The Scoop on Retail Cryptocurrency
Start writing a post

The Scoop on Retail Cryptocurrency

Bitcoin-Based Point of Sale in the U.S.

The Scoop on Retail Cryptocurrency
geralt/ Pixabay

There's yet another way to capture consumer loyalty and dollars. By accepting retail cryptocurrency payments, you can make it easier for tech-savvy customers to buy your services and goods. Now that Bitcoin is back in the digital black, it looks like there's another way to make money with cryptocurrency – for retailers, at least.

Across nearly every vertical, technology is making a huge impact – especially in the financial field. Now, speculators can expand how, where and when they trade. Resultantly, fintech is evolving at a rapid pace – and blockchain is leading the way.

Americans With Bitcoins

According to a survey published by Finder – a consumer financial information clearinghouse – the average American cryptocurrency owner holds $5,447 in digital coins. Approximately three-quarters of survey respondents, however, own about $360 in cryptocurrency.

Today, over 50% of United States cryptocurrency holders own Bitcoin (BTC). The Finder survey also found that men own around twice as much cryptocurrency as women.

Among American cryptocurrency owners, many consider digital coins as an investment. For now, lack of accessibility and unfamiliarity with cryptocurrency prevents many consumers from using it as a standard form of retail payment.

Consumer sentiment about cryptocurrency varies around the world. For example, 11% of Americans own Bitcoin, while more than 30% of European survey respondents believe that digital coin is the payment system of the future.

Bitcoin Volatility Is Real

Cryptocurrency ownership does not come without risks. Furthermore, cryptocurrency movement can affect the real-world economy. Resultantly, digital coin movements can affect financial stability and disrupt the systems and entire market infrastructures. Cryptocurrency can also affect monetary policymaking.

Besides, cryptocurrency lacks underlying value. It's primarily a secure ledger. This characteristic makes it difficult to evaluate and speculate about the value of digital coins.

Global Leaders' Take on Cryptocurrency

If you're wondering what the government thinks about Bitcoin, you're on solid ground with the digital currency in the U.S. However, not all governments feel the same.

While lawmakers around the world are intensely interested in cryptocurrency, they're not huge fans of any existing digital coin. Bitcoin, for instance, enables coin holders to conduct transactions around the world anonymously. Anonymity has made cryptocurrency a favorite among malicious actors – not a redeeming trait in the eyes of lawmakers. Still, some countries have introduced legislation regarding cryptocurrency, taking it mainstream, although it's not a substitute for legal tender in any nation.

In Some Nations, Cryptocurrency Mania Prevails

Just a year ago, the cryptocurrency market plunged dramatically. Speculators panicked, and many pulled their diminished funds off the market.

Now, digital coin is much less volatile. As a result, it's now a more viable option for payment processing, and thanks to the relatively recent and infamous market dive, nearly everyone knows about cryptocurrency.

In other countries, cryptocurrency point of sale systems (POS) are commonplace, notably in Japan and South Korea. Consumers have invested heavily in digital financial instruments in those nations. Around the world, however, an increasing number of merchant account vendors are making cryptocurrency POS services available to business owners. In developed nations, such as Iran and the United States, legislators have introduced laws to speed up the adoption of cryptocurrency merchant processing.

Now, cryptocurrency contributes to the world's current most valuable commodity – proprietary data. As it does this, there'll be a growing demand for skilled professionals who know how to wrangle a growing global data pool.

It's essential that entrepreneurs who want to accept digital coins as payment understand everything they can about cryptocurrency and the consumers who use it, and that's just what many business leaders are trying to do. Data scientists are up to the task of fulfilling this critical business need.

Setting Up Shop in the Digital Domain

Contemporary point-of-sale systems are becoming increasingly sophisticated. Some of them accept cryptocurrency payments, such as Bitcoin. The equipment can only manage these transactions because of its speed, security and transparency.

As an example, Stripe's API enables merchants to accept cryptocurrency payments through their websites or at brick-and-mortar locations. Square is another popular merchant solution. The company's consumer-facing equipment list Bitcoin as an acceptable form of payment right next to Visa and MasterCard.

PayPal has also entered the cryptocurrency merchant fray with a patented device that accepts Bitcoin, Ethereum and Litecoin. Incidentally, PayPal's Venmo product also accepts cryptocurrency.

Digital currency offers much more anonymity compared to fiat currency. By leveraging an anonymous bitcoin address, digital coin holders can make purchases quickly, easily and privately.

Furthermore, cryptocurrency eliminates many of the fees related to making traditional financial transactions. Because of this, your ideal buyers can add money to your coffers without ever entering personally identifiable information.

Report this Content
This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
the beatles
Wikipedia Commons

For as long as I can remember, I have been listening to The Beatles. Every year, my mom would appropriately blast “Birthday” on anyone’s birthday. I knew all of the words to “Back In The U.S.S.R” by the time I was 5 (Even though I had no idea what or where the U.S.S.R was). I grew up with John, Paul, George, and Ringo instead Justin, JC, Joey, Chris and Lance (I had to google N*SYNC to remember their names). The highlight of my short life was Paul McCartney in concert twice. I’m not someone to “fangirl” but those days I fangirled hard. The music of The Beatles has gotten me through everything. Their songs have brought me more joy, peace, and comfort. I can listen to them in any situation and find what I need. Here are the best lyrics from The Beatles for every and any occasion.

Keep Reading...Show less
Being Invisible The Best Super Power

The best superpower ever? Being invisible of course. Imagine just being able to go from seen to unseen on a dime. Who wouldn't want to have the opportunity to be invisible? Superman and Batman have nothing on being invisible with their superhero abilities. Here are some things that you could do while being invisible, because being invisible can benefit your social life too.

Keep Reading...Show less

19 Lessons I'll Never Forget from Growing Up In a Small Town

There have been many lessons learned.

houses under green sky
Photo by Alev Takil on Unsplash

Small towns certainly have their pros and cons. Many people who grow up in small towns find themselves counting the days until they get to escape their roots and plant new ones in bigger, "better" places. And that's fine. I'd be lying if I said I hadn't thought those same thoughts before too. We all have, but they say it's important to remember where you came from. When I think about where I come from, I can't help having an overwhelming feeling of gratitude for my roots. Being from a small town has taught me so many important lessons that I will carry with me for the rest of my life.

Keep Reading...Show less
​a woman sitting at a table having a coffee

I can't say "thank you" enough to express how grateful I am for you coming into my life. You have made such a huge impact on my life. I would not be the person I am today without you and I know that you will keep inspiring me to become an even better version of myself.

Keep Reading...Show less
Student Life

Waitlisted for a College Class? Here's What to Do!

Dealing with the inevitable realities of college life.

college students waiting in a long line in the hallway

Course registration at college can be a big hassle and is almost never talked about. Classes you want to take fill up before you get a chance to register. You might change your mind about a class you want to take and must struggle to find another class to fit in the same time period. You also have to make sure no classes clash by time. Like I said, it's a big hassle.

This semester, I was waitlisted for two classes. Most people in this situation, especially first years, freak out because they don't know what to do. Here is what you should do when this happens.

Keep Reading...Show less

Subscribe to Our Newsletter

Facebook Comments