Owning an online business means you have to be frisky and able to quickly adapt to innovations. FinTech trends are rapidly changing, requiring new solutions to constantly occurring issues, fulfilling your customers’ wishes.
Current innovation trend is freedom of choice in payment methods, which includes mass cryptocurrency adoption. It is reasoned by many benefits of digital currency use, such as immediate payments, decentralization and very low risks of frauds. With the growing popularity of crypto, the idea of integrating it into online payment solutions becomes more common. But there is still work to be done as virtual currencies are yet to replace traditional or credit/debit card payments.
One of the reasons behind such a slow process of cryptocurrency integration in payments world is lack of knowledge and competence. Digital currencies might be the hottest topic in FinTech world, but many consumers still stay uninformed. Dalia’s 2018 survey shows that more than 50% of users still have no knowledge of cryptocurrency trend, despite Bitcoin’s explosive rise in 2017. Especially, people lack understanding where exactly cryptocurrencies can be used – and the fact that they can be used for almost every purpose the same as traditional money. By implementing cryptocurrencies in business operations, companies contribute to creating more awareness and educating their clients about the benefits and limitations of digital currencies. These contributions work towards the larger adoption of digital money.
Crassula’s CEO Daria Dubinina also highlights the fact that cryptocurrency is comprehended more as an asset by its owners prevents it from adoption in the real economy: “People are buying crypto with the hope that its value is going to get bigger, which shows instability of digital currency. When the value becomes more stable, there will become more opportunities for its integration in everyday payments.”
But making cryptocurrency payment possible in your business allows consumers to take advantage of the innovative world of digital money. We already can see more opportunities arising with more businesses incorporating decentralized networks for transactions, but the progress is still on the way. The unique and brilliant technology of blockchain can make a big impact not only on your business but on the economy of the whole world. Developing countries highly support the idea of digital currencies because of them becoming an alternative to ineffective financial systems.
How can you contribute?
If you care about cryptocurrency adoption but have no or not enough idea of how it can be implemented, consider using a white label service that already has necessary features and offers solutions for cryptocurrency payments. Brands like Crassula are already offering innovative technologies that help to make a transition from traditional currency to digital currency more easy, fast and essential. And it all is white labeled to help other companies integrate digital currencies in their business in days.
Visit the RIGA COMM 2018 Blockchain Conference on 12 October to find out more.
Follow the conference page: facebook.com/events/165763137386048/