It’s Not If, It’s When: Cryptocurrency is Taking Over
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In this industry, we’re constantly asked to prove how fast consumers will adopt cryptocurrency. And the questions are endless.
- How many people use cryptocurrency?
- Do these people commonly use cryptocurrency for transactions?
- Why should I accept cryptocurrency when it’s not as popular as credit cards?
I mean, that last one is kind of a joke. But there’s a common thread running through this story. People are afraid of change. They’ll resist it until there is no other option. Everyone is just trying to delay that breaking point as long as possible. But is it really easier to take no action at all? Do you want to wait until you’re left behind?
For every person doubting crypto’s potential, there’s another person who’s getting won over. This isn’t a sprint, it’s a once-in-a-lifetime shift. But if you want numbers to prove crypto’s trajectory, I’ve got them.
What Do Experts Have to Say?
Well, the financial industry has spoken and they’re not mincing words. According to a recent survey by Deloitt and Touche, nearly 80% of financial professionals think that digital assets will replace fiat in the next 5 – 10 years. To those in the loop, this isn’t surprising. But if you know someone who’s still resisting progress, it’s time to break the news to them. So, here are some of the major takeaways:
73% thought their business should adopt blockchain and digital assets and would lose a competitive advantage if they did not adopt the technology.
I mean, this seems like common sense, no? Wouldn’t you want your business to have the latest and greatest technology?
43% of those surveyed said that their business may eventually adopt cryptocurrencies as a payment option, and 45% would tokenize their assets.
I think that this number is actually quite conservative. But I think the main reason that many businesses haven’t jumped on crypto yet is because they’re too concerned with the why.
Why should they take the time to adapt to the future?
Why can’t they just keep the same status quo forever?
Why bother?
Seems like a lot of excuses to me.
Soon enough, people will be asking themselves a different question. Instead of focusing on the why, they’ll be realizing the more important question…..why not?
What’s the Point of Resisting?
Recently, I read an article that detailed some of the objections that small business owners have about cryptocurrency. Seems like education is the main barrier. But the primary arguments against accepting crypto were:
- Lack of knowledge about the payment method
- Not sure if they could figure out how to accept it
- Doubting it would increase their sales
- Worried about too much risk
So, it sounds like most of these people don’t realize that there are companies like NetCents who focus on processing crypto payments. It doesn’t need to be a guessing game!
To start off, it’s pointless to try to figure out the ins and outs of cryptocurrency before you accept it as a payment method. You could google for weeks, and barely scratch the surface. But the nice part about accepting crypto with NetCents is that you don’t even need to know anything to get started. It’s not like our merchants are cryptocurrency experts. They just have a desire to meet their customers where they’re at.
Will all of your customers know how to pay with crypto? Absolutely not. Does that matter? Hell no! At the end of the day, cryptocurrency users will know how to complete a transaction. And people who don’t use crypto might actually get the urge to find out more. This is the cycle that we need to get into.
Think about it like this. When the tap to pay option first came out, some people were suspicious. How insecure! How untrustworthy! Blah, blah, blah.
But soon enough, it became the standard. Nowadays, most people probably don’t even remember their credit card PIN. And that’s the way things go. It’s just new and novel until it’s not.
One day you’re Blockbuster, flying high. And the next, you’re just an ounce of nostalgia for some 90s kids. It’s not rocket science. Either get on board or be prepared to be left in the dust. Your competitors won’t need to think twice about this.
This question really has a simple answer. More people are using crypto every day. The numbers are obviously growing. If you accept credit cards, why wouldn’t you want to accept cryptocurrency. Doesn’t it make sense to accept as many payment methods as possible?
You’ve Got Nothing to Lose!
As for the other objections, they’re just not founded in reality. The truth is that it’s actually really easy to get started with crypto. If you’re doubting if it will increase your sales, forget about that concern. Nearly 80% of businesses accepting crypto are happy with the results! And let’s be real. If your sales don’t go up, you’re still at square one. It’s not like accepting crypto is going to harm your business.
Positive results don’t come from nowhere. They come from a growth mindset. And cryptocurrency is not even a ‘risk.’ Use a platform like NetCents, and if you’re not ready to add crypto to your portfolio yet, you don’t have to! You can easily get payouts in your local currency. So, that shouldn’t really be part of the equation.
Mass adoption is inevitable. If you’re the person asking why cryptocurrency matters, you’re asking the wrong question. Basically, this comes down to how you frame your thoughts. Confirmation bias is real. If you’re looking for reasons why you should doubt cryptocurrency, you’ll find them. But does that mean that they are valid reasons? No. This is why you should speak to people outside of your social circle. Take a break from the echo-chamber that is social media. Become a free-thinker and you just might be rewarded.
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