In a world where technology is always evolving, it’s no surprise that new methods of payment are emerging. Crypto has been making waves as a potential replacement for traditional currency, but what do, YOU, entrepreneurs think about this?
In this HvTimes interview series we interviewed over 20 USA entrepreneurs and asked them ONE SINGLE QUESTION – Do you think Crypto will replace traditional currency for payments on websites and what do you think of this? Good, bad, explain. Here’s what they said:
Title: Co-founder & Personnel Supervisor
We almost never use cash for our everyday transactions anymore. There are so many options that we can choose from without using traditional paper money. Adapting to cryptocurrency to make transactions can possibly take non-cash payments to the next level.
Without intermediaries, lost time, and large commissions. The thought of cryptocurrency replacing traditional paper currency is possible, but there are things that they need to establish first. It has to be stable.
This means people must subconsciously evaluate goods in their unit. Then it should be scalable. Cryptocurrency should ensure uninterrupted transactions to sustain its users. Then, it should also be easy to use. The process of acquiring, storing, and spending cryptocurrency should be as simple as possible. Lastly, it should be widespread. The use of this currency depends on the network effect. Cryptocurrency should grow as much as its popularity.
Title: Corporate Financial Controller
Crypto can easily replace fiat as crypto offers faster transactions, higher levels of security, and lower fees. It is currently possible to lend crypto for loans and make payments.
To start, most individual websites will have to start adopting the currency, which many companies currently accept Bitcoin already. There may be a hesitancy due to the fact that world leaders have not publicly endorsed it or adopted it yet.
The technology is there, but the biggest thing standing in the way right now is world leaders and government. They are not going to let it happen until they can figure out how to get their cut and roll out their own version of digital currency. Replacing crypto completely would cause a massive uproar, and there is so much potential for world leaders to use it to more accurately track where money is going. Another issue for major banking institutions is that they will need a complete overhaul of their customer service and the value they provide their customers. There are so much more benefits to investing and staking crypto, such as much higher return rates.
Title: CEO and Founder
In my opinion, crypto can’t completely replace traditional currency for payments on websites. Why? It is because not everyone is familiar with it and doesn’t completely trust it yet since it’s still new.
And if you’re a vendor that only uses cryptocurrency as payment, people might just find another brand because they don’t want to use cryptocurrency as a mode of payment. Moreover, it can also affect the company’s profitability because crypto values change over time.
And since everything is still new, not all people can determine whether they are being scammed or not with the currency.
Cryptocurrencies have been hyped up ever since the inception of Bitcoin, and other emerging cryptocurrencies. Since then the evolution has let cryptocurrencies make their mark as a separate monetary constraint that can be used as a mode of exchange in the coming future.
Talking about the current times, it shall take about some years to reach everyone and the acceptance of the same. With the emergence and advancements in blockchain technology, as well as Web 3.0 it shall surely gain momentum in the near future.
Talking about the present, big companies such as H&M, Zara, and Nike all have stepped into the metaverse, launching their own solo stores, making everyone able to dress virtually.
All of this comes with a price, which shall be paid in cryptocurrency, to be specific Ethereum. However, there’s still a catch in here! Understanding the concept and widespread of the same shall take a long time. Since, in not-so-developed countries, the literacy levels are low, and people do not have great know-how about the same. Thereby, being acceptable just the way online modes are accepted today, shall take time but will surely be in use.
Title: Crypto Technical Writer
It is very likely that crypto will eventually replace, or at the very least, be at a point where it becomes mainstream enough to become an option as payments on various websites.
This is because in this digital age, making payments easier has always been one of the key priorities of technology.
More and more people have become interested in learning and investing in crypto, and while we’re not yet at the point where we can comfortably use it as payment, I believe that people’s interest will continue to rise until we can reach that point.
Title: Finance Specialist
Cryptocurrency has no doubt replaced traditional currency in a lot of spheres mostly because of its decentralised nature.
The decentralisation makes it superior to fiat currency. However, I don’t exactly think cryptocurrency will fully replace traditional currencies on websites because of the instability of most cryptocurrencies.
Many businesses would not want to subject their finances to such volatility no matter the decentralisation. It may likely replace traditional currencies for international payments because it bypasses the numerous barriers of international transactions.
It allows for seamless, low-gas international transactions and so may be good for businesses with international clients and remote international employees. It may only be limited in countries that have not fully embraced cryptocurrency.
It is also a great help to crowdfund for businesses that may want to receive community funding. However, there are a lot of barriers to overcome and there is only a slight potential that cryptocurrency would fully replace traditional currency. Businesses would still keep open the option for transactions using traditional currencies.”
Title: Marketing Manager
Crypto is gaining popularity with every passing day and there is no doubt in that.
But I am not seeing Crypto for payments on websites for another 10 to 15 years because this is going to be a huge shift and I believe that people are not yet ready for this transition. If the switch has been made, it will be on the good side as it will change the future forever.
Cryptocurrencies are still a relatively new technology, so it’s hard to say for certain whether they will replace traditional currencies for payments on websites. However, there are a number of factors that could lead to this happening.
For example, cryptocurrencies are digital and global, which makes them well-suited for online payments. They are also secure and transparent, and they can be used to pay for a wide variety of goods and services.
In the immediate future, I see cryptocurrencies complimenting online payment processing alongside credit cards. Similar to how alternative payment methods, such as PayPal or Venmo, are used as an alternative payment option on e-commerce websites.
I don’t think crypto is anywhere close to replacing fiat currency. For crypto to be able to replace traditional currencies, it needs to be simple for everyone to understand.
At the moment, you need to be tech-savvy to understand how to keep your crypto safe and how to do transactions using it. The other problem is that there are so many different coins that it might confuse the general public. The government might need to step in, but that is obviously against what crypto is all about. Maybe it can replace it one day, but I believe it’s not anytime soon or if ever.
Title: SEO Specialist
I do not think Crypto will ever replace cash. It is way too early to tell its significance. Websites such as Paypal, Travala and even Starbucks are accepting crypto though. Crypto has been around since 2009 but hasn’t been a commercially addressed asset until recently. A full take over from USD would be more gradual.
Title: Head of Content
I don’t think crypto will replace traditional currency, but it will definitely (and has already in many ways) solidify its rightful place alongside traditional fiat currencies. An interesting thought experiment to do is to go back only 4—even 2 years.
Bitcoin and many other cryptocurrencies were already going strong then…but hint at them being accepted or utilized by anyone but the most fringe communities in society and you would have been laughed at. Today—Twitter, Facebook, Shopify, and many other massive online retailers aren’t just talking about accepting cryptocurrencies, they’re fast-tracking it. That says it all really.
This technology is being accepted before our eyes, but it certainly has a long way to go before it replaces fiat currencies. I suspect one of the key reasons website owners are understandably apprehensive to accept crypto as a form of payment is its innate volatility. Again, this volatility will reduce in time as more and more people adopt Bitcoin and other major cryptocurrencies and start using it the way it was intended—to be a superior form of currency. tl;dr Cryptocurrency will continue to be adopted at a pace that we can’t predict.
One thing I am sure of, however, is that it will be adopted. At least until a better tech comes along next millennia.
Title: CEO and Founder
The idea of using cryptocurrency for payments on websites is not new. In fact, it has been around for quite some time now. The idea of using cryptocurrency for payments is not at all a new idea, but it seems to be gaining traction recently. I think crypto will replace traditional currency for payments on websites, because cryptocurrencies have the potential to be cheaper, faster, and more secure than traditional payment methods.
I’m not sure when it will happen because cryptocurrency is not tied to any physical entity like gold or silver and instead exists only in a digital form which makes it difficult for governments or banks to regulate or manipulate its value. It is also too volatile for some people to use as a payment option on their shopping site, so about the concept, I think that it may happen but not today nor not tomorrow.
Title: Founder and CEO
There is a lot of excitement and speculation around crypto these days, but not everyone believes that it will replace traditional currency for payments on websites anytime soon. I, for one, am somewhat skeptical. While it’s true that crypto has many potential benefits – including speed, efficiency, and affordability – there are other factors to consider as well.
For one thing, most people already have a preferred payment method that they are comfortable using online. And unless you live in a highly tech-savvy community where digital transactions are the norm, switching to crypto might feel like a huge step into the unknown. Still, I think it’s important to acknowledge the potential of crypto and explore ways to tap into its appeal and meet the needs of modern consumers.
Perhaps there could be innovative payment solutions that incorporate both traditional currencies and various kinds of crypto tokens – a kind of hybrid system that would provide users with the best of both worlds.
Together, these developments could help pave the way towards a future where people use crypto without even having to think about it! Ultimately, we’ll just have to wait and see how things unfold. But regardless of what lies ahead, I’m convinced that crypto has an important role to play in shaping how we pay for things online.
Dr. Prav Solanki
Cryptocurrency is a digital currency in which transactions are verified, and a cryptography system maintains records. Replacing traditional money with cryptocurrency has been the talk of the town for several years now.
Many businesses consider it a replacement for traditional money because of peer-to-peer networks. Cryptocurrency offers a more private, secure, and efficient way of payment. And most of all, the advantage in transaction speeds and rates. Usually, when we wire money to any third party, there will be a gateway to change money from one place to another, but in cryptocurrency, it limits the transaction speed and cost.
As much as crypto has grown over the years, the next natural step would be to utilize it in more places, especially online. However, I do not see a moment in time where crypto would “replace” real currency for website payments.
There needs to be intensive education around crypto and crypto wallets to give the general public more knowledge and confidence in cryptocurrency. Think about the current banking systems as well, they are centralized and regulated and I don’t see them getting rid of their own systems to implement crypto.
I believe crypto will become more mainstream and become a platform to purchase online. One of the problems with traditional currency is that traditional currency is dictated largely by international trade between foreign entities.
For instance, if a small country wants to purchase from a larger country but the larger country does not use foreign currency, the foreign exchange rates will be very large. This reduces the power of smaller countries when it comes to international trade.
Cryptocurrency has the potential to eliminate these barriers to foreign exchange, almost becoming the global currency, which many people support.
It is inevitable that crypto payments will replace payments on websites. I predict that this will happen in two phases.
Phase one will be when vendors decide that 2% – 3% credit card fees are too high and decide to pay a crypto payment processor a .5% – 1% fee instead. There are cryptocurrency blockchains like Algorand that have had zero downtime, cost less than a penny per transaction and offer strong security protocols.
Phase two will happen when the big credit card companies realize that 3% to 5% of their business has been diverted. That’s a big enough hit to their bottom line that they will have to take stock and decide that they don’t want to give up market share.
The big credit companies will join with companies like Ripple and Circle to offer lower costs, more efficient payment rails. Businesses that accept crypto will have a a larger margin and find more success in the long run. Those savings will benefit consumers with lower prices, which can offset inflation. We may even see businesses creating their own tokens for internal use or to reward their community.
We see loyalty tokens like $NURD that reward community members like airline miles, without any of the extra management fees associated with it.
Title: CEO & Recruiting Manager
I do not think cryptocurrency will replace traditional money. When cryptocurrency started booming, Bitcoin seemed to be leading. It accounted for the vast majority of the industry’s market capitalization.
After a short time, other currencies began to catch up, such as Ripple. Bitcoin is still leading, but the high turnover of cryptocurrencies gets investors wondering whether they are actual currencies. People predict that they are even going to change more in the future. The high dynamics of cryptocurrency make it unsuitable for the regular transaction that money does. If another technology replaces traditional money, it will not be cryptocurrency. Many people buy bitcoins and hope that they will go up and make some money.
Should cryptocurrencies take over entirely, new infrastructure would have to be developed to allow the world to adapt. This is a costly process that many investors are not willing to take.
The transition would inevitably be difficult, as cash could become incompatible quickly, leaving some people with lost assets. Established financial institutions would likely have to scramble to change their ways, and many people would lose their jobs. Since there is no physical bitcoin, people who do not know how to use ATM devices and technological devices will be locked out.
Cryptocurrencies such as Bitcoin seem to be under debate by analysts whether they’re actually currencies. Various concerns arise about cryptocurrencies replacing the traditional payment method on websites, including exposure to unnecessary risk.
Using the right plugins, accepting crypto payments, and converting them to prefer currency is easy. I believe that there would be massive difficulty with such a transition; losing cash value will lead people to lose assets. Giving payment options to your audiences will change your brand identity by embracing new technology, but complete conversion to crypto may possibly be complex for other target markets.
Title: Founder of Networks Hardware
I don’t see it happening anytime soon I don’t think Crypto will be replacing traditional currency for payments completely on websites. At least, not in its current state. Cryptocurrencies are mostly appreciated because of its anonymity and security.
This also goes hand in hand with illegal activities that require depending on anonymous transactions. Because of the legal issues, a lot of countries probably won’t end up legalizing Cryptocurrencies.
Governments of different countries are testing the idea of digital currencies with Central Bank Digital Currencies (CBDCs) and the results look positive so far. One of the most practical possibilities I see being accepted worldwide is a blend of Stablecoin, Crypto, and CBDCs replacing traditional currency on websites. Though this is a direct conflict with one of the features of Cryptocurrency, a decentralized structure spread across many computers.
I believe payment through Cryptocurrency shall be made available along with traditional currency as a substitute. Though cryptocurrency shall prevail in parallel with traditional currency, we cannot totally remove traditional currency from the flow in an online payment system.
Even the godfather of Crypto space, Elon Musk just two months after announcing Bitcoin as an acceptable payment method at Tesla, retracted his statement and now Tesla doesn’t accept Bitcoin. The Volatility and environmental hazard are just two of the major concerns in accepting Crypto as an online payment method. Businesses, like ourselves, can’t deal in volatile mediums.
Title: co founder/CEO
There are additionally a few difficulties and worries with cryptographic forms of money. Assuming that cryptographic forms of money outperform cash as far as utilization, conventional monetary standards will lose esteem with next to no method for a response.
Should digital forms of money take over totally, a new framework would need to be created to permit the world to adjust. There would unavoidably be challenges with the progress, as money could become contrary rapidly, leaving certain individuals with lost resources. Financial institutions would face difficulties to adjust to this change but yes, crypto can replace traditional currency for payments on websites.
Title: Founder and hiring manager
Yes and below are my reasons: Fees are reduced. When accepting crypto payments, merchants can increase their profits and benefit from lower processing fees. Notably, cryptocurrency transaction fees are lower than those of credit and debit cards.
In comparison to credit card or debit card fees, which typically range between 2% and 3% for each transaction, cryptocurrency fees are typically less than 1%. Protection Against Fraud The term cryptocurrency is derived from cryptography, which is a technique for encrypting sensitive information and private keys. Currency holders are given private keys, which solidify ownership and access to their blockchain.
To make a cryptocurrency payment, the customer simply selects their digital wallet and authorizes the transaction. There is no need to provide sensitive payment information, as with credit card payments. Simple to Implement Payment gateways that accept cryptocurrency can be easily integrated with e-commerce platforms, point-of-sale systems, hosted online checkout forms, billing or accounting software, and much more. These straightforward, all-in-one integrations facilitate the settlement and reporting of all transaction types.
Mary Shepherd Jesse
Crypto is a very new technology. Much like the internet in the 90s, it is slowly growing and eventually will snowball with more and more users. This is because there are clear benefits over fiat currencies and traditional payments. Crypto is (or will be) cheaper, faster and more secure than traditional payments. Further. Credit card payments will typically cost a business 2.9% + $0.3 per transaction.
This small percentage adds up to huge costs to businesses over time. As a business, would you rather pay thousands of dollars to a payment processing company, or would you rather be able to receive funds for free, instantaneously from anywhere in the world? I know what I would pick. Putting aside the current market prices, Crypto is growing more every day.
Many smaller countries, recently Panama and El Salvador are adopting Crypto. As time goes on and the technology and markets mature, more and more countries will continue to adopt. Smaller countries at first, then larger ones. Game theory suggests that if there is even a small likely hood that Bitcoin, Ethereum or another cryptocurrency will become the world’s next ‘reserve currency’ then it makes sense to invest into it as a hedge against the current financial system. Mary Shepherd, Microtoxic.com
Title: Managing Editor
I definitely think that crypto will start to replace traditional currency for payments on websites. Here are a few reasons why: Crypto is faster and has fewer transaction costs. With traditional methods like wire transfers or credit cards, there can be a lot of fees associated with each transaction- for both the buyer and seller.
Crypto transactions are faster and have minimal fees which are actually shrinking as the technologies advance. Crypto is additionally more secure. With crypto, you don’t have to worry about your personal information being compromised in a data breach. All your information is stored securely on the blockchain and is inaccessible without your private key.
As long as you follow best practices for internet security like using difficult to guess passwords, it is much more difficult for hackers to obtain personal information. I think we’ll start to see more and more businesses accepting crypto as payment because it makes sense from a cost and security standpoint.
Unless the US government replaces fiat currency with their own form of Crypto, it will never replace it. However, cryptocurrency has become a “parallel currency” running alongside fiat currencies and this trend will continue to grow as more companies accept it.
I think it’s great that cryptocurrencies are gaining more acceptability in the mainstream as it is a sign that “The People” want to be more in power and not give it all to their governments. It is a sign of more self empowerment to come.