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Why More Merchants Still Consider Adopting Cryptocurrency Despite Government Warnings – Tech | Business
Paying with Bitcoin is not just a way to buy something; it’s also a way to challenge the old way of managing money.
It’s like a small step towards a new financial system of the future. Even people who have been using Bitcoin for a long time still find it exciting.
Some people who are very interested in Bitcoin even travel long distances to find stores that accept it, even though they could buy the same thing closer to home. This is because they enjoy the experience of using Bitcoin and being part of something new.
The future looks even brighter. With growing awareness and closing the educational gap around cryptocurrencies, it is estimated that a quarter of all online businesses will offer cryptocurrency payment options by 2025.
A report from Checkout.com paints a clear picture: 77% of merchants accepting cryptocurrencies have seen an increase in cross-border sales.
This translates into increased revenue, broader market reach, and the ability for emerging economies to truly compete on a global scale.
The question now is how many Nigerian shops will accept Bitcoin in the future? How can people already using Bitcoin help get more stores on board?
Achigonye Johnpaul a cryptocurrency enthusiast and founder of Coinazer speaking to Techeconomy he said that more and more people are using cryptocurrency for international payments, but this will not happen as quickly as some think. Bitcoin, like many other new technologies, needs time for people to get used to.
“Cryptocurrency is being used for international payment relationships, but growth and adoption will not be as rapid as expected. Cryptocurrencies need to go through the adoption phase, just like other technologies that have evolved over time globally.
“Many people see the benefits of cryptocurrencies and how they can use them to protect themselves from inflation. Most businesses are starting to understand the importance and global adoption of commercial payments will increase,” said JohnPaul.
The digitization of national currencies is not just a technological upgrade; it is a revolutionary leap that promises to reshape the very foundations of our financial systems. These digital tokens, protected by distributed ledger technology (DLT), function as containers of value.
The implications are nothing short of transformative. DLT, with its decentralized and transparent nature, has the potential to simplify transactions, improve security and reduce costs.
The transition will not be without challenges. Regulatory frameworks must adapt to this new landscape and ensuring consumer protection in a decentralized environment requires careful consideration. Speaking about this, JohnPaul said:
“There is no way that cryptocurrency-based payment can replace traditional payment methods. I expect to see them work together. Traditional payment methods will remain for as long as possible as cryptocurrency-based payments take their place on the global commerce scene. People are still learning to understand cryptocurrencies. As this understanding increases, adoption will also increase.
Johnpaul also raises an important issue: government regulations. He believes the Nigerian government is slowing the growth of cryptocurrency adoption.
Johnpaul believes that young people and private businesses have an important role to play in making Bitcoin more popular.
“The numerous cases with blockchain companies demonstrate that the government is not even ready to take advantage of blockchain technology. Now it is up to young people and private businesses to seize the opportunities offered by cryptocurrencies.”
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