Merchant Adoption - The Fore aim of Bitcoin Cash
Crypto Currencies have rapidly grown bigger from it's inception as an alternative to fiat currencies. Looking at the Satoshi's Whitepaper for Bitcoin, the aim of its existence is to replace the fiat as a currency for Peer to Peer transactions. Unfortunately, Bitcoin itself deviated from the vision and had it's best use cases based on speculations and store of value.
The best use cases of digital currencies was for peer to peer transactions, that which can create efficacy for spending crypto on real world items and services and the ability to use them easily at any point in time without barriers. At this point Bitcoin failed.
Bitcoin Cash got established with the motives to drive the Satoshi's vision better by having an increased block size that can aid faster transactions and also giving an open Opportunity for Merchant Adoption.
Merchant adoption is one of the Fore-aims of the Bitcoin Cash Community as it is an effective way to project Bitcoin Cash as a true digital currency for peer to peer transactions. Asides from it's ability to process multiple transactions within minutes, Bitcoin Cash is also open Sourced, making it easier for anyone from anywhere to integrate and make use of it either in stores, building apps and creating solutions to the dying needs of the society.
Why Bitcoin Cash is Focused More On Merchants Adoption
It is impossible for any cryptocurrency to act as true peer-to-peer electronic cash if only a select few merchants accept it. Also, being an Electronic money system, provisions to put of the limitations of the Fiat currencies needs to be in place.
A sustainable option for Growth
The opportunities in real life markets can not be under estimated for the growth of Bitcoin Cash that is why the community have it's priority focused at merchant adoption.
As A Solution to Financial Bounds
Peer-to-Peer transactions occur daily off the walls of crypto currencies with financial limitations.
Bitcoin Cash presents a better solution to these limitations of labor cost of cash reconciliations, getting the cash ready for deposit and costs associated with delivering the cash to the bank, cash deposit fees charged by the bank, Cost of cash theft and counterfeits.
Increased Popularity through Merchants relationship with Customers
Bitcoin Cash can get more popular through Merchants Adoption. In most cases, a seller can easily convince a customer to use a product based on the existence of trust within the two parties.
What Are The True Costs For Merchants To Accept Bitcoin Cash?
It can be derived from observations that merchants are after the cheapest payment options, something that can make transactions easier for them and most of all secured. Bitcoin Cash appears to have a massive advantage over other crypto currencies due to its low transaction fee and speed in transacting.
At this point, it happens that most merchants are probably paying their suppliers, workers, and running other business cost in fiat. Accepting bitcoin Cash as payment might not be a difficult task as finding a liquidating option without charges. Despite this, Exchanging bitcoin Cash would probably cost 1% on some payment processors which is still cheaper than using PayPal or accepting payments via debit cards.
Another cost of for Merchants to accept Bitcoin Cash is education. Educating them about crypto and how to accept crypto payments takes time and costs money. These training costs could be substantial and this acts as another disincentive for merchants to adopt crypto at scale.
Why Bitcoin Cash Will Succeed In Merchants Adoption
Strategized MeetUps For Awareness
Currently, there is a lot of ongoing efforts enlightening new users and coaching merchants through Meetups. One of such Successful efforts is achieved from a dubbed team SatoshisAngels.
Ongoing Campaigns For Merchant Adoption
Efforts are in place through campaigns in these locations North America, Europe, South America, Australia & New Zealand, Southeast Asia, East Asia (China etc), Korea, Japan, Central Asia (Russia etc), South Asia (India etc), Middle East, Africa, in order to boost the adoption process.
Contracting Physical Efforts For Door to Door Merchant Adoption
There is an ongoing course to train Persons on how to approach Merchants while in the field of adoption.
Provision For Easy Liquidity Options
Developers are working tirelessly to build more solutions to the needs of merchants. One of such developments is building Liquidity Options for Bitcoin Cash to aid easy exchange of BCH to fiat.
A Better option for Cheaper Payments
Looking at other Crypto Currencies, Bitcoin Cash is the best option for peer to peer Transaction in real use cases due to its fast, borderless and charge less policy.
Read Also: Earn Upto $30 For Onboarding and Listing A Merchant on Bitcoin Cash
