Paying with Bitcoin isn’t just a way to buy something; it’s also a way to challenge the old way of handling money.
It’s like a small step towards a new system for finance in the future. Even people who have been using Bitcoin for a long time still find it exciting.
Some people who are very interested in Bitcoin even travel long distances to find stores that accept it, even if they could buy the same thing closer to home. This is because they enjoy the experience of using Bitcoin and being part of something new.
The future looks even brighter. With growing awareness and a shrinking education gap surrounding cryptocurrencies, an estimated quarter of all online businesses are projected to offer cryptocurrency payment options by 2025.
A report by Checkout.com paints a clear picture – 77% of merchants accepting cryptocurrency have witnessed a surge in cross-border sales.
This translates to increased revenue, wider market reach, and a chance for emerging economies to truly compete on a global scale.
The question now is: how many Nigerian stores will accept Bitcoin in the future? How can people who already use Bitcoin help get more stores on board?
Achigonye Johnpaul a crypto-enthusiasts and founder of Coinazer speaking to Techeconomy said that more and more people are using cryptocurrency for international payments, but it will not happen as quickly as some people think. Bitcoin, like many other new technologies, needs time for people to get used to it.
“Using cryptocurrency for international payment relations is happening, but the growth and adoption is not going to be as swift as is predicted. Crypto has to pass its adoption stage, just like other technologies that have evolved over time globally.
“A lot of people are seeing the benefits of cryptocurrencies and how they can use it to hedge against inflation. Most businesses are beginning to see the importance and global adoption for trade payment will increase,” said JohnPaul.
The digitalization of national currencies is not just a technological upgrade; it’s a revolutionary leap that promises to reshape the very foundation of our financial systems. These digital tokens, secured by distributed ledger technology (DLT), function like containers of value.
The implications are nothing short of transformative. DLT, with its decentralized and transparent nature, has the potential to streamline transactions, enhance security, and reduce costs.
The transition will not be without challenges. Regulatory frameworks need to adapt to this new landscape, and ensuring consumer protection in a decentralized environment requires careful consideration. Speaking on this, JohnPaul said:
“It is impossible for crypto-based payment to replace traditional payment methods. I expect to see both of them working together. Traditional payment methods will remain as long as possible while crypto-based payment takes its place in the global trade scene. People are still getting to understand crypto. As this understanding increases, so will adoption.
Johnpaul also brings up an important issue: government regulations. He believes that the Nigerian government is slowing down the growth of cryptocurrency adoption.
Johnpaul believes that young people and private businesses have a big role to play in making Bitcoin more popular.
“The several cases with blockchain companies shows that the government is not even ready to benefit from Blockchain technology. It is now down to the youths and private businesses to seize the opportunities around crypto.”
