Posted on 03-10-2020.
In its whitepaper, Bitcoin is defined as a peer-to-peer version of electronic cash. But when was the last time you’ve made a purchase with Bitcoin? Very few of us use cryptocurrencies to pay for things daily, while this is perhaps the most important step towards mass adoption. forklog.media has talked to Brandon Morey the founder of We Accept Cryptocurrency, a new non-commercial startup that aggregates various businesses and merchants who accept crypto. ForkLog: How did you get the idea to create We Accept Cryptocurrency? Brandon: I came up with the idea when I was looking to sign up for a VPN and pay in cryptocurrency. Trying to manually find a VPN merchant that accepted crypto was really time-consuming because there was no resource page so I was relying on different Google search queries. We Accept Cryptocurrency was created to make it way easier for end-users to find places to spend their crypto. This helps adoption in the ecosystem. ForkLog: We Accept Crypto apparently exists off donations. Why did you choose this business model? Is it feasible so far? Brandon: I chose this business model because, like Wikipedia, I want this resource to be totally unbiased and free to users. It’s yet to be determined if the model will be feasible long-term, but for now, we’re building it this way just because we’re so passionate about the crypto space and money is a secondary concern. ForkLog: Who are the people that want their businesses to accept crypto? Brandon: It’s typically people who are tech-savvy and who are personally invested/interested in cryptocurrency. ForkLog: Which modern businesses in your opinion will benefit the most if they start accepting crypto? Brandon: Companies that have regulatory restrictions like CBD companies are in a prime position to accept crypto because they are paying a lot of money on transaction fees since they’re seen as high-risk merchants. Legal gambling is another industry that comes to mind for the same reasons. ForkLog: What is the toughest barrier businesses have to overcome to start accepting crypto? Brandon: With crypto, the toughest barrier for larger companies is accounting. Accepting crypto is a bit of an accounting burden because if it’s held too long the capital appreciation/depreciation needs to be tracked. The toughest barrier for smaller companies is technology. For people without a tech background who run a small Shopify store, for example, it can seem confusing to set up different crypto wallets and manage them. ForkLog: Given how volatile cryptocurrencies are, what are some bullet-proof arguments that make accepting crypto worthwhile for a business? Brandon: It opens your company to an entirely new stream of income. There are people who prefer to pay with cryptocurrency, and you can’t reach them without accepting crypto. There is no risk in accepting crypto as it lowers your transaction fees and is free to set up, even if you use a service provider like Coinbase Commerce. ForkLog: Steam stopped accepting Bitcoins after the so-called crypto winter. That decision is understandable. Will large corporations ever be able to ignore the risks the volatility implies? Brandon: Volatility risk only occurs if coins are held. Larger companies should immediately sell crypto for fiat currency if they want to eliminate volatility risk. It’s a risk that’s totally optional. ForkLog: Are we about to see mass adoption of stable coins, as a volatility-resistant asset? Brandon: I believe that we’re going to see the mass adoption of stable coins like Dai regardless of volatility because they serve such a useful purpose. Stable coins provide all the stability of fiat and the efficiency and cost-savings of cryptocurrency. ForkLog: How would you define the mass adoption of crypto? What has to happen or what threshold has to be crossed for you to recognize that cryptocurrencies are finally adopted en-masse? Brandon: We define the mass adoption of cryptocurrency as a time when as many merchants accept cryptocurrency as they do fiat. For this to happen, we need wallets to be much more user-friendly, and we need creative solutions to minimize lost coins by people who aren’t tech-savvy. We hope to make an impact on the mass adoption of crypto through our website. Follow us on Twitter and Facebook and join our Telegram channel to know what’s up with crypto and why it’s important.