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RESEARCH, ANALYSIS & TRENDS

transactions does require a determined level of technical With this advancement, technical or crypto-specific
expertise for which it would be absurd to expect a critical know-how on the part of the consumer or the merchant
mass of front-line service staff to possess. The fact is is rendered unnecessary and businesses can readily
that any new person coming across even a simple convert crypto to real cash. Not only will this Point-of-
Bitcoin address can be overwhelmed by its perceived Sale development quickly shift brand perceptions, but
complexity. the regulatory environment will also eventually temper
given the reduced volatility this POS technology
3. Brand Confusion: The very word “crypto” suggests proffers.
cryptic. Mix that with all the other various terms that are
used including virtual currency, digital currency, alt Once this business-friendly solution is adopted as a
coins, and Bitcoin, and it all creates confusion. It will be viable transaction method, enabling consumers to very
paramount for industry insiders to adopt consistent easily spend their crypto currency and retailers to
language to be consistently utilized in the mass market. charge and settle crypto payments in the business’
preferred currency—whether dollars, euros or other,
4. Uncertain regulatory environment: Regulations technical proficiency will no longer be barrier and
regarding cryptocurrencies are still not even close to volatility will subside since businesses will continue to
being set in stone. As concerning, these same deal strictly in Fiat currency (government-issued legal
regulations discourage the use of such currencies in a tender), resolving any possible crypto-specific
B2C environment, regarding them as an “unnecessary regulatory issues that are rendered a non-concern.
risk” that may lead to legal problems for any business
down the road. Given its extrapolated impact, a POS innovation of this
nature would be poised to unlock the full potential of
Collectively, these four points above paint an ominous the cryptocurrency industry and its utility in the real-
picture for the future of cryptocurrency. Not only relating world. A Crypto-to-Fiat business tailored POS solution
to its progress and adoption, but also for its very survival will effectively allow for cryptocurrencies to penetrate
in a very real scenario where an innovative payment the consumer market and truly disrupt day-to-day
technology fails to fulfil its potential. In fact, this isn’t the payments as we know them. The first business with a
first technology to be introduced with the aim of creating minimum viable product (MVP) will be to
a major cultural shift. Twenty-five years ago, fax cryptocurrency transactions what AOL was to email.
communication was far more common and even
preferred over email messages. Retailers today are accustomed to using Point-of-Sale
terminals for processing credit card payments and are
In all forms of innovation, there is always a lag between increasingly adopting new solutions in the space such
the advent of the actual innovation and the time that the as Square’s retail POS smartphone app, replacing
average intended user starts to adopt and employ the bulky hardware with Android and iOS devices. For
technology. As the “technology adoption life cycle” has merchants to accept and adopt a Crypto-to-Fiat POS
well established, for people to adopt and use an solution, it must be tailored in a manner that seamlessly
innovation, technological abstraction layers are needed accommodates the retailers current understanding and
to hide all the complexity of the core product and make it knowledge base, with a near zero effort or learning
unequivocally user friendly. Of course, this takes time curve required to adopt the new solution. At the same
and innovation of its own until all the layers have been time, the innovation must demonstrate its ability to drive
developed and refined around the core product, which is new value, new customers and, ultimately, new profits
the main reason why there is always a lag between by expanding its ability to process transactions—and at
innovation and mass adoption. a fraction of standard costs.

The Game Changer: Crypto-to-Fiat Point-of Such an end-to-end solution can truly catalyze
Sale Solution cryptocurrency adoption, finally bringing Bitcoins and
Altcoins to “Main Street” and crossing that crucial
milestone for blockchain technology—and technology
The tremendous amount of complexity associated with as a whole—to usher cryptocurrency into the modern
using Bitcoin and other cryptocurrencies in the real world world is a genuine, viable and enduring way.◊
financial marketplace, as exemplified by the four
problems detailed above, has ushered in a new breed of
leading-edge technology aimed at wholly solving the glut By Alex Mihaljcic,
of mass market limitations. Emerging Point-of-Sale
(POS) applications are finally permitting cryptocurrencies VP of Product Development for
to be transacted as easy as a credit card payment, Eterbank.com and developer of the
world’s first end-to-end Point-of-
allowing small and large businesses alike to accept and
instantly translate crypto into U.S. dollars, thus Sale solution bringing crypto
eradicating any risk and uncertainty. currency out of the tech realm and
enabling real-world fiscal use in the
common economic marketplace.

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