CRYPTO PAYMENT IS THE NEW NORM: How the Payment Industry is Evolving.

The way we pay for things is changing. More and more companies are accepting cryptocurrency as a form of payment and this is paving the way for a new future in payments.

Blockchain is the new norm for digital transactions. Bitcoin and other cryptocurrencies rely on blockchain technology to provide a secure digital ledger of transactions. The system eliminates costly intermediaries, like credit card companies and banks, which means that sending and receiving money anywhere in the world has never been easier or cheaper.

Unlike traditional payment methods, cryptocurrencies can be transferred instantly and allow for anonymous transactions. It allows for transactions to be more secure by eliminating sensitive information like your name, date of birth, social security number, or address that could be exploited by hackers. Blockchain is both more reliable and less expensive than traditional payment methods, making it a valuable asset to any business strategy.

With Bitcoin being accepted at more places every day, it is becoming easier than ever before to live a cashless life.

Learn how you can start living a cashless life today!

Companies like Etsy, Shopify, and lots of other brands too numerous to mention now allow customers to walk into their stores, and make purchases with cryptocurrencies . It was not always like this as most of these companies were reluctant to adopt this payment option before now.

Cryptocurrencies, like Bitcoin and Ethereum, are a form of digital or virtual currency that allows users to make online transactions without the need for physical money. A cryptocurrency is a type of digital token that can be used in place of physical money to purchase goods and services and they are the newest form of payment on the market.

The payment industry is evolving at a rapid pace, and it is not going to slow down any time soon. Many companies are already accepting cryptocurrency as a form of payment, and the benefits of this system cannot be overemphasized. The number of businesses accepting cryptocurrencies is steadily increasing. Some companies like Coinbase have even started paying their employees in cryptocurrency from as far back as 2013 . Other companies practicing this trend are Melbourne-based Asta Solutions, Japan-based GMO Internet Group, Fairlay, Sequoia, SC5, and so on.

“Freelancing is another area in which I'm seeing crypto payments more frequently, especially when it comes to international payments. Remote workers all over the world, whether they’re programmers, designers, or content marketers, are receiving compensation through cryptocurrencies. Existing options can become very expensive, and bitcoin or ether payments are a relatively easy and cost-effective alternative.” – Robin Singh, Forbes (2021) .

With cryptocurrencies like bitcoin, transactions can be processed with less hassle and more privacy because there is no need for divulging personal information or giving out credit card information. It also helps that bitcoin transactions are cheaper than those made with traditional fiat currencies.

Adopting crypto payments is just one way that companies can help their business grow in this new digital world. In addition to being cheaper and more private, crypto payments provide a safe alternative and by eliminating costly intermediaries like banks and credit card companies, cryptocurrencies like bitcoin make it easier to send money internationally without high fees.

For these reasons and more, more businesses and individuals are adopting bitcoin and other cryptocurrencies as an alternative form of payment and you too can.

What does the future hold for crypto payment?

With the rate of mass adoption of cryptocurrencies and crypto payments currently ongoing, it is safe to say that traditional payment methods are bound to go into extinction.

Customers are constantly opting for payment options that are most favorable to them and with the continuous and rapid development of the cryptocurrency industry it can only get better and better with time. Breakthroughs and milestones are being recorded in the cryptocurrency industry with each passing day. More heavyweight companies are endorsing, expanding , and opting to accept cryptocurrencies as a form of payment. What is also becoming more obvious is how traditional payments platforms have started integrating crypto payments into their systems.

On July 7, 2021, Visa announced $1 billion in crypto card transactions and partnerships with 50 crypto platforms to launch card programs that make it easy to convert and spend digital currency at 70 million merchants worldwide.

Banks are also not left out. The leading investment bank JPMorgan has granted its financial advisors permission to execute cryptocurrency trades for its retail clients. Morgan Stanley has also started offering cryptocurrency investments to its clients and institutional investors. I believe they are not the only ones who are tapping into this trend. No one wants to be left behind.

In September 2021, El Salvador became the first country in the world to accept Bitcoin as its official legal tender. Heavyweight companies like Tesla and Microsoft are also key players in this development as they all seek better and easier ways to serve their customers better. Even Michael Saylor, the CEO of MicroStrategy publicly endorsed Bitcoin in August 2020 and described it as a “dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.” These are big wins for the cryptocurrency industry.

If cryptocurrency and crypto payment could record these massive developments, even when stakeholders keep saying that we are still in the early days of cryptocurrency transactions, then it is safe to say that the future holds more benefits in stock for every one of us and it will be unveiled as more crypto innovations are introduced in the payment industry.