If we ever want to make Bitcoin – or any other digital currency – a tool used by the mainstream consumers, a lot will have to change over the next few years. At this point, it is far too complicated for the average person to acquire Bitcoin by buying them, as you will need to go through several hoops in order to do so. That being said, the recent merger between GoCoin and Ziftr may turn that scenario on its head.
Cryptocurrency Payments Meet Credit Card Processing
Every time you talk to someone about Bitcoin, they will always refer to the fact it is [nearly] impossible to buy Bitcoin with a credit card. And there is a very good reason for that, as credit cards are subject to fraud and chargebacks. Bitcoin is a non-reversible payment method, so it only makes sense to accept other non-reversible payments in exchange for BTC.
However, this also means there is still a long way to go until Bitcoin becomes a mainstream payment method. Considering that GoCoin is the world’s third largest cryptocurrency payment processing platform – and the only major platform to work with Litecoin and Tether as well – they are looking at ways to push Bitcoin adoption to new heights.
In order to do so, GoCoin will partially be relying on their list of clients, which includes over 7,500 merchants. According to the information we have received, GoCoin adds roughly 500 new merchants to that list on a monthly basis. This just goes to show you that merchants from all over the world are interested in experimenting with digital currency payments.
Merging such a powerful platform with ZiftrPAY – a cryptocurrency and credit card platform- and ZiftrCOIN – a coupon coin intended to bridge the gap between digital currency and mainstream customers – sounds like a potent mix. On top of that, there is also ZiftrWALLET, which embeds credit card payments and lets users store multiple digital currencies. All in all, this merge has all the necessary tools to take Bitcoin adoption to new heights.
Incentives Lead To Digital Currency Adoption
Most of our readers will know by now that digital currency transactions invoke low to no fees per transaction, making them far more superior compared to credit card or bank wire payments. And as much as we like to use Bitcoin and other currencies to pay for goods and services, we are not necessarily seeing an incentive to do so, even though the merchant is saving a lot of money.
Granted, the “core” believers of Bitcoin and digital currency will use BTC to pay anything they possibly can, and that is a positive trend. But novice users will not be so inclined to use Bitcoin over traditional payment methods, as there is no real incentive – or benefit – for them to do so. As long as Bitcoin payments are not tied to an incentive, mainstream adoption will remain a difficult, if not impossible, challenge.
GoCoin CEO Steve Beauregard told DigitalMoneyTimes that:
“Loyalty points play a key role in a consumer’s choice of payment method,” says Beauregard, “and with the ziftrCOIN loyalty platform integrated into the ziftrWALLET, I believe we can finally give consumers the right experience to choose digital currencies over cards at checkouts.”
Images courtesy of GoCoin, Ziftr