During the past few years, cryptocurrencies have suddenly become part of the everyday discussion across a wide range of industries. Heralded as the latest cutting-edge tech solution that could have a broad spectrum of applications, it seems that altcoins have yet to succeed in convincing one of the most traditional sectors: retail. Could this be changing soon?
The Rise of Alternative Payments
That a payment means that was unheard of a few years ago could become a major payment method is certainly not without precedent. Long gone is the time where money was the only way to make purchases – the advent of the internet has transformed the way we pay for services and products. Besides credit and debit cards issued by banks, which are still a very popular payment means, alternative payment methods have sprung up like mushrooms. Some industries have traditionally been more open to the idea of offering alternative payment methods than other: gaming, for instance.
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Seeking to unite players from all over the world, online video game providers regularly provide their clients with a variety of payment methods – and variety is well-received by players. According to the Rizk Casino website review, the fact that the online casino offers payments methods like Interac, Ecopayz, iDebit and Paysafecard, beyond the usual Visa and MasterCard cards, is considered an advantage in order to prefer playing there. Crypto payments could build on this legacy and start out by more niche markets in order to finetune the specifics before moving onto more mainstream audiences.
Cryptocurrency Adoption across Consumers and SMEs
The current state of play with regard to cryptocurrency adoption is still lagging behind compared to its potential – but younger generations seem more prepared to get on board. According to research, there are between 2.9 and 5.8 million active cryptocurrency users around the globe. Yet over 17% of millennials own cryptocurrencies, which is relatively high when compared to only slightly more than 2% for baby boomers. In fact, in 2017 the number of cryptocurrencies and related digital assets that are available on exchanges went up by over 100%, from 617 originally to 1,335. Could this mean that the cryptocurrency retail adoption era is getting near?
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According to SME owners, this is precisely the case. A recent study reveals that 35% among them believe that most major retailers will be accepting cryptocurrency payments within a two-year period – and 21% expect it to happen even earlier, within one year. Yet for 25% of SME owners, it seems that the prospect of cryptocurrency payments will never become a reality among retailers. Still, 13% of respondents in charge of small and medium businesses revealed that they already accept cryptocurrency payments, while 18% have already invested in altcoins – and a further 59% are thinking of placing an investment. This familiarity could help propel cryptocurrency payment acceptance even further, boosting digital coin adoption rates in the retail sector.
Whatever the future may hold for cryptocurrencies, they have forever changed the digital economy – it only remains to be seen whether they can have a similar impact in the real economy.
