Technology
The Future of Crypto Payments in the Retail Market
In the original whitepaper, Satoshi Nakamoto envisioned Bitcoin as a peer-to-peer version of electronic cash that would facilitate transactions without the oversight on a trustworthy, centralized party.
Since then, cryptocurrency has surged in popularity as an asset class – and Bitcoin is now just one of many digital currencies out there. Investment has poured into the sector because many see the blockchain as an important foundational technology for the future, and it’s also gained traction for speculative reasons.
However, strictly from a payments perspective, certain issues have cropped up since the original Bitcoin vision was outlined, and they’ve ultimately prevented crypto from receiving mainstream adoption as a currency for day-to-day transactions.
What are these obstacles, and how will they be overcome?
The Retail Opportunity
Today’s infographic comes to us from NetCents, and it highlights the growing acceptance of cryptocurrency by retailers and a willingness for consumers to consider using it.
Importantly, the graphic also highlights the major hindrances preventing crypto from reaching mass payment adoption, as well as how the future may look significantly different than today.
In 2017, the amount of brick-and-mortar retailers accepting crypto grew by 30.3% to 11,291 retailers globally.
At the same time, users have also warmed up to the idea: a recent survey found that 40% of people familiar with the digital currency would be open to using it in everyday transactions.
So why aren’t most people able to buy a coffee at their neighborhood cafe with Bitcoin?
Payment Challenges
There are three main obstacles to using cryptocurrency for everyday transactions. (Note: this list mainly focuses on Bitcoin examples)
1. Price volatility
In 2017 alone, the Bitcoin price fluctuated between $1,000 and $20,000. Big swings in price make it unattractive for day-to-day transactions.
2. Slow transaction times
The average confirmation for Bitcoin takes about 20 minutes per transaction right now – but during past stretches of activity (such as in Jan 2018), it got as high as 41 hours.
3. High transaction fees
The average transaction costs around $1 right now, but just months ago, the average Bitcoin transaction costed $40.
These factors are not necessarily problematic at all times – but one can see why these challenges may make crypto less appealing for everyday retail transactions, such as one at the grocery store or the local coffee shop.
Crypto to the Masses?
Despite these concerns, there is much optimism that crypto can be a boon to retailers – even brick-and-mortar ones. The blockchain is still new, and people around the world are working to solve these payments issues night and day.
Crypto e-payments companies are constantly introducing new technologies and features that could potentially decrease transaction costs and provide instant settlements for retailers, while also eliminating the issue of fraudulent chargebacks. Making ground on these issues would make crypto significantly more appealing to the masses as a form of payment.
What else needs to be done to push crypto into the mainstream?
Brands
How Tech Logos Have Evolved Over Time
From complete overhauls to more subtle tweaks, these tech logos have had quite a journey. Featuring: Google, Apple, and more.
How Tech Logos Have Evolved Over Time
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
One would be hard-pressed to find a company that has never changed its logo. Granted, some brands—like Rolex, IBM, and Coca-Cola—tend to just have more minimalistic updates. But other companies undergo an entire identity change, thus necessitating a full overhaul.
In this graphic, we visualized the evolution of prominent tech companies’ logos over time. All of these brands ranked highly in a Q1 2024 YouGov study of America’s most famous tech brands. The logo changes are sourced from 1000logos.net.
How Many Times Has Google Changed Its Logo?
Google and Facebook share a 98% fame rating according to YouGov. But while Facebook’s rise was captured in The Social Network (2010), Google’s history tends to be a little less lionized in popular culture.
For example, Google was initially called “Backrub” because it analyzed “back links” to understand how important a website was. Since its founding, Google has undergone eight logo changes, finally settling on its current one in 2015.
Company | Number of Logo Changes |
---|---|
8 | |
HP | 8 |
Amazon | 6 |
Microsoft | 6 |
Samsung | 6 |
Apple | 5* |
Note: *Includes color changes. Source: 1000Logos.net
Another fun origin story is Microsoft, which started off as Traf-O-Data, a traffic counter reading company that generated reports for traffic engineers. By 1975, the company was renamed. But it wasn’t until 2012 that Microsoft put the iconic Windows logo—still the most popular desktop operating system—alongside its name.
And then there’s Samsung, which started as a grocery trading store in 1938. Its pivot to electronics started in the 1970s with black and white television sets. For 55 years, the company kept some form of stars from its first logo, until 1993, when the iconic encircled blue Samsung logo debuted.
Finally, Apple’s first logo in 1976 featured Isaac Newton reading under a tree—moments before an apple fell on his head. Two years later, the iconic bitten apple logo would be designed at Steve Jobs’ behest, and it would take another two decades for it to go monochrome.
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