The adoption of innovation comes in waves, gently lapping at the shore, slowly eroding and shaping its environment. At first, you don’t see the impact on the surrounding landscape. But gradually, these small changes build up. One change building upon the previous until what was once a small river or stream flowing through the plains becomes a deep canyon.
As with the transformative power of water, tech innovation follows a similar pattern with tipping points along the way that triggers sudden changes to the surrounding environment.
When you think about it, it wasn’t long ago that you wouldn’t consider getting into a strangers car or renting your place out to someone sight unseen. Now, Uber and Airbnb are part of your daily life, becoming the largest taxi and rental companies in the world.
What we witnessed in the rental and taxi industries is currently taking place in the currency market with the advent of cryptocurrency. Since Bitcoin was launched 11 years ago, we’ve witnessed multiple tipping points moving Bitcoin and cryptocurrency from relative obscurity to daily conversation with the potential to harness the same transformative power as the Internet had in the early 1990s.
It was 9 years ago that the first Bitcoin transaction took place when Laszlo Hanyecz bought 2 pizzas for 10,000 BTC and just a year later, reaching parity with the USD. Since then, we have seen Bitcoin reach a peak of USD 20,000. The market then entered a correction and we saw companies without a real business plan or strategy fall by the wayside and companies with a solid business plan emerge stronger than before. We witnessed the same thing in the dotcom bust in 2000. Gone were the Pets.com and from the ashes, companies like Google emerged.
Every new, transformative market goes through this cycle.
Today, cryptocurrency is a multi-hundred-billion dollar market that is expected to grow to USD 3.5 trillion in the next 10-years.
How are we going to get there? The building blocks and market momentum that will achieve this growth are already in place.
There are now over 2 billion USD in transaction daily and that’s projected to grow 50% in the next year. 6% of small and medium-sized businesses in the US (and 13% in the UK) already accept cryptocurrency as a method of payment and this is projected to reach 15% within the next 12-months.
This current stage of cryptocurrency in the innovation lifecycle, we have seen time and time again.
Let’s think back to the early days of eCommerce. You had companies like Amazon and PayPal working behind the scenes gearing up and putting in the infrastructure, integrations, and building merchant adoption, enabling consumers to use their Visa and MasterCard’s for online purchases. Daily use of credit cards online took time to develop consumer trust and gain mass adoption, but today, Amazon is the world’s largest company.
This same thing is happening with cryptocurrency, right now.
Just like online payments, the foundation, integrations, and merchant adoption are currently taking place for cryptocurrency. In the last year alone, we have entered into over 40 partnership agreements with companies that cover every aspect of traditional payments. Partnerships with companies like PAX and their 26-million terminals worldwide and our integration into ten of the largest POS terminals in the world, NetCents is continuing to lay the foundation required for cryptocurrency to become a daily transactional currency.
Along with our growth in partnerships and integrations into the traditional payments space, we’ve experienced massive growth in both consumer and merchant adoption of cryptocurrency as a payment method. This year alone, we’ve achieved:
- 498% quarterly growth in merchant processing revenue
- 360% growth in quarterly processing volume
- 121% quarterly growth in merchant sign-ups
- 39% month over month growth in processing volume since February
These market gains are just the beginning of mass adoption of cryptocurrency. Continuing to fuel this growth and mass adoption, today, the world’s largest companies are entering the space like Facebook with Libra coin. Bringing cryptocurrency and peer-to-peer cryptocurrency payments to their 2.1 billion users who use Facebook, Instagram, WhatsApp, or Messenger daily.
Companies like NetCents and Facebook are shaping the conversation, market adoption, and fueling growth. Moving cryptocurrency from the fringe to a currency that is used by the general population.
When building NetCents, we anticipated that the cryptocurrency driving the market today will not be what fuels and grows the market tomorrow. Our agnostic approach enables us to capitalize on these shifts, allowing us to provide our partners, merchants, and users with any cryptocurrency that has market demand – fully capturing the market as it grows.
The numbers don’t lie, the crypto winter is over and cryptocurrency is on the precipice of mass adoption. Is your investment portfolio ready to capitalize on this shift?
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