The key to success for any new product is getting people on board. Companies spend millions of dollars to entice consumers to try new products or services, providing massive discounts, free samples, “try before you buy” deals and more. The idea of using cryptocurrency in lieu of fiat has found resistance in the consumer space on certain levels because of the hurdle that appears when trying to convince people to change their ways. However, those companies that have been tempted to test the waters and begin to accept crypto payments, especially in B2B channels, are quickly realizing the benefits of digital currency over fiat. As a result, the B2B crypto payment segment is facilitating greater adoption of digital currency as a payment alternative that is extending rapidly into the B2C segment, as well.
All of a sudden, when they began accepting crypto for certain payments, businesses realized that they are receiving their money almost instantly and at a fraction of the cost associated with typical bank transfers, domestic or international. While sending money through SWIFT, for example, can sometimes take two weeks or more, and can cost a company a significant portion of its potential earnings, crypto payments are landing in accounts in a matter of minutes and providing the paper trails needed to verify the transaction.
The trend of continued acceptance of crypto as an alternative for B2B payments is expected to continue, and will most likely grow exponentially. The European Union (EU) is reportedly already realizing the value of digital currency payments on a large scale, and regulations are being drafted to provide blanket controls for corporations and investors across the entire union on how to accept and report digital currency movements.
A good example of the shift to digital currency payments can be found in MasterCard and its Accelerate program. It was first introduced in October of last year and recently brought in Wirex to facilitate crypto payments through its cards. Says Mastercard Blockchain and Digital Assets lead for Asia Pacific Ashok Venkateswaran, “Mastercard allows the wallet holders in Wirex to use their cryptocurrency for day-to-day transactions.”
Cryptocurrencies have done in just a few years what it has taken fiat centuries to accomplish – offer a global, easy-to-use payments solution that allows anyone to send and receive money across the globe at any time in a regulated environment. Bitcoin SV (BSV) is helping lead the charge, as well, by ensuring that it maintains the government- and regulation-friendly characteristics that Bitcoin intended. By adhering to the principle guidelines laid out by Satoshi, BSV is the only crypto solution that can rightfully call itself Bitcoin, and is enabling a faster, cheaper global payments solution that is going to help revolutionize the way the world views financial transactions.