Cryptocurrency has been around for quite a while now, but has generated a lot of buzz recently as mainstream bricks and mortar businesses began taking digital currencies. Whilst adoption is certainly not widespread, this once questioned concept of blockchain-powered digital currency has gained traction, and as a result more companies are popping up with consumer solutions.
If you’re not really on board the Bitcoin trend you may be asking yourself why? For many people that confusing conversion rates and complexity of the whole system is enough for them to say no thank-you. However, there are a wide range of benefits to both consumers and businesses if they get in on the action.
Blockchain supported currencies offer unheard of transaction speeds and high levels of security. This has been achieved by eliminating any intermediary management entity, meaning that there is nobody or no network that can be hacked or interfered with. Also meaning that there is no need for banks or anything of the sort, eliminating transaction and account management fees. This means that consumers can be confident their currency is secure, and businesses reap the rewards of having the money in their account as the sale happens.
Cryptocurrencies also present the opportunity for big investments. Whilst the volatility of the currency can be off putting for first-time or more conservative investors, those who take the time to track the market and get serious about investing have seen some impressive results. Those who bought in with Bitcoin back in 2010 would have paid less than $1, and would now be seeing a $20,000 return today. Whilst at the time this may have seemed a little futile given the currency’s then limited uses, Bitcoin is now legal tender in Australia since the landmark decision in 2017.
If you’re interested in buying and selling with cryptocurrency, it is easier than you think. Since the blockchain backed currencies have been growing in popularity, a large number of crypto payment and conversion services have popped up. In addition to this, existing apps have even began to launch their cryptocurrencies to make it more accessible to users. A prime example of this is Liven, a loyalty program that partners with 700 restaurants across Melbourne and Sydney. Livens currency aptly titled ‘LivenCoin’ has made them one of the first major players outside of existing ‘crypto communities’, even allowing users to transfer their existing rewards points to ‘LivenCoin’.
This is just one way that small businesses around Australia are getting on board the blockchain - cryptocurrency trend. The introduction of more accessible cryptocurrency platforms means big things for start-ups, small businesses and franchises. The cost of investing in and maintaining a crypto-payment system is far less than that of a traditional bank support EFTPOS system. This allows businesses to get up and running quickly and eliminates barriers such as currency and location when engaging with their customers.
Whilst the country is not trading near as much in crypto as major players such as Japan, it lands a ranking of 14th globally for Bitcoin volume. This suggests that businesses who aren’t already accepting some form of crypto, should consider it. It may not be a reality now, but in a decade’s time it wouldn't be out of question to see some form of cryptocurrency as commonplace in Australian consumers ‘wallets’.