses.
Bitcoin Must Be Cheaper To Accept Than Traditional Payment
“Adoption will occur when it is better, faster, and/or cheaper to accept a digital payment—in this case, aka, cryptocurrency—than it is to accept a traditional payment. In addition to Facebook’s Libra, there are a number of digital payment systems in development that have the potential to reduce the crushing burden of merchant card fees. Most businesses pay the credit card companies in excess of 3 percent of gross revenue, considering fees, chargebacks, etc. for the “privilege” of accepting their cards. For companies that receive most of their revenue via credit card payments, the reduction of that fee will dramatically change their operating results. Facebook’s Libra has shined a light on this issue, and will drive many early adopters to the space within the next six to 12 months.”
Mike Minihan, Partner, BX3 Capital