By Vincent Nuzzo ’27
“Adoption and implementation of [the] internet, social networks, mobile and electronic payments, blockchain technology and digital currencies are a driving force and strategic asset for many organizations” (Nuryyev et al.). As the world continues to adopt a more digital economy, business must change with technological innovations such as how payments are accepted. Cryptocurrency is a growing payment method that has many advantages. Crypto charges lower transaction fees, has enhanced security, and a reduced risk of personal information being stolen. Many businesses should start or continue to accept cryptocurrency.
One major reason businesses should use cryptocurrency is its usefulness and ease (Nuryyev et al.) A customer’s intent to use crypto payments is influenced by how beneficial and simple these methods are. In most instances, cryptocurrency provides faster processing time than regular banks and systems and provides international transactions without high fees. The advantages make payments with cryptocurrency appealing in the global marketplace (Nuryyev et al. ).
Another argument to add to the adoption of cryptocurrency is security. Credit card payments store data in centralized systems that are susceptible to breaches cryptocurrency transactions are decentralized (Heaslip) User data is stored in a crypto wallet, and each transaction is recorded and verified using blockchain technology. This is a system that is almost impossible to hack into. Because of this system, it reduces the risk of someone’s identity being stolen and it increases the trust of users. The consistency of blockchain makes it a secure and more useful alternative to the traditional systems used today which are mainly the targets of cybercriminals. (Heaslip).
Additionally, cryptocurrency adds a level of independence financially by being immune to the control of the government (Marecki and Wójcik-Czerniawska). Because cryptocurrency isn’t protected by governmental regulations, it has no political influence and it is free from economic policies that would affect a government-issued currency. This makes crypto more appealing for people to use during this time of our concerning economy and in places where trust in government is at a low (Marecki and Wójcik-Czerniawska).
Not everything is perfect though, there are rising concerns about the impact crypto has on financial stability (Lerong). Global financial regulators are giving priority to the protection of financial systems from the risks that are shown by virtual currencies.While this concern is reasonable, it is also important to show that the overregulation of something can restrain growth and limit the benefits that cryptocurrency offers. Instead of having these heavy restrictions, balanced and thought-out regulations can allow a safer environment for the growth of crypto, letting businesses and customers/consumers benefit from the use of crypto while also dealing with the potential risks of crypto (Lerong).
In conclusion, the embracing of crypto as a method of payment shows many advantages; it is user-friendly, highly secure, and resistant to interference from the government. While some regulatory caution is justified, the benefits dominate the risks when given a smart policy. For businesses that are looking to continue to operate and are ready for the future, the acceptance of crypto is not just an option, it’s a necessity.
Works Cited
Heaslip, Emily. “Thinking About Accepting Cryptocurrency? What to Consider.” CO, 12
February 2025, https://www.uschamber.com/co/run/finance/accepting-cryptocurrency-as-payment. Accessed 5 May 2025.
Lerong, Lu. “Towards Cashless Society: International Digital Money Competition and Regulatory Implication.” EBSCO, International Lawyer, 2024, https://research.ebsco.com/c/55jvny/viewer/html/xla2m3r6jz. Accessed 4 May 2025.
Marecki, Krzysztof, and Agnieszka Wójcik-Czerniawska. “CRYPTOCURRENCY MARKET OF BITCOIN AND PAYMENT ACCEPTABILITY IN E-COMMERCE.” Journal of International Scientific Publications, vol. 14, 2020, p. 11. 1600092987277851-libre.pdf, https://d1wqtxts1xzle7.cloudfront.net/107648966/1600092987277851-libre.pdf?1700623704=&response-content-disposition=inline%3B+filename%3DCryptocurrency_Market_Of_Bitcoin_And_Pay.pdf&Expires=1747154655&Signature=bPqXkdUFni6~jNNbJvn5YP~CV62QZSwDs360Ow1YLfKS0. Accessed 3 May 2025.
Nuryyev, Guych, et al. “Factors influencing the intention to use cryptocurrency payments: An examination of blockchain economy.” Munich Personal RePEc Archive, 2020, p. 11. Microsoft Word – spyridou.docx, https://mpra.ub.uni-muenchen.de/99159/1/MPRA_paper_99159.pdf. Accessed 2 May 2025.
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