As crypto has gained popularity and been propelled into the mainstream, it’s caused quite the commotion. Everywhere people are talking about its potential and what it could achieve, and one important area of this discussion is how cryptocurrencies could be applied to the real world.
Many think that if crypto could be taken out of the purely digital world and used as a means of payment in physical stores and services, the benefits could be enormous. It could function as a new kind of currency, different from fiat money with a whole range of unique advantages. But is this just a trendy concept, or can it really work? Well, it’s already on the way. Last year consumers spent $190.2 million in Bitcoin every month on merchant services, up from $9.8 million a month in 2013.
It’s clear there are benefits to this, and these can range from lower waiting times to more manageable fees, and much more. Consumers have a lot to gain — but for this model to really work it needs merchants to…