Crypto, including Bitcoin (BTC) is slow, expensive and difficult to integrate. While this argument has gained strength in recent years, especially when the blockchains struggled to keep up with the transaction demand observed at the end of 2017, some are not too convinced.
In a recent tweet, Changpeng Zhao de Binance explained why he believes it is economically, logistically and socially logical for Internet centric retailers and entrepreneurs to accept cryptocurrencies, be it BTC as a payment.
Crypto as a means of digital exchange makes sense
Zhao, a long-time participant in the cryptography and fintech industries, recently noted that it does not make sense to him that many Internet companies do not accept cryptocurrencies for payments.
“For any Internet-based business, I do not understand why someone would not accept cryptography for payments. Integration is easier, faster and cheaper than traditional payment gateways. Less paperwork And it reaches greater demographic and geographic diversity,” says CZ Binance.
In fact, Zhao, formerly at Blockchain.com and Bloomberg, noted that in his view, cryptocurrencies are not only more profitable, but are easier to integrate and faster in terms of the purpose of the transaction, compared to the traditional payment gateways. In addition, traditional digital payments, especially those that are routed through Silicon Valley rental search engines like PayPal, often require a lot of paperwork and KYC, while lacking the global accessibility offered by Bitcoin.
The commentary by Binance’s boss comes after Jason Smith, a cryptography investor, claimed that BTC is already used as a form of digital money. In an extended tirade on Twitter, Smith noted that merchants in Dream Market, a darknet-based market, want to actively accept BTC, stating that they do not intend to liquidate their digital assets for US dollars. Smith even cited anecdotal evidence that has been gathered to observe that thousands of Gum Tree users, the equivalent of Australia’s Craigslist, accept cryptocurrencies, even when the market in general has collapsed.
The adoption of Bitcoin in commerce is approaching
CZ’s comment regarding the adoption of cryptography with an online merchant comes after Pat Chirchirillo, a financial advisor at Philadelphia-based McAdam Financial, praised this class of incipient assets for being much cheaper than the foreclosed processes. through the inherited financial system.
As covered by NoticiasBTC previously, Chirchirillo, who apparently had not expressed his love for Bitcoin before, noticed that Banco de América had charged him $ 10 for having made more than six transfers between his savings account and checks within a month. While this was not directly the fault of the Wall Street giant, since the financial legislature imposed tariffs, the financial advisor noted that the predominant financial ecosystem was 3.233% more expensive than cryptocurrencies, which would have affected it with ~ $ 0.3 in rates For those same transactions.
While cryptocurrencies have not yet seen monumental levels of adoption in Internet portals / stores, this facet of this budding industry has already gained some semblance of support. BitPay, the leading cryptocenter payment services provider based in Atlanta, recently released its 2018 report. In a press release, the company revealed that in the course of 2018, it processed more than $ 1 billion in payments for the second time. , while establishing a record of transaction fees by insuring clients such as Dish Networks, HackerOne and the State of Ohio.
Also published on Medium.