WILL THAT BE CASH, CREDIT, OR CRYPTO?
There’s a significant development in the works that everyone needs to know about, and it will change the way we go about our daily businesses each day in this country.
Coinbase, the largest cryptocurrency exchange platform in the world, and the only in-ramp for converting US dollars to Bitcoin and other coins, is about to change the game in the payment processing game for small businesses.
If you thought cryptocurrency was a fad, you might be changing your mind in the near future if Coinbase follows through with their plans. They have a “plugin” under development which will upgrade credit card equipment to accept a new payment method: cryptocurrency.
That’s right, you will soon be able to pay for your goods and services at the smallest level of business with cryptocurrency. Litecoin will be at the forefront, as the standard for payment transactions. NOT Bitcoin, for those of who you might be wondering.
While Bitcoin remains to be the “gold standard” of cryptocurrency, it really isn’t structured to facilitate the fast payment processing needed to become a viable every-day payment option for retail. But Litecoin, with the new Litepay network, is designed for this use.
Litepay has a goal to become the “world’s first borderless payment network”. In other words, it doesn’t matter where you go in the world, you will be able to buy and sell using Litecoin, via the Litepay network.
Here’s where it gets good: Coinbase is going to make it possible for businesses to accept Litecoin cryptocurrency as a payment option wherever you have a credit/debit card processing machine. That’s powerful.
If you don’t believe any of this will come to fruition, all you need to do is pay attention to the wizard behind the curtain…
Coinbase has secured partnerships with Overstock, Dell, Expedia, Dish Network, and is rumored to be on the edge of a deal with Amazon.com. They are making serious moves in the retail world. But the key is who is behind Coinbase.
It’s the Digital Currency Group, an angel investor. So let’s bring the chickens home to roost, and fill you in on the most significant part of the story: Mastercard just invested a significant amount of money into the Digital Currency Group. Mastercard is the wizard. That’s all we need to know.
In order to speed the rate of adoption of providing this new payment option, Coinbase is going to reward businesses handsomely. In fact, the reward will be so great that small businesses will be able to offer a nice discount to customers who chose to pay with Litecoin cryptocurrency rather than with cash or credit, in terms of the US dollar.
That is very significant. Stop and think about it…
Rewarding businesses to accept cryptocurrency will have a tremendous impact on the rate of adoption of the new standard. The Coinbase plugin combined with Litepay could be the straw that breaks the camel’s back. It could be the final event that breaks the dam.
The dam is holding back the impending tidal wave represented by the changeover to cryptocurrency. Technology, innovation, and efficiency are the forces responsible for the creation of the wave.
Mass adoption is coming. We will all have a front row seat in the theater of societal change, watching it all happen right before our very eyes. And in two blinks, we'll be hearing our favorite merchants saying, "will that be cash, credit, or crypto?"