The arrival of the first decentralised peer-to-peer payment system, Bitcoin, a radical new way to make payments, has led to the creation of a booming set of digital currencies that many believe will become the primary way we pay for goods and services in the near term.
As a result, the rise and continued adoption of cryptocurrencies across the world is placing more pressure on business to adopt crypto as a form of payment to meet the fundamental needs of a growing base of consumers that are investing in and utilising digital assets.
Fifth Dimension research shows that the customer experience is no longer about traditional elements such as contact points and product delivery timeframes, it is also about the capacity and speed of an organisation to adopt emerging technologies that facilitate an improved path to purchase and crypto falls into this category.
Businesses can no longer keep their head in the sand and pretend crypto doesn’t exist. It does and the world’s largest consumer group is investing in it and using it in a very utilitarian way.”
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Multiple research studies have shown that millions of Australians have an active interest in purchasing cryptocurrencies, and interest is highest amongst millennials and Gen Z at around one in every three people. Initially cryptocurrencies were viewed as a strong alternative investment option, especially amongst those who cannot afford property, but now crypto is being viewed as a preferred currency.
Many businesses across Australia already accept crypto as a form of payment.
The blockchain sector has evolved significantly over the last few years and there are a range of trading platforms that provide businesses with the ability to accept cryptocurrency payments.
This is a view shared by Leigh Travers, chief executive officer of Binance Australia. He believes Australia is set to become fully cashless by 2031 as Covid-19 hastens the death of physical currency. As a result, crypto is going to play a bigger and bigger role in payments in the future. In fact, Australian crypto users and merchants will soon be able to accept and pay with crypto with increased ease thanks to Binance pay. Binance Pay is a contactless, borderless and secure user-to-user cryptocurrency payment feature on the Binance App with more than 40 cryptocurrencies supported.
Binance Pay allows users to pay, send and receive crypto payments around the world without incurring any fees. Binance Pay also allows merchant-based transactions, letting users and merchants choose their preferred payment options.
Cryptocurrency payments provide benefits for both consumers and businesses.
A lot of people who buy cryptocurrency do so because of the democratized nature of crypto, the ease of trading, low barriers to entry and the strong and rapid financial rewards.
In addition to investing in crypto, they want to be able to use their crypto to purchase things with as well. Utility is important. Essentially Gen Z and millennials want crypto to become part of mainstream life and retailers are perfectly positioned to play a key role in bringing this to fruition.
The volatile nature of crypto is of course a major concern to businesses, it exposes businesses to financial risk if the currency loses significant value, and conversely financial upside if the currency increases in value. Payment services can now act as an intermediary between the payer and the receiver to convert cryptocurrencies into a currency of choice (fiat currency) – eliminating the volatility risk.
The long-term question for businesses therefore is not should they accept cryptocurrencies and their volatility but which currencies they should accept.
There are many benefits for businesses and customers in adopting crypto as a form of payment.
Adding crypto as a form payment provides an additional means of payment for shoppers. The more forms of payment, the improved customer experience for shoppers.
In the online environment, brand owners need to understand that increased payment options grease the path to purchase. In many cases, it makes the decision to buy easier and more enticing.
For retailers, the availability of funds is almost immediate. Cryptocurrency trading platforms provide tools for businesses that enable them to receive crypto payments in fiat form very quickly.
This is much better than having to wait days for traditional credit card facilities to deposit funds into retailers’ bank accounts.
The cost to process some cryptocurrencies is cheaper for businesses which means less costs are passed on to shoppers. Credit card payment providers usually charge an average transaction fee of one to two percent. Some crypto transactions can cost less.
One of the biggest advantages of cryptocurrencies is the time and cost savings for cross border payments. Payments can be made 24/7/365, settle instantly and be relatively cheap to transact (depending on the token). Traditional FX systems cannot compete,” Spooner emphasised.
The risk of chargeback fraud is removed for businesses. Crypto payments are unchangeable which means once the payment is made, it cannot be reversed.
Crypto payments are considered safer as well as they are less likely to be the target of fraud and DDos attacks.
Lyndall Spooner is the founder and CEO of Fifth Dimension Consulting.
0.2 Zettahash: Bitcoin's Hashrate Taps New Lifetime High, Mining Difficulty Nears ATH – Mining Bitcoin News – Bitcoin News
by Jamie Redman
Bitcoin’s hashrate tapped a lifetime high on the first day of 2022 reaching 209.39 exahash per second (EH/s). During the last 12 months, Bitcoin’s hashrate has increased by 47.92% from the 141.55 EH/s recorded on January 3, 2021.
The processing power and security dedicated to the Bitcoin (BTC) network has never been higher, and the network tapped a milestone in 2022. According to the one-year hashrate chart hosted on coinwarz.com, BTC’s hashrate tapped a high of 209.39 EH/s on January 1, 2022. At the time of writing, the hashrate is still coasting along the two hundred three quintillion hashes per second (H/s) zone, and 30-day statistics indicate the network briefly tapped 224.32 EH/s on Saturday.
Bitcoin.com News recently reported on the BTC network reaching 194.95 EH/s not too long ago on December 8, 2021. It’s also worth noting that the Ethereum (ETH) network also reached an all-time high tapping 1 petahash per second (PH/s).
On December 22, 2021, the Ethereum network reached 1.0122 PH/s and today’s metrics show ETH’s hashrate is still above the 1 PH/s on Sunday. On January 3, 2021, Bitcoin’s hashrate was 141.55 EH/s or 47.92% lower than today’s BTC hashpower statistics.
Moreover, on June 28, 2021, China’s crackdown against BTC miners caused the hashrate to plummet to 69.11 EH/s. The network’s hashrate has grown 202.98% since that day as a great majority of mining operations relocated to other countries. At the time of writing, the largest bitcoin mining pool is Foundry USA with 19.45% of the global hashpower or 34.79 EH/s. The second-largest mining pool in terms of global hashrate is Antpool with 16.91% of the hashrate or 30.25 EH/s.
There’s only 11 known mining pools mining BTC today and 3.81% of the global hashrate stems from unknown hash or stealth miners. BTC miners have faced two bitcoin mining difficulty increases during the last two epochs. On December 11, the difficulty jumped 8.33% and on the 25th of December, it increased by 0.32%. Bitcoin’s next mining difficulty change will bring it awfully close to the difficulty’s all-time high at 25 trillion. In just over five days, the difficulty is expected to increase by 2.90% to 24.98 trillion.
What do you think about Bitcoin’s global hashrate growing 47% during the last 12 months and tapping an all-time hashrate high on January 1, 2022? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Mad Money’s Jim Cramer Warns About Dogecoin — Says DOGE Is a Security, SEC Will Regulate
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Joe Biden Claims Inflationary Pressure ‘Rests With the Federal Reserve,’ Praises the Fed’s ‘Extraordinary Support’
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This Tesla owner says he mines up to $800 a month in cryptocurrency with his car – CNBC
North America’s Largest Bitcoin Miner Goes Public With a SPAC Merger (Report) – CryptoPotato
Core Scientific Inc. started trading on Nasdaq through an estimated $4.3 billion merger with Power & Digital Infrastructure Acquisition Corp.
Investors of Core Scientific Inc. (a leading US bitcoin mining company) have reportedly approved a plan to get listed on Nasdaq. The firm started trading under the symbol CORZ.
According to a recent report by Bloomberg, the blockchain infrastructure provider – Core Scientific Inc. – will proceed through an estimated $4.3 billion merger with the special-purpose acquisition company Power & Digital Infrastructure Acquisition Corp. (ticker XPDI).
The latter’s price shares have been on a downtrend after peaking to an all-time high of nearly $15 in November 2021. Since then, it has lost approximately 32% of its valuation.
Speaking on the partnership was Mike Levitt – Co-Founder and CEO of Core Scientific Inc.:
“We’ve worked hard to lay the groundwork that will enable us to achieve our 2022 projections. Our objective is to be the best. Being the best means doing all that we can for our business, the industry in which we participate, and for the bitcoin network.”
The Texas-based company assured it is the largest in the USA in terms of processing power as its combined mining capacity of 6.6 exahash at the end of last year significantly surpassed its rivals. In comparison, Marathon Digital Holdings had a 3.5 exahash in December 2021, while Riot Blockchain was third with 3.1 exahash.
It is also worth noting that Core Scientific mines for itself and provides Internet hosting services for other large-scale miners. Currently, the entity has a stockpile of nearly 5,300 BTC.
A month ago, the American bitcoin miner – TerraWulf – raised $200 million in debt and equity financing from a group of individual and institutional investors to expand its mining capacity. Furthermore, the firm revealed plans to become a Nasdaq-listed public company through a business combination with IKONICS Corporation (IKNX).
In turn, Marathon Digital, which is already a publicly-traded entity, spent almost $900 million to acquire 78,000 Antminer S-19 XP Miners from the Chinese manufacturer – Bitmain. The organization will receive the machinery in the second half of 2022.
Riot Blockchain was also active in the space. In December last year, it purchased the electrical equipment provider – Ferrie Franzmann Industries (known as ESS Metron) for $50 million. As a result, the latter started providing a steady infrastructure supply for Riot’s new mining machines.
Dimitar got interested in cryptocurrencies back in 2018 amid the prolonged bear market. His biggest passion in the field is Bitcoin and he was fascinated with its journey. With a flair for producing high-quality content, he started covering the cryptocurrency space in late 2018. His hobby is football.
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