Why Accept Cryptocurrency as a Means of Payment?
Cryptocurrencies are becoming an increasingly popular medium of exchange worldwide. People in lower middle and upper middle income countries often rely on cryptocurrency to send remittances, preserving their savings in times of fiat currency volatility, and fulfilling other financial needs unique to their economies. Global adoption of cryptocurrency reached its current all-time high in Q2, 2021. While growth has become more sporadic with the onset of the latest bear market, global adoption remains well above the levels that preceded the 2020 bull market. Current data suggests that a critical mass of new users who put capital into cryptocurrency during periods of price growth tend to stay even when prices decline, allowing the ecosystem to consistently grow on net across market cycles. [1]
Accepting cryptocurrencies as a means of payment means embracing a large and growing group of users, who treat cryptocurrencies as money like traditional money, or even prefer it thanks to the advantages against inflation, and a borderless exchange between countries.
Approximately 15,000 businesses worldwide already accept Bitcoin, and many established businesses have begun seeing the potential of cryptocurrencies as an alternate mode of payment to join. Many businesses are being held back to integrate crypto payments to their business over concerns about settlements and payment scenarios. LYOMERCHANT's solution is to provide a reliable and simple tool for business owners to accept cryptocurrencies as payment and manage their collections.
Last modified 8mo ago