As you work to establish your retail digital currency acceptance strategy, you've likely heard about cryptocurrencies. Many businesses are currently deciding whether or not to support the nascent concept, and what it means for their business in the long run.
To help you decide whether you should or can support cryptocurrency, here are four basic facts every ecommerce business owner should know:
- Cryptocurrency is a peer-to-peer, private alternative to state-supported currencies. People use cryptocurrencies for various reasons, primarily privacy and owning currency that is disconnected from the market situation in a given state.
- Bitcoin is the only cryptocurrency in relatively widespread use. While there are over 900 cryptocurrencies in some form of active use, Bitcoin is the original and still by far the largest of them all. Most are boutique currencies for bitcoin afficionados to experiment with new concepts. Somewhere between 2.8 and 5.9 million people own some amount of Bitcoin.
- Bitcoin ownership is relatively large, but the amount of retail choices to spend it is low. The peer-to-peer Bitcoin wallet system is particularly unique, which has caused slow adoption in the retail space. The currency is largely used for personal transactions, alongside a smaller number of forward-thinking retailers that have the infrastructure to support Bitcoin wallets.
- Bitcoin integration is now easily accessible for retail acceptance. Netclearance mBeaconPay provides the secure infrastructure for retail cash registers to accept Bitcoin payments, opening up another opportunity to attract customers with Bitcoin digital wallets to physical retail spaces.
Now established since 2009, Bitcoin is rising in popularity. Retailers that support Bitcoin attract customers often on the virtue of simply accepting the currency at all. Netclearance mBeaconPay is a straightforward way to tap into this nascent consumer base and build a retail brand with forward-thinking associations.