Bitcoin Merchants and POS Systems Will be Commonplace by 2020
Data collected, by cryptocurrency research group Chainalysis, has revealed that 1million more people started actively using Bitcoin in 2018 than in 2017.
importantly, 1 million active wallet users could be seen to pay with Bitcoin for goods and services on a semi-regular basis.
Few Bitcoin merchants provide support for offline transactions. For this reason, most people who chose to pay with Bitcoin in 2018, did so online. However, many believe that it is only a matter of time before the blockchain point of sale (POS) systems become commonplace.
Pundi X & The Race for Blockchain POS Superiority
There are several reasons why even early investors in coins like Bitcoin, don’t already pay with Bitcoin on a day to day basis.
Price volatility deters people from spending coins they own
Real-world blockchain point of sale systems are few and far between
Many cryptocurrency users aren’t familiar with how POS fees work or which Bitcoin merchants can be trusted.
Thankfully, Pundi X is one blockchain point of sale terminal provider, determined to dominate the real world retail market. While other companies are asleep at the wheel, Pundi X is making no secret of plans to distribute over 100,000 cryptocurrencies Point-of-Sale (PoS) systems by 2021.
Why is Blockchain Point of Sale Systems Such a Big Deal?
It is no secret that early investors in Bitcoin have amassed significant wealth
relatively quickly. However, aside from a few online retailers like Newegg and Expedia, it is still phenomenally difficult to spend Bitcoin. At least not without first exchanging digital currency for fiat cash. Moreover, many retailers are starting to realize this.
South Korea is Leading Cryptocurrency Retail Payments
South Koreans have been some of the most eager adopters of cryptocurrency. As of 2019, 30% of salaried South Koreans own cryptocurrency. More importantly, 35% of global cryptocurrency transactions take place on the South Korean peninsula.
In effect, what South Korea demonstrates, is that when blockchain point of sale systems are in place, more cryptocurrency users start using cryptocurrency in real-world retail contexts. This has the potential to give a major boost to retailers and the wider economy.
Blockchain Point of Sale Systems Benefit Retailers
As well as stimulating local economies, cryptocurrency POS systems can help
retailers counter fraud. This is thanks to the fact that when individuals pay with Bitcoin and other forms of digital currency, payments cannot be later reversed or disputed. Businesses who accept cryptocurrency payments, therefore, benefit from reduced instances of chargeback fraud, as well as increased turnover.
Will Cryptocurrency POS Systems be Commonplace by 2021?
Pundi X is just one cryptocurrency POS provider making plans to distribute 100,000 new POS systems by 2021. Coinkite, CoinGate, and BitPay also create physical POS terminals and are already starting to follow Pundi X’s lead. All that remains to be seen in the run-up to 2021, is whether or not long-term Bitcoin whales really can be encouraged to get out and start spending.
