One of the biggest criticisms of cryptocurrency has to do with the feasibility of using it as a day-to-day medium of exchange. “No one will ever use crypto to buy a cup of coffee,” critics say.
This kind of thinking demonstrates a fundamental lack of understanding of the rapidly evolving technological ecosystem surrounding cryptocurrencies.
For years now, there have been several companies offering debit cards that can be backed by a crypto hot wallet. Avesta plans to create a crypto debit card of its own very soon.
SHIFT, one of the most popular providers of crypto debit cards today, allows for users to link their debit cards to their Coinbase wallet. The currency used can be any of the four currently offered by Coinbase: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), or Litecoin (LTC).
Still, some critics point out that simply having a debit card that allows for cryptocurrency deposits to be used as collateral doesn’t signify increased adoption. In order for that to happen, merchants must begin accepting Bitcoin directly.
What critics leave out, however, is that more and more merchants have already been doing this for a number of years.
Do-It-Yourself Crypto Point-of-Sale
It’s even possible to integrate crypto point-of-sale systems on your own. Some technology-minded individuals have done just that.
As far back as 2013, a British pub owner named Stephen Early managed to integrate bitcoin payments into the point-of-sale systems used by his business. Pub patrons have been able to pay for drinks and food with bitcoin ever since.
While the do-it-yourself crypto point-of-sale method obviously isn’t for everyone, it does demonstrate the capacity that crypto has for being used as a point-of-sale.
As the demand for crypto point-of-sale terminals continues to rise, Bitcoin entrepreneurs will create methods of integrating crypto payments into merchants’ means of making sales. The profit opportunity is simply too great to ignore.
Crypto Point-of-Sale Providers
Imagine if every merchant in the world suddenly wanted to integrate crypto into their point-of-sale (a time which is surely coming soon). Whoever created the easiest, cheapest, most efficient means of doing so would see their business become incredibly successful in short order.
Here are three services that currently provide crypto point-of-sale systems.
Coinify provides crypto merchant services for both e-commerce shops and point-of-sale terminals. Coinify point-of-sale devices enable any business to accept payments via cryptocurrency. A merchant can have several different businesses named in their Coinify account, so long as they are all registered under the same name.
— Bitcoin Magazine (@BitcoinMagazine) May 5, 2018
Sumo ATM is one bitcoin point-of-sale terminal you probably won’t be seeing in stores anytime soon. Sumo ATM functions as both a point-of-sale terminal and a bitcoin ATM. Consumers can do everything through on-screen menus.
While it’s a great device, it comes at a steep price. The 2018 Sumo ATM costs about 6,000 US dollars.
Thousands of retail merchants use Ingenico for their point-of-sale terminals. This is great news for the crypto community, as Ingenico began accepting bitcoin payment back in 2015 by partnering with Bitpay. This kind of deal could help crypto become more mainstream in the years to come.
Ever since the announcement in 2015 , there hasn’t been much talk about Ingenico accepting bitcoin. However, the press release noted that BitPay had integrated their services into an Ingenico ICT250 point-of-sale device. Presumably, that model PoS system still has the ability to accept bitcoin payments.
With Avesta, online merchants who have integrated the Avesta platform into their backend can accept crypto payments automatically. Each purchase is recorded in the blockchain – no need for receipts, and no disputes over returns.
Avesta tokens are the ideal solution for freelancers, merchants, and entertainment professionals alike. Additionally, Avesta is affordable, unlike many of the existing crypto point-of-sale options. Transactions on the Avesta blockchain can be conducted at a flat rate, making it ideal for everyone from independent merchants to large, multinational corporations.