The barriers to merchant adoption of cryptocurrency can be summed up in one sentence.
“With no advantage over government-printed money,” writes Neil Haran for Tech Crunch, “why would the average person use them?”
There are three major barriers in place which prevent everyday use of cryptocurrencies by the average person.
- Transaction time.
- Price volatility.
- Ease of use.
Solving the problems created by these barriers will do more than encourage the use of cryptocurrency. It will increase their value as well.
How Do We Find Solutions for These Barriers?
Price volatility has attracted many investors toward cryptocurrencies. It has also caused many merchants to stay away from crypto. If a point-of-sale transaction is allowed, there is a 1-in-3 risk that the value of what they accepted for payment will be less than what the goods or services were worth when purchased.
When you then add in the fiat conversion fees, which can be as high as 15%, it isn’t financially feasible for merchants to accept cryptocurrencies as payment.
We must build stability into the system. The value of a transaction must be given a level of certainty. The only way to feasibly do this is to improve transaction speeds and reduce the costs of fiat conversions.
That is why NewYorkCoin is a viable alternative to the “top” cryptocurrencies available today.
What Are the Advantages of NYC for Transactions?
Forbes recently praised Litecoin, MoiseGO, Dash, and Stellar for improving transaction speeds in the world of cryptocurrencies.
NewYorkCoin is 5 times faster than Litecoin. That makes it 20 times faster than Bitcoin. That makes it feasible to conduct transactions in real-time with a cryptocurrency if a merchant was to accept NYC.
The average transaction time with NYC is 3 seconds or less. That’s even faster than most credit card transactions.
There are also zero fees to send or receive NewYorkCoin under most conditions. That means it is much cheaper to use for transactions compared to other cryptocurrencies.
Eliminating fees is a big benefit to merchants. In March 2018, the average transaction fee for Bitcoin was $1.184. For Litecoin, the average fee was $0.198.
For NYC, it was $0.00. Even if an unusual transaction is detected and a fee is imposed, that fee is just 0.01 NYC. 99.9% of transactions since 2014 have been free.
And, like other cryptocurrencies, NYC offers the advantage of anonymous transaction information. Buyers aren’t forced to put their personal data into the world of data to be potentially exposed. Sellers receive the guarantee of not having a chargeback occur.
These advantages are why new businesses are accepting NYC at the point-of-sale every week.
Slow and Steady Will Win This Race
Creating stability within a cryptocurrency takes time. It isn’t something that happens by accident. It requires the hard work of developers, the efforts of merchants, and the desire of buyers to use a cryptocurrency to create results.
NewYorkCoin is growing with its community instead of growing past them. It eliminates the risks of high fees and price volatility. That reduces the barriers in place for merchant adoption, which means we can use NYC as all cryptocurrencies were intended to be used: as money.
Credits: Thank you to @Cmellion, of the NY Coin Community Team , for answering all of my questions while writing this piece. Thank you to G for making sure it looked great!