Why Nike does not accept encryption monetary payment?

Author | btcread

Translator | Fire Fire sauce Zebian | Carol

Produced | block chain base camp (ID: blockchain_camp)

In the past three years, encryption monetary payments are becoming increasingly popular, especially in developing countries pay for point to point. However, it is also clear that, no matter big or small businessmen businesses, we do not want to deal with two major obstacles to accept money as payment for encryption faced: volatility and security. In fact, this is not difficult to understand.

Encryption currency volatility is the most important issue

Bitcoin as a currency and Ethernet Square has its advantages, especially for the country's national currency is highly unstable. Encryption money knows no borders, and the fees are usually very low. You may not believe, sometimes it's even lower volatility than traditional currency. August 2018, the Turkish lira plunged 20% in one day, since this can not help but think of the trend in the currency encryption bear market had seen.

Now, the number of encryption currency held by the Turks at the head of the European countries, although this may be because they see upside potential encryption currency (rather than as currency holdings), but this may be because they are encrypted currency seen as a safe haven for their money.

In recent years, many countries such as the Philippines, Chile, and Venezuela, we have witnessed explosive growth in the use of point to point encryption currency payments. In 2019, LocalBitcoins (based on Bitcoin P2P transaction) average weekly trading volume reached 40 million to $ 60 million.

In the United States and Britain and other countries, the P2P data will be lower, but the number of encryption currency holders still very high, and growing every day.

To get your favorite retailer accept encrypted currency will not be easy. Nike and Uber, for example, which requires the establishment of a new (or new) sector, consider the regulatory and legal responsibility to consider how to manage the purse, or even need access to liquidity trading platform, to quickly sell legal tender.

Because the encryption currency may be regarded as high-risk assets, so this becomes a risk management game. To Uber, for example - drivers really willing to accept at the moment the transaction price could fall 5 percent of encryption currency it? In this case, the solution is a stable currency - reflect the real currency (such as the dollar or pound) of asset-backed encryption currency.

Real Application encryption currency still needs to pass the test

While holding stable currency, and seamlessly, instantly be converted into the corresponding real-world legal tender, but there is another urgent problem to be solved.

This process there are considerable security risk - in view of the enterprise (eg Nike) now solely responsible for its internal funds. So, who is responsible for the management and private purse it?

Currently, due to lack of user-friendly tools and infrastructure, so send, receive, store and spending money encrypt lack synergy.

However, by using social recovery (using trusted contacts restore your private key), multiple signatures (more than needed to access the wallet signature) technology, and seamless function to bring a better user experience, mobile wallet is moving more secure, more user-friendly direction.

Encryption currency stumbled development of this road, but some of the infrastructure has been completed, the next, user-friendly interface will come faster than expected.

Future that "retailers willing to hold encryption currency" Perhaps we did not imagine so far away, of course, they will definitely want to choose a stable currency and encryption sterling, dollar and other legal tender.

Some start-ups are working to create encryption with built-in front-end payment infrastructure solutions to facilitate merchants to accept but do not receive encrypted money, but like to receive GBP legal tender, or like Paxos or TGBP such a stable and assets supported encryption currency.

The wallet with the promotion and customer service will use the rapid spread of businesses, especially software plug and play, as long as it can be achieved with existing enterprise infrastructure integration can pay.

to sum up

In summary, 2020 should clearly know two things: Millennials not only the ability to spend money on Earth strongest generation, and in which one in five people are in possession of the encryption currency.

Nike has applied for a patent for the CryptoKicks, my Uber driver also told me to buy XRP. Whether to encrypt currency optimistic about the future bright? What do you think? We welcome comments and discussion area

Original: https: //hackernoon.com/why-doesnt-nike-accept-cryptocurrency-payments-3raa37aq

This article CSDN translation, please indicate the source of the source.

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