Since the inception of Bitcoin, back in 2009, crypto adopters have been dreaming about free spending of their digital assets. 75% crypto holders want to be able to pay for their in-store purchases with cryptocurrencies according to 2018 survey. Moreover, the majority have difficulty with spending the digital assets. That’s why 80% of them see crypto as an investment rather than a payment. While cryptocurrencies have all the features of exciting monetary alternative, something is stopping their mass adoption.
Bitcoin was created as a novel peer-to-peer payment system after the frustration of the near-failure of the traditional banking system, during the 2008–09 global financial crisis. It was to be a new digital form of money that would not be under the control of any bank or government, and that seeks to empower individuals to stay in total control of their funds. However, even after a decade, we are no closer to mass adoption.
Why hasn’t crypto found universal appeal?
While cryptocurrencies offer alternate means of payment, that is way better than fiat money, but we still have not seen it being used on a mass scale to pay for everyday things.
Any currency needs to function as a medium of exchange, a unit of measure and a store of value. Unfortunately, /with the HODL mentality, cryptos are looked more as a store of value. Moreover, users feel the lack of a robust infrastructure to pay for as well as accepting cryptocurrencies for goods and services. That is definitely hampering crypto mass adoption as a universal payment method.
Are crypto payments viable?
The answer is “Yes,” but not before major pain points are addressed. There are thousands of businesses around the world that accept crypto payments. So, the technology is solid, but still, a lot of improvements are needed.
A few pros of accepting crypto payments are:
- Little or no transaction fees — While debit and credit card payments charge a percentage of transaction fees on the entire amount, crypto transaction fees are usually a flat rate which is very low as compared to that charged by other modes.
- Zero chargebacks — Crypto payments completely eliminate chargeback frauds, and businesses get secure payment for their goods and services every single time.
…and the cons:
- Complexity in usage — Most crypto payment solutions are built on a complex architecture that dissuades most people from using it.
- Poor security — Crypto payment solution developers aren’t always security experts. The platforms might have gaps that may be exploited by hackers to steal funds.
So, what should be done to ease crypto payments? We lack a system that supports both the payer and the payee, in this case, the consumer and the business. The solution needs to be robust, secure and easy to use. Just like Noah Pay.
How Noah Pay addresses the pain points of crypto payments
Remember the results of the survey at the beginning of the article? It clearly suggests that businesses declining crypto payments are denying themselves a potentially large consumer group who would love to spend their cryptocurrencies. The Noah Project team has analyzed existing payment systems and found out, that they are limited by their scope and usability. Сertainly, adopters lose interest soon with such a lack of utility in the apps. That’s why we developed our own payment solutions.
Noah Pay was created to integrate crypto payments into businesses of all kinds. It affords convenience, speed, and ease to both consumers and businesses. It also offers consumers the choice of using their crypto assets to pay for the potentially unlimited number of goods and services. Only then can mass adoption be possible. This is where the Noah Project stands out from other blockchain-based payment solutions providers.
Noah Pay solves the problems of complexity of usage with its clean, clutter-free and seamless UI and intuitive UX design that makes making payments a breeze. It also uses state-of-the-art features to provide unmatched security of funds and transactions. Moreover, Noah Pay itself has two versions — Noah Pay Wallet for consumers and Noah Pay Merchant for businesses.
The Noah Project team is already applying blockchain and introducing the ease of cryptocurrencies in the global real estate and hospitality. However, our paramount aim is to create a holistic infrastructure that is centered around crypto payment solutions.
We seek to create an ecosystem to provide more opportunities for consumers to use their crypto assets. Moreover, the user will be able to buy a variety of goods and services through Noah Coin that is already in circulation. By the way, if you still haven’t experienced the ownership of Noah Coin — welcome to one of seven exchanges. With the help of BTC-Alpha, Mercatox, LiveCoin,YoBit, Ataix, HitBTC and Changelly you’ll become a real follower of crypto mass adoption.
From mass adoption to a better future with the Noah Project
Businesses and consumers are still looking for a comprehensive infrastructure that will allow them all the benefits of traditional money — high liquidity, ease of transactions, low fees, safety, and security.
We strongly believe that mass adoption of cryptocurrencies will turn upside down the way of spending the digital assets. That’s why the Noah Project is leading the charge providing solutions for merchants to accept crypto payments and for customers to buy goods and services of their choice.
The Noah team makes future get closer by speeding up blockchain implementation and spreading crypto assets. There is only one question- are you ready to make the next step toward the bright future with us?