Cryptocurrency is a hot topic in the business world these days. Many people are wondering if it will replace traditional currency for payments on websites. We reached out to some entrepreneurs and asked them their thoughts on this matter. Check out what they had to say!
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Dean Lee
Title: Head of eCommerce
Company: https://www.88vape.com/
Cryptocurrency can Replace the traditional currency on the websites: Cryptocurrencies have sparked public interest, but not always in the way that was intended. They aren’t a viable medium of trade in their current state.
They are tempting for unlawful and criminal activities because of the anonymity they give, but it’s not a societally desired objective. Cryptocurrencies are currently the most popular liquid assets, but one with a high level of volatility.
There are indeed concerns about just the environmental implications of cryptocurrency mining as it is now structured, because of the massive electricity demands. While technological advancements may make it easier to use central bank digital currencies for domestic & global payments – and there is a huge requirement for better, cheaper, and lower-cost services. Especially for those who do not have a debit card or a bank account – it’s much less clear that privately-issued virtual currencies will be useful as a medium of exchange.
Cryptocurrencies, a type of virtual currency that can be used for short-term investment and also as an exchange medium to purchase products, have recently become popular. While Bitcoin, which was first released in 2008, has gotten a significant interest in recent decades, it is one of the many cryptocurrencies accessible today. Other cryptocurrencies, like Ethereum, dogecoin, Litecoin, and others, have gained popularity in recent years. “The fundamental issue with traditional currencies is the level of confidence necessary to make it operate. The banking system must have been believed not to degrade the currency, yet fiat currencies have a long history of trust violations.”
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Ilija Sekulov
Title: Digital Marketing & SEO
Company: https://mailbutler.io
I believe that crypto will eventually replace fiat currency for online purchases. I think that we will start to see this happen in the next 5 to 10 years. One of the biggest benefits is its decentralized nature.
Unlike fiat currencies, there is no government or bank that can control the value of crypto. This means that the price of crypto is not controlled by any third party. Another benefit is that transactions cannot be tracked like they can with fiat currency. Transactions are anonymous and untraceable. In addition, crypto is much faster than fiat currency. A transaction can be completed in less than 10 minutes whereas it can take days to weeks for banks to complete a transfer.
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Ivan Hong
Title: Content Lead
Company: https://www.request.finance/
“Stablecoins in particular will likely someday replace traditional currencies for online payments. It is not a question of if, but when. Blockchain based payment rails are simply faster and cheaper than traditional payment channels.
They are also not dependent on banks’ operating hours, customer service availability – or in many cases, lack thereof”, said Christophe Lassuyt, CEO and co-founder of Request Finance. Maxime Le Dantec, Principal at Balderton Capital, said: “The rise and democratization of crypto currency for payments has raised strong challenges for CFOs and their teams. It has created a completely new finance paradigm where banks are replaced by wallets and payment networks are replaced by blockchains. Therefore the traditional finance software stack made of tools like Melio payments or Bill.com is not relevant for crypto that requires a native tool like Request”. Sharing a similar outlook on the enterprise payments scene, Andrew Nutter, an angel investors said: “As an early investor in Revolut, I am excited to see how Request is building the next layer in the stack by helping companies easily and securely adopt crypto payments”.
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Iryna Kidyba
Title: financial manager
Company: https://simple.app/
The Covid-19 pandemic has increased the popularity of electronic money around the world, which has naturally led to a decline in the use of cash. Central banks, responding to changes in demand and the habits of citizens, have accelerated the development of electronic currencies. At the same time, cryptocurrencies, such as bitcoin, are also developing.
Therefore, I believe the answer-yes, cryptocurrency has replaced traditional ways to pay online. Stablecoins are a subset of cryptocurrencies that are designed to be tied to the value of other assets, such as a national currency like the U.S. dollar. The issuer holds a certain amount of capital, such as dollar reserves, and creates a proportionate amount of “stablecoins.” This money can be an attractive means of payment if its value is pegged to other means of payment backed by the government, such as the dollar.
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James Dyble
Title: Managing Director
Company: https://www.globalsoundgroup.com/
As cryptocurrency becomes more popular, websites will inevitably look to include crypto transactions in their platforms. Also, as younger generations who have grown up in a society where crypto is the standard begin to make online transactions, websites that do not support crypto will be left behind.
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Karthik Manoharan
Title: Co-Founder
Company: https://wecodee.com/#
No and never. Cryptocurrencies will never be able to fully replace existing currencies on website payments since most governments will never accept them as a form of payment for taxes.
Accepting it can lead to surrendering monetary policy as a tool for economic management which would entail handing over government activities to an unauthorized, unregulated set of computers that are unlikely to be under the authority of their citizens. While the dark web may be using crypto payments as a replacement for currency, most of the legal websites will never allow cryptocurrency to fully replace traditional payment methods. Some countries may consider introducing a cryptocurrency version of their own currency, but only if they are able to maintain a track of their finances.
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Michael Jan Baldicana
Title: Finance Writer
Company: https://pyramidcreditrepair.com/
While the idea of crypto replacing traditional currency for payments on websites sounds like a far-fetched concept, it is not entirely impossible. Some people believe that it is inevitable and that the crypto world will eventually replace the traditional world.
However, there are many people who think otherwise. They believe that this is just an idea and it will never happen. The question of whether or not crypto will replace traditional currency for payments on websites has been posed to many people over time and they have given their opinions on this matter. There are many factors that need to be considered before answering this question, such as how much adoption crypto has achieved and how reliable it is compared to other forms of payment options.
Crypto is still in its infancy and there are many questions that have yet to be answered about the future of cryptocurrency. One of the most common questions people ask is whether crypto will replace traditional currency for payments on websites. I believe that crypto will not replace traditional currency anytime soon because Bitcoin is still too expensive and slow compared to the traditional payment methods like credit cards or PayPal. Some people believe that crypto will replace fiat currencies while others think it’s too early to say what will happen in the future.
The digital currency is not just limited to online payments, but it can be used for traditional transactions too.
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Jan Chapman
Title: Co-Founder and Managing Director of MSP Blueshift
Company: https://www.mspblueshift.com.au
Yes, there is a good chance that Crypto will replace traditional currency for payments on websites in the future. This would be a positive development as Crypto is more secure and faster than a traditional currency, making it a better option for online payments. Some people might be skeptical about the use of Crypto for payments on websites, as it is still relatively new and largely untested.
However, there are many advantages to using this technology for e-commerce transactions, including its decentralized nature, ability to reduce fraud and transaction costs, and potential for huge profits. With these factors in mind, it is not surprising that more and more businesses are beginning to accept Crypto as a payment method.
I think this is a great idea! Crypto is more secure and faster than a traditional currency, making it a better option for online payments. Plus, with the rapid growth and increasing popularity of this technology, it seems like a logical choice for modern businesses. However, there are some concerns around the use of Crypto, such as its volatility and lack of regulation. To maximize the benefits and minimize any risks associated with using Crypto for payments on websites, businesses will need to stay up-to-date with the latest trends and developments in this emerging technology.
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Joe Darvies
Title: CEO of Fatjoe.com
Company: https://fatjoe.com
There’s no doubt that cryptocurrency is gaining traction as a payment method. More and more businesses are starting to accept crypto as a form of payment, and many believe that it could eventually replace traditional currency for payments on websites.
– There are a few reasons why this could happen: Crypto is much more efficient than traditional payment methods like credit cards or bank transfers. Transactions can be made instantly and with very low fees.
– Crypto is far more secure than traditional payment methods. There is no risk of fraud or chargebacks with cryptocurrencies, which are always a concern with online payments.
– Crypto opens up the opportunity for new applications and business models that aren’t possible with traditional payment methods. The pros of using crypto include the security and privacy features of blockchain technology, and the fact that crypto is global and not tied to any particular country or currency.
The cons of using crypto include the volatility of cryptocurrency prices, the lack of consumer protection laws in some countries, and the fact that not all merchants accept crypto payments.
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Simon Bacher
Title: Co-founder
Company: https://ling-app.com/
Even though much of the consumer base online would like it to happen, cryptocurrencies will absolutely not replace traditional currencies. Not unless something catastrophic happens to the US dollar and deregulation of currencies occurs.
The real issue with cryptocurrencies is that they could simply disappear overnight and there remains a palpable amount of distrust towards them around the world. In addition, money and banking systems as we know them aren’t prepared or willing to adapt to the crypto world. I see cryptocurrencies being used as an alternative, but never as a replacement for current payment systems.
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Jason Cordes
Title: Founder
Company: https://cocoloan.co.uk
Cryptocurrencies have grown rapidly in value, usage, and reputation since their official introduction in 2009. With all of the focus on digital assets, cryptocurrencies, and the blending of realities, one of the many discussions that have substance is whether bitcoin will eventually replace fiat currency. Cryptocurrency may already be exchanged for cash via exchanges or deals with other digital currencies.
Several financial possibilities could emerge if these tendencies persist. First, the society and economy could accept bitcoin to the point where it completely replaces the country’s paper currency. Its government would be required to accept it as official currency, and the country’s national currency would be phased out. A mix of digital assets and fiat cash could be a second possibility.
Governments may recognize both, allowing them to collect taxes and fund their programs and forces. Customers and companies might choose from a variety of options. Third, a society may choose to dismiss cryptocurrencies outright and continue to use its existing paper currency. Cryptocurrency prices and values are often more volatile than fiat currency prices and values.
Because cryptocurrency is still relatively young, it may prove to be as stable as national money in the future. Irrespective of how the issue plays out, it is clear that bitcoin has the potential to benefit people all over the world and the economy in which they live.
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John Cammidge
Title: Managing Director
Company: https://jcammidge.co.uk
The evolution of Cryptocurrency being treated as a monetary/currency is not far from us! The cycle of 2020-2030 will most likely see the emergence of Cryptocurrency, Web 3.0, Defi and Blockchain which will be one of the most important parts of our lives.
If anyone’s having a hard time believing this, Remember that Adidas and Nike are planning to hop into metaverse trends and sell their sneakers as NFTs. Now to buy Digital sneakers as NFTs, you’ll need to spend some Ethereum (Crypto). Similarly, Tesla too announced that They would accept payments in Cryptocurrency in the near future. Therefore, a change is just around the corner.
It’s high time to learn the basics of Cryptocurrency and store some Crypto coins for making transactions in the future. I guess the future will really convenient for making Cryptocurrency payments. Just like Apple Pay, and Google Pay, You can easily scan a Crypto wallet through Ether scan for instance, And transfer Eth directly to any other crypto wallet.
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Velin Dragoev
Title: Founder
Company: https://keenfighter.com/
I don’t think crypto is replacing traditional currencies any time soon. There are lots of reasons for this, but if I had to pick one, it would be volatility. The price of all major cryptocurrencies is so volatile, that the vast majority of people are using them as purely speculative assets. This makes consumers hesitant to use it as a means of payment, which is why it’s so rare for us to see people try to use them.
Yes, there are some high-profile cases where companies like Dell advertise that they accept Bitcoin payments, but if you look into it, you’ll see that they no longer do so due to a lack of interest from their customers. And they aren’t the only company to do so. And this is before we get into the high and unpredictable transaction fees we see with the likes of Bitcoin and Ethereum. So, in short – no, I don’t see crypto replacing traditional currencies. The only way that could happen is if their prices stop being as volatile as they have been ever since their inception.
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Raghav Mittal
Title: Founder
Company: https://naturocure.in/
- Cryptocurrencies cannot be manipulated as easily as fiat currency due to decentralized nature.
- Almost a quarter of small businesses in nine countries around the world plan to accept digital currencies as a form of payment in 2022, while 13% of consumers in those countries expect retail stores to begin offering crypto payments this year and beyond, according to a survey by Visa Inc
- Total cryptocurrency market capitalization has grown over 15x from ~$190B in January 2020 to ~$3.0T in November 2021
- The number of crypto users around the globe reached ~295 million in December 2021
- More of society has interest in owning and using cryptocurrency,
- 60% of both merchants and customers would like to transact in crypto in 2022
- There are a growing number of companies across a plethora of industries – from big tech to airlines – who are embracing cryptocurrencies, allowing customers to use them as an official method of payment for their goods and services cryptocurrencies do not need third-party verification.
- Merchants pays big amounts towards transaction fees and setup fees which is not required in case of accepting cyptocurrencies.
- Cryptocurrencies can help avoid international currency payment fees.
cryptocurrencie transacions are fast as compared to a fiat currency transaction Their is a huge pottential in using crypto as an online payment for the merchants because of the growing interest about the crypto and use of it among the people and the advantages over fiat currency It is good for the merchants paying their margin to big payment companies and getting international transactions done fast And if we see the people side the interest for crypto is already increasing among people and it will be great if they can use their crypto to buy things Although it can be bad too and may affect the business of non crypto payment companies.
Q – All indicators point towards a long term inflation, how are you preparing your business for the upcoming challenges? Share some practical advice. Inflation is a thing that is inevitable and it depends on numerous factors but we can prepare our business against the challenges of it
- Identifieng and eliminating unnecessary cost from the business
- Borrowing money to buy productive assets related to the company and paying the debt off with cheaper dollar in the future
- If renting is required consider it in long term lease to lock the low rates
- When to increase the price of product or service to battle inflation the customers must have other reason to stay and are not motivated to buy according price
- Consider increasing your prices slowly over every six months
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Maryam Ahtasham
Title: SEO Executive
Company: http://www.streamingdigitally.com/
There are a number of reasons why I believe that crypto will eventually replace traditional currency for payments on websites. First, the adoption of crypto as a form of payment is growing at an incredible rate.
In just the last year, we’ve seen major companies like Microsoft, Overstock, and Newegg begin accepting bitcoin as payment. This tells me that there is major interest from both consumers and businesses in using crypto for payments. Second, crypto is global and borderless, which makes it ideal for online payments. Traditional payment methods are often hampered by fees and restrictions imposed by banks and governments. Third, crypto is decentralized and thus not subject to the whims of central authorities. This makes it more stable and resilient to economic crises.
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Mike Toney
Title: Finance Director
Company: https://www.cardonationcenters.org/
The simple answer to this question is Yes! Crypto can and will easily replace fiat currency for payments on websites. This is because crypto can be used as a store of value, medium of exchange and unit of account.
Cryptocurrency makes payments more efficient; it allows for quick and transparent cross-border financial transactions. Unlike traditional transactions, cryptocurrency allows for micropayments that allows merchants and customers to avoid unnecessary costs incurred by traditional payment systems. Another good reason is that the traditional payment system has the power to reverse transactions, this can be easily abused as some customers request for a refund after they have successfully received their goods or services.
With cryptocurrency it is different, payment technology like Binance Pay prevents chargeback fraud, this protects merchants and ensures that they are not put in a disadvantageous position when selling online.
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Rodney Riley
Title: Digital Marketing Manager
Company: https://www.onlineturf.co.uk
Adoption rates of Crypto currency is the biggest barrier to it replacing traditional payment methods online. According to PEW Research three in ten Americans aged 18 – 29 say they have ever owned, traded or used a crypto currency.
Rates in other parts of the world are even lower (estimated at 6% in the United Kingdom for example). Crypto will not replace traditional payment methods until its adoption rate is similar to or greater than traditional payment methods because businesses do not want to lose the opportunity to make a sale. I think the most likely change we are going to see in the coming years is Crypto being offered as an option alongside visa / mastercard etc on an increasing percentage of websites.
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Jai Bahal
Title: Founder
Company: coincade.io
A: The bricks for this road are being laid in as we speak. The most popular e-comm platforms already have tie-ups with crypto projects like Lolli, StormX and BlockFi. There’s also the flip-side of this structure: tokenized crypto i.e. branded cryptocurrencies accepted only at specific platforms.
It’s similar to DisneyBucks or the cash card at a cruise ship. As a gaming collective, we’re instituting our token $CADE to be the official currency of our gamified gaming metaverse: MetaCade.
We keep hearing stories about DogeCoin being accepted by a few million retailers and influencers like Mr. Musk have spearheaded some of these to drive digital currency adoption into the mainstream. This only turns to reality once we actually see on-chain transactions and drive more users to using blockchain based wallets. Technically speaking though, using apps like BitRefill can allow users to transact in crypto to buy vouchers of different e-comm platforms. These vouchers can then be redeemed directly on the platform for goods and services.
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