Chengpeng Zhao, the CEO of Binance went on to Twitter, asking his followers why many of the online businesses don’t go straight out to accept cryptocurrencies immediately and in the crypto news below we try to figure out more.
He first tweeted:
‘’For any internet (non-physical) based business, I don’t understand why anyone would not accept crypto for payments. It is easier, faster and cheaper to integration than traditional payment gateways. Less paperwork. And reaches more diverse demographic and geography.’’
His argument is that cryptocurrencies are much faster, require almost no paperwork and of course they are cheap. Only a few major online businesses accept cryptocurrencies and there is none of them who is all the way legitimate.
In 2016, many businesses such as Uber or Microsoft Xbox started accepting bitcoin, but because of its highly volatile nature and the concerns over the legality of the asset, the businesses stopped using it.
Chengpeng also pointed out that Amazon should consider issuing its own cryptocurrency in the future since rumor has it that Facebook is already in the process of developing its own cryptocurrency which will make other companies that want to launch their own cryptocurrency after Facebook, very dependent on it.
Businesses are still skeptical of accepting Bitcoin in the near future since regulations and Know-your-customer protocols and AML are the biggest obstacles to cross in order for BTC to become widely adopted. Many banks refuse to use cryptocurrency because of their high volatile nature and because of their irreversible nature as well.
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