On today’s Business Beat, Jeff discusses the emergence of cryptocurrency as a common payment method and how business owners should adapt. Nearly one-fifth of the U.S. adult population — that’s roughly 46 million consumers — say they will likely use cryptocurrencies to make a purchase this year, according to BitPay.
Tune in to the Business Beat, below, to learn more about why you should start accepting cryptocurrency sooner rather than later:
“Now, as a small business owner, you need to be thinking about if and how you’re going to be dealing with the inevitable coming trend of consumers buying with cryptocurrencies. In fact, many small businesses getting in early view the acceptance of cryptocurrency as a form of payment as a differentiator that gives them an edge over their competitors not accepting it.”
– Jeff Sloan
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Good morning, Paul!
Despite the wild swings in value, there’s no denying that cryptocurrencies are becoming a bigger and bigger part of the way consumers do business. Now, nearly one-fifth of the U.S. adult population — that’s roughly 46 million consumers — say they will likely use cryptocurrencies to make a purchase this year.
That’s according to a recent study from payments and crypto payment service provider BitPay. And as more and more retailers accept cryptocurrency as a form of payment, the momentum continues to build, and it’s not just retailers now opening their doors and cash registers to crypto as a form of payment. More payment firms are also jumping on the bandwagon.
Visa, for example, introduced new crypto card offerings, and both Visa and MasterCard announced plans to integrate crypto into their networks. And now, even PayPal launched its own version: a Checkout with Crypto feature. So, what are the retail categories seeing the most action? Streaming purchases and gaming are hot.
No surprise, given that most purchases using cryptocurrency are done by Gen Z or millennials, but crypto isn’t just for gamers. The lead category in which digital spending is happening? It’s groceries. And that makes clearer that crypto is going mainstream. Just when you think you’ve got it all figured out, right, Paul?
Now, as a small business owner, you need to be thinking about if and how you’re going to be dealing with the inevitable coming trend of consumers buying with cryptocurrencies. In fact, many small businesses getting in early view the acceptance of cryptocurrency as a form of payment as a differentiator that gives them an edge over their competitors not accepting it.
To get started, work with your merchant services provider, or simply start with PayPal. Show me the money or, as we’ll be saying soon more and more in the future, show me the cryptocurrency.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.
