How C-Stores Can Promote Widespread Adoption Of Crypto
Although adoption cryptocurrencies are becoming increasingly commonplace, there is a lingering impression that a wider segment of society still views them as nothing more than anomalies. Cryptocurrencies have been around for a while.
The purpose of money, which is what cryptocurrency is, is to facilitate commerce and investment. However, if the usage of money is limited to a small area or has a limited impact, it loses value.
Most people have heard of digital currencies like Bitcoin (BTC) and Ether (ETH), which have spread beyond the threshold of mainstream awareness. But “mass adoption” is the secret phrase currently being uttered in the crypto industry. The next challenge for cryptocurrency is to make regular payments with virtual currency widely accepted.
What does “mass crypto adoption” mean?
Mass cryptocurrency acceptance indicates that governments all over the world have established favorable conditions for it to thrive, that the average person is now aware of the value of crypto, and that businesses have noticed and are making the most of the opportunity.
For mainstream acceptance of cryptocurrency to materialize, a number of conditions must be met. There must be awareness first. The initial coin offering (ICO) boom of a few years ago, thankfully, made sure that many of people learned about digital assets in general and cryptocurrencies in particular.
Institutional adoption is the second requirement for broad cryptocurrency adoption in order to open the door for political and regulatory acceptability.
Last but not least, crypto requires a seamless end-to-end transaction experience so that people and businesses may transact without having to go through the hassle of turning digital currency into usable cash at the point of exchange.
Perfect user experiences, accessible technologies, and merchant approval are necessary for this last stage. Convenience stores, or c-stores, can play a significant role in the widespread acceptance of cryptocurrencies in this situation.
Ideal location for C-Stores to promote mass crypto adoption
In a large portion of the developed world, convenience stores are necessary for daily life. For example, at least 93% of Americans reside within 10 minutes of the closest convenience shop, which might be anything from a 7-Eleven to a neighborhood “mom-and-pop” station.
According to a poll published in February by Crypto.com, only 4% of businesses worldwide accepted cryptocurrencies as payment. However, close to 60% of respondents said they would be open to receiving fees in the coming year.
Comparatively, some 40% of customers globally had already started using cryptocurrencies to pay their bills, and another 60% said they planned to do so within the next year. The survey also revealed that the two industries most likely to employ cryptocurrencies were convenience stores and retailers of high-end items.
Within the c-store industry, there is a ton of unrealized potential for crypto acceptance. Many people think that c-stores could be the key to enabling widespread crypto adoption because of their extensive reach.
Convenience stores are widely dispersed, reachable, and simple to use. Customers receive services from them that are both required and repetitious. These businesses may expand their business models and introduce a larger range of people to the potential benefits of crypto by embracing it.
ATMs for bitcoin
Most convenience stores make suitable ATM locations, and the Bitcoin ATM is one of the most recent developments in the cryptocurrency sector (BTM). The design of this device is similar to that of standard cash-based ATMs. It is frequently housed in a kiosk with a pin pad and screen that is placed in a busy area. The main difference is that users may purchase Bitcoin and other significant cryptocurrencies directly from the device.
Around the world, there are currently more than 38,000 BTMs, according to Coin ATM Radar. Even if there are more than 150,000 convenience stores and roughly 40,000 grocery stores in the United States alone, that number of machines is still insufficient. If even half of these merchants installed coin-conversion kiosks or BTMs in their stores.
Major chain stores now accept cryptocurrency payments
Sheetz became the first chain of convenience stores to accept in-store cryptocurrency payments in May 2021. The Altoona-based business, which has roughly 625 convenience stores across the country, teamed up with payment technology startup Flexa to let consumers pay for items inside the store or fill up their tanks at the forecourt using a variety of digital currencies.
On The Run (OTR), a significant c-store operator in Australia, now accepts payments for petrol at more than 170 sites. The Peregrine Corporation, the parent company of OTR, also takes cryptocurrency at a number of its other affiliates, including as Oporto, Subway, and Smokemart.
The list of retailers accepting digital currencies is much longer than most people know and includes major stores such as Lowe’s, Whole Foods, Regal Cinema, and Petco.
C-stores are more numerous, nearby, and human than faceless corporations, building more trust in the community. Additionally, they are exceedingly convenient, as their names imply. Given these traits, consumers would likely be more receptive to utilizing cryptocurrencies if c-stores continued to support them.
On the other hand, improved industry regulation and more technology improvements are needed to make cryptocurrency more approachable and user-friendly in order for convenience stores to adopt it more readily. Because convenience stores need to remain convenient, the adoption of cryptocurrency shouldn’t in any way make it more difficult for customers to transact at these locations.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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