According to Stephen Pair, CEO of cryptocurrency payment processor BitPay, people have begun to learn about and purchase Bitcoin and other cryptocurrencies. Soon they will start employing it in the year 2022. The estimate, expressed in an interview with PYMNTS’ Karen Webster, is consistent with studies showing that 14 percent to 15 percent of the American population owns or has owned crypto, the great bulk of which is bitcoin, but increasingly Ethereum’s ether tokens.
According to PYMNTS’ May 2021 Cryptocurrency Payments Report, another 17% are expected to dip their toe into crypto by the end of the second quarter of 2022. The numbers are skyrocketing. “I believe in 2022, you’ll get to see the next wave of individuals showing their interest in crypto, both from an investment standpoint and as a payment gateway” he stated. “There will be many more sites with this service where users will be able to spend cryptocurrency.”
Of course, that can only happen if individuals have a location to spend their cryptocurrency, which is becoming increasingly simple. Currently, the majority of people who spend cryptocurrency do so with a Visa or Mastercard-branded debit card issued by a cryptocurrency payments provider or exchange, which works at the point of sale by selling the crypto on your card and instantly transferring cash to the merchant behind the scenes.
Furthermore, a small but rising number of businesses are utilising BitPay. It allows users to pay directly with bitcoin and other cryptocurrencies. At that moment, the merchants can decide whether to sell it or keep it. “There aren’t many fantastic bills paying options out there.” You could give someone your bank card and have them bill you monthly, but you might not have much control over it.
Some of the older check-free, bank-based bill payment options are out of date and uninteresting. “I believe there are numerous possibilities for innovation.” Blockchain allows for ideas that were previously unthinkable, according to Pair.
Bitpay – The Future
“There are a variety of advantages depending on who you are and where you live,” he said. “If you live in a section of the globe where the banking system isn’t well-served, you can now pay using bitcoin.” You simply set up a wallet and load it, do some job and be paid in cryptocurrency, and then you can spend it straight immediately.”
Paying a contract worker in Europe for a few thousand dollars can result in costs of more than $100, not to mention various fees imposed by banks. Fee avoidance also applies to retailers that are already paying Visa and Mastercard a large percentage of every sale.
“I believe that more and more businesses will favour it as a payment option,” he said. “You may discover certain businesses that will only take cryptocurrencies as payment – from a customer viewpoint, that may be the killer app for the future generation.”
Chargebacks are another major selling feature for merchants using cryptocurrency. There aren’t any in particular. Blockchain transactions are definitive as soon as they are recorded on the blockchain, which takes 10 minutes for bitcoin and seconds or fractions of a second for tokens on fresher, competitive blockchains.
“It takes 10 minutes to confirm, but the transaction is fast,” Pair explained, noting that the 10-minute lag is mostly imperceptible on BitPay. “It takes 10 minutes to confirm and finalise that payment.” Visa and MasterCard take 90 days to perform the same thing. As a result, Bitcoin is significantly quicker.”