Steemit Crypto Academy Contest / S2W2 – Cryptocurrency Adoption by @mccoy02

Cryptocurrency adoption is as important as blockchain technology without adoption the idea behind blockchain technology will be useless, let's take an example of a vendor who sales products online with good quality products for sale but attract little or no sale for a week, and months he will gradually feel discouraged to close up such online product sales, however, if such vendor decides to work on his sales by increasing market campaign and adverts to drive more traffic and customer he's sales might increase suppose he had his first customers who bought his product and was satisfied with the vendor's service the customer will likely share his experience with his friends and family who might as well patronize the vendor this means more customers will be getting on board and which will expand the product sales service.

Looking at bitcoin as a case study when it was first introduced in 2009 it had zero value to its price with zero attention from users, however, the first pizza transaction which marks bitcoin pizza day got users' attention and birthed the use of bitcoin for daily peer to peer transaction this mark the beginning of crypto adoption which is now integrated into different business services today.

• Universality; with cryptocurrencies payment methods a user from country A will be able to make a transaction with another user from country B without undergoing the stress of currency conversion, let's say a Nigerian user wants to buy goods from China he can pay directly using cryptocurrency without changing his Nigeria local currency to Chian's.

• Lighting network; this feature was introduced to increase bitcoin scalability it can also be used to boost our business by increasing users' fast transaction processing with low fees for sending bulk transactions the lighting network allows multiple transactions to be processed at once saving time and effort.

• Eliminate counterfeit notes; with cryptocurrencies fake, duplicate notes are eliminated bitcoin as a digital currency can not be made counterfeit this help business users to worry less about fake notes used for buying product either online or through physical contact.

• Eliminate fake alerts building trust; we have seen several cases where money is sent for business purpose and get reversed due to some technical problem from banks with cryptocurrency once a transaction has been processed by a buyer it can not be later altered by the buyer this will boost trust between customers and business owners.

• Security; generally cryptocurrencies aim to provide maximum security for users both in terms of anonymity and security in processing transactions which can help build customer to sellers' confidence.

Changes are part of life and cryptocurrencies are here to revolutionize the centralized monetary system breathing a new initiative for digital transactions, the use of cryptocurrencies is gradually expanding more institutions and companies are accepting the new idea by integrating digital payment methods into their businesses and so far there has been positive feedback from most businesses who use crypto payment options this also means the new payment method is very flexible and compatible for any business both small and large scale there are no restrictions on what business criteria one need to have before integrating cryptocurrency pay method in their various business based on my opinion cryptocurrencies used for day to day transactions are such a welcome idea for business users globally because of its universality use case as a general means of payments for all countries in the world.

Every business owner's motive/goal is to make profit, with this we can say that volatility in crypto does not affect business.

Let's look at BTC which made an all-time high price value of over 69k in 2021 if a business company that sale phone accessory accepts BTC during such market peak, sales iPhone 12 for $500 the value in btc will be equivalent to $500 let's say $500 in is BTC 0.2btc, Now during the bear market if iPhone 12 is also sold at $500 with BTC price down and an equivalent amount in BTC worth $500 will also be paid to buy iPhone 12 only in this case there will be a shift in the zero let's say $500 in BTC 0.02btc in bear market.

The price for buying an iPhone does not change paying the price in BTC must equal the current purchasing price of the iPhone.

We can conclude purchasing power does not change while the price of BTC fluctuates based on my point of view, high volatility should not be a grave issue for business users.

A major factor affecting crypto adoption lately has been regulation system centralized authorities are virtually viewing cryptocurrencies as a threat and have over time introduced various terms/rules that will make crypto adoption for users tough, although cryptocurrencies can not be banned without undergoing rigorous paperwork to limit fast adoption unfavorable bills are passed to deter users from fully embracing the new technology.

Another factor limiting crypto adoption is the lack of understanding of the technology most people consider cryptocurrency as a new scam activity if this gap is not bridged for users to understand the concept behind crypto I guess adoption will be hard to achieve in full scale.

Expanding mass crypto adoption can only be done when more users/people understand what blockchain is all about if more people understand the principles of cryptocurrencies and blockchain I guess even unfavorable regulation will not create fear among users.

• Easy to set up; there are no capital requirements for setting up a crypto payment option in a business with an internet connection a mobile device, or QR code a business user can integrate a crypto payment option in their business.

• Flexibility; with the crypto pay option in business, anyone can make payments on the go from any geopolitical region without restriction.

• Increase trust; security, privacy, and transparency in crypto can help business users and customer relationships.

• Multi-pay options; various tokens can be accepted by any business owner he can choose to add more than one or more crypto tokens.

Business owners who decide to add a crypto pay option into their business without understanding how cryptocurrency works can be faced with problems that include token mismanagement there are no much disadvantages to the adoption of crypto in business the only disadvantage I can point out is the lack of proper crypto understanding is the biggest disadvantage when adoption crypto in business

Cryptocurrency adoption in businesses is of great importance as they increase payment flexibility options, using crypto as a universal payment option for users in different countries is achievable using cryptocurrencies, market volatility does not affect business purchasing power, using cryptocurrency requires a proper understanding of blockchain technology in order to increase crypto mass adoption we must first understand the concept behind blockchain technology.