When the first crypto launched in 2009, it was received with a lot of criticism, with many people brushing it off as internet monopoly money. But as the years went by, the attitude towards these digital currencies has continued to change. Well, of course, businesses are always gravitating towards better technologies to improve their operations.
In the crypto industry, for instance, it is now possible to access live Bitcoin price updates on the go, thanks to the popularity of mobile phones. Likewise, businesses across other sectors have been opening up to crypto technology to improve transaction speeds, security, etc. As a result, you may want to know whether this will become the norm for future businesses. To find answers, keep reading.
Why is crypto appealing to businesses?
The growing need for immediacy
Just recently, PYMNTS.com released a report claiming that 78% of consumers consider instant payments an important aspect of their customer satisfaction journey. For a company seeking long-term survival, this is not a statistic to ignore, especially now that acquiring new customers has become more challenging.
Studies show that you may need at least five times more resources to attract a new customer than retain an existing one. And now that crypto allows transactions to be processed within no time, which many customers love, integrating it can be a great marketing tool.
Processing transactions quickly can also be a great way of improving the customer experience. No customer wants their funds to be delayed. This is part of why, according to B2Bpay, small businesses lose up to $1.1 billion every year to payment delays. With fast payments, you ensure timely access to funds, which may improve customer connection with your platform.
Looking at statistics, 88% of firms confirm that they have benefited from such infrastructures. The best part is that when buyers find satisfying experiences, they rarely keep quiet about them – 72% may tell at least six of their friends. This can lead to the organic growth of a company, explaining why more businesses could open up to crypto.
Prioritizing online security
With modern buyers becoming more aware, you don’t want to ignore the subject of online security, even for a minute. Nowadays, most buyers will inspect a platform’s security before considering it. Remember that Exploding Topics approximates the number of daily cyberattacks to be about 940,000. Given that these incidents could increase, no one wants to be a victim.
Plus, surviving a cyberattack is not easy. According to IBM, you may need at least $4.88 million to recover. As if that’s not enough, you may lose the trust of a significant number of security-conscious shoppers. According to predictions, 21% of customers confirm that they never return in the aftermath of such incidents. With the growing competition in today’s business world, you don’t want to endure such a pain.
Thankfully, crypto technology can help with its advanced encryption. Cryptocurrency makes it difficult for unauthorized persons to access data by converting data into an unreadable format that requires extensive computational resources to decipher. Its immutable nature ensures you can’t edit or alter data once stored. Plus, it is decentralized to prevent the possibility of single-point failure associated with traditional methods.
Aligning with shifting trends
It was just a few months ago that Bitcoin exceeded $100,000. Such price increases have been known to encourage investor interest, even in the past. Putting it into more perspective, a recent study reported that the number of crypto owners had increased to 1 billion. Better still, Security.org expects 14% of non-crypto owners to enter the market this year (2025).
And, of course, a considerable number of those who own these tokens may want to use them to make payments. A study by eMarketer that goes along these lines claims that about 25% have confirmed their preference for merchants that accept crypto. To take advantage of such statistics, more businesses may actually start integrating crypto payments.
Is there anything standing in the way?
Well, as much as crypto offers significant benefits, it also has some critical concerns. Consider volatility, for instance. Anyone who’s watched Bitcoin’s rollercoaster price movements knows how wild it can get, and this can be risky for businesses. One minute, its price is peaking at $100,000; the next, it’s $85,000, which is not ideal for managing cash flow.
There is also a concern with its security. Although crypto is decentralized, that doesn’t make it immune to scams or hacks. For example, in 2024, private key attacks accounted for the largest amount – 43.8% – of stolen crypto. Additionally, many individuals are still wary about crypto, stating it’s insecure.
We can’t fail to mention how governments still grapple with crypto regulations. Some have taken a tough stance against digital tokens, while others remain open. Depending on which direction this goes, crypto’s adoption in business will really be affected.
To sum it up, crypto is already shaking things, but predicting whether or not it will become the norm might be challenging. While it has some benefits, like instant transactions, it must overcome some crucial challenges.
For instance, several governments have taken a tough stand against them, which may discourage exploration. Conversely, others have welcomed it, encouraging investor activity. So, even if digital currencies were to become the norm, the shift might need some good time before we get there.
