Cryptocurrencies have taken center stage in the news and on social feeds around the world. The ups and downs of the market have alerted the average investor to the new asset class and what it could mean to investment portfolios. Regulators and corporations are trying to understand how to work with cryptocurrencies without stalling innovation. What has not yet been addressed is what impact cryptocurrencies will have on daily commerce. 2016 saw over $30 Trillion in digital transactions globally and the number is expected to grow every year. With this volume of commerce being done with debit and credit cards, the question becomes, how much of global digital commerce will move away from credit/debit into cryptocurrencies? The answer is, it does not matter.
The reason why it does not matter is, it is unlikely that any cryptocurrency is going to capture a majority of the digital payments market. The top 5 cryptocurrencies (Bitcoin, Litecoin, Ether, Bitcoin Cash, and Ripple) have enabled payments for niche businesses and industries but have not successfully impacted Visa/MasterCard transactions in any way due to latency, a lack of redundancy, no transparency and volatility. Both brick & mortar and online businesses require speed, redundancy, transparency and stability from their digital payment methods in order to consistently make real-time transactions. This is the basic requirement to meet customer expectations and complete transactions. Customers are better off using the status quo, the USD. This does not mean that you cannot improve on the USD.
By eliminating the uncertainty and instability of cryptocurrencies and continuing to make transactions using the dollar standard, it allows businesses to focus on what is important, reliable real-time payments. The infrastructure behind your favorite cryptocurrency is called blockchain. The blockchain technology uses decentralized ledgers to improve transparency, eliminate middlemen and remove the fraud risks created by additional transaction touch points and centralized technology platforms. In order to understand how the power of the blockchain will impact how we utilize the USD, it is important to understand how current digital transactions work.
seedpay helps local communities thrive by delivering a more secure and effective payment infrastructure. Local businesses depend on legacy payment infrastructure to run their business which is not built around loyalty. By using blockchain technology seedpay is able to deliver payment solutions that meet statewide and local needs. Unlike other payment technology seedpay has built an entirely new infrastructure that lowers costs, increases loyalty and seamlessly gives back to local communities.