Merchants Won’t Accept Cryptocurrencies
In the previous article [https://medium.com/@XIF_Official/the-impracticality-of-cryptocurrencies-d6965f53d396] we talked about the problems that consumers face when it comes to cryptocurrencies. In this segment, we will discuss the issues that merchants face as they progress into accepting cryptocurrencies as a form of payment.
Currently, only a fraction of all merchants around the world are accepting cryptocurrencies as payment. However, they are only accepting major coins in the market such as Bitcoin or Ether or Litecoin. There are over 1600 other cryptocurrencies trading in the market today, yet merchants are reluctant to accept such a wide range of cryptocurrencies, despite the fact that they could significantly increase revenue.
Why is this so?
The reason behind this phenomenon is that merchants would have to endure the tedious task of managing hundreds of wallets just to store all other cryptocurrencies. On top of that, the volatile nature of digital assets could jeopardize the financial position of the business. Evidently, mass merchant acceptance of cryptocurrencies would be impractical as industries worldwide would crumble.
X Infinity is a Fintech company that has taken into account all these limitations and formulated a solution for merchants across the globe. Merchant benefits include:
● Instant payment
● No merchant account needed
● Low cost compared to other payment processors
● Data insight — Preserves loyalty with a compelling, cool solution
● No new POS hardware needed as card is used for transactions
● New skills not needed to be learned with no risk of losing control of financial identity
● A frictionless experience as the X Infinity debit card provides standard payment functionality
● Ability to lock card reduces risk of fraud
● Low cost to consumer
● Potential for real–time payment insights and no behavioral change is need
● ATM-level security for transactions
● Potential for loyalty integration and business intelligence
Conventional currencies and traditional banking systems have been around for centuries and may well be outdated. Digital wallets and cryptocurrencies have picked up since its emergence a decade ago. This trend has been growing constantly through 2018 and will continue to do so as people become more aware of digital currencies.
While the transitioning in era may seem overwhelming for small businesses, blockchain and decentralization must be embraced. What we can learn from the global financial crisis is that conventional banking systems are inevitably vulnerable, thus adaptation to cryptocurrencies serves as a path forward.
To find out more about X Infinity, visit our official website www.xinfinity.io.
