Crypto Adoption on the Rise - The 2 Pieces of Good News Today!
Hello everyone! The most important thing about a currency is that it must be used, and in order to be used, it must be trusted somehow by merchants. Same goes for cryptocurrencies. Hence, it is always excellent news when new merchants being accepting crypto payments. And today, I stumbled upon 2 pieces of good news.
Two Large Companies are Accepting Crypto Payments!
First, a Fortune 500 company, Avnet, announced plans to accept Bitcoin and Bitcoin Cash payments. For the record, Avnet is one of the world's largest distributors of electronic components and technology solutions provider. Its revenue was $19 billion last year.
Next, we have one of the leading Swiss online retailer Digitec Galaxus started to accept cryptocurrency payments. What fascinated me in this news was that Digitec Galaxus is accepting 10 different cryptocurrencies, namely, Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), Litecoin (LTC), Tron (TRX), NEO (NEO) and OmiseGO (OMG). In 2018, Digitec Galaxus reported a revenue of 991 million Swiss Francs.
My Thoughts
As more and more merchants start to accept crypto payments, there will be a chain effect leading to more adoption. This is especially true when an upstream player of the supply chain like Avnet starts to accept crypto payments. Their downstream partners may start to use cryptocurrencies as well thereby forming a network effect.
However, it takes 2 hands to clap. Even though we might have more merchants accepting cryptocurrencies, what we also need is more consumers starting to use crypto to pay for their goods. We also need more consumers to demand for crypto payment option, when that happens, more merchants will feel oblige to accept crypto. That way, adoption will skyrocket pretty quickly.
What do you think? Will you spend your crypto for everyday items? Thanks for reading!
Excellent news indeed. But like you said, for the cryptocurrencies to work it takes two parties - the company willing to accept and the buyer willing to use cryptocurrency to pay. We shall see what happens.
Thanks for the comment!
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Great news, glad to hear this, as mass adoption is crucial. I accept Bitcoin! Anyone familiar with (KNC) Kyber? Kyber looks like it has a lot of potential use.
KNC is working on a cross platform decentralized exchange I think. The most difficult part on creating a decentralized cross platform exchange is how to perform the atomic swaps
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I believe when the buyer feels a usefulness in paying in crypto rather than debit/credit is when it will take off. I'm sure companies would love to lower transaction fee's if the volatility was low enough that they don't lose money is currency translation. Exciting times ahead
That's when it becomes really easy to make crypto payments. Of course it will help if there are other perks in using crypto payments. From a merchant perspective, receiving crypto payment is probably cheaper than credit cards. If that's the case, then merchants may choose to provide small rebates when a customer chooses crypto payments
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I always want to see good news about cryptocurrency since not most of us believe what cryptocurrency can offer. Recently kucoin announced their new program which is the Spotlight and know the latest update of it here https://www.kucoin.com/news/en-introducing-kucoin-spotlight
Thanks for sharing! Kucoin is actually one of my favorite exchanges
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