iStock 1328636531 e1653310181788 Get Paid in Bitcoin! Here's How Crypto Payments Work

Get Paid in Bitcoin! Here’s How Crypto Payments Work

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-Crypto is slowly but surely creeping into the mainstream.
-In a practical, real-world setting, what does that actually look like?
-What type of challenges must both merchants and consumers overcome to bring the possibilities of crypto into the everyday?
-Providing the readers of The Fintech Times with a fascinating insight into the current state of progress within the industry, here Sung Choi, VP of business development at Coinme, examines retails ongoing adoption of crypto and the benefits and challenges for retailers embracing its adoption, while highlighting the importance of bridging the gaps in consumer access to crypto when creating new opportunities for retailers.
-Coinme is a venture-backed blockchain financial services and technology company.
-Launched in early 2014, the company helps provide access to digital currencies and decentralised finance (DeFi) services to mainstream audiences worldwide.
-It feels like almost every week, we hear about another big retailer or service provider accepting payment in cryptocurrency.
-AMC, the popular movie theatre chain, recently announced it now accepts payment in bitcoin, litecoin, dogecoin and other cryptocurrencies.
-Enabling small, routine payments for everyday things will help make this new technology feel more accessible and approachable.
-The most significant benefit of crypto payments is lower costs for businesses accepting payments and the creation of universal access for buyers and users.
-One big issue with making crypto more accessible to everyday consumers is the bottleneck of efficient integration of banking services and crypto wallets.
-A suite of services still needs to be developed to help businesses track and manage crypto payments in a way that can be tailored or customised to individual needs.
-In many ways, thats what would be required for pure crypto payments.
-But there is a move by many crypto exchanges and services to allow buyers to use debit cards to pay for things using traditional payment rails.
-We are in an exciting time regarding crypto payments.
-Recently, there has been a lot of innovation in the space enabling debit card crypto payments and new kinds of rewards programs that payout in crypto or take advantage of some of cryptos attributes.
-Its almost like when the internet went from an entirely desktop experience to a mobile and desktop experience.
-Right now, we are in that in-between time that the commercial web was in pre-iPhone.
-For more people to jump to the mobile internet, it took better hardware (like smartphones) and a better UX/UI design.
-Thats whats happening now in crypto.
-Wallets and other critical infrastructure are becoming way more intuitive and easy to use.
-Services enabling cash-to-crypto transactions and vice versa are becoming more commonplace.
-Eventually, crypto will become a complete, standalone alternative to all forms of finance, fueling everything from payments for everyday goods and services to a

 

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