![]() Businesses that are aware of the pressing need to stay relevant as the payments ecosystem fragments by accepting more payment methods at the checkout are increasingly open to the idea of accepting cryptocurrencies, in line with the increased consumer appetite for making crypto payments. For cryptocurrencies to develop into a credible alternative to fiat currencies they need to make the leap from simply having value to being a widely accepted payment method, both online and on the high street.ĭespite some initial concerns (25% of merchants we asked for our 2017 Lost in Transaction research said that they did not trust cryptocurrencies), it appears that we have reached a tipping point when it comes to the appetite for using cryptocurrencies as a payment source. The growth of cryptocurrencies has been one of the prevailing themes in finance for over decade, dating back to the release of Satoshi Nakamoto’s 2008 paper mooting the first direct peer-to-peer payment system.īut despite the headlines and supporters that Bitcoin and other cryptocurrencies have garnered, one of the major criticisms that has been levelled at them is that they are not currencies in the truest sense, because they are of little practical use beyond being a store of wealth and an asset to trade.
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