One of the biggest and most obvious hurdles facing mass adoption of cryptocurrency is finding a way to let users spend it. While the space continues to make great strides in getting merchants across the globe to accept cryptocurrency payments, there are still many barriers that exist.
For one, believe it or not, we are still very much in the early days in terms of general awareness and understanding. Many business owners are simply unaware of the benefits that cryptocurrencies like Litecoin can have for their business.
From reducing fees incurred through traditional forms of payment like credit cards and PayPal, receiving payments faster, doing away with pesky chargebacks, and having more control over their capital, our job is to continue to educate businesses on these advantages.
And while there are already solutions to some of the common mental barriers that merchants face, such as volatility, many businesses just aren’t ready to take the leap into crypto yet.
And that’s where a step in the right direction can go a long way.
A recent example of this is the introduction of the SPEDN app. Created by New York-based blockchain payment startup Flexa, the app allows users to spend cryptocurrency at nearly 40,000 merchants, including Lowes, Gamestop, Whole Foods, Petco, Barnes & Noble, Regal Cinemas, Baskin Robbins, Crate and Barrel, and Nordstrom. By acting as an intermediary for each payment, the Flexa Network Protocol pays the merchant in cash and then deducts the amount from the users cryptocurrency wallet.
Not surprisingly, as soon as Litecoin was added to the SPEDN app we started to see a flurry of videos across social media showing users spending their LTC at these name brand retailers.
— COMMON ENEMY ©️ (@CommonEnemyInc) July 17, 2019
— Kat🍍🍍 (@RedKatLife) July 17, 2019
Used The @FlexaHQ #SPEDN App To #PayWithLitecoin For The First Time Today At @Dunkindonuts @BaskinRobbins. Flawless And Fast As A Credit Card If Not Faster. #Litecoin #Bitcoin @Johnkim77 @Jonnylitecoin @LTCFoundation Pic.Twitter.Com/S0HFaeRSVi
— Derek J (@DJenniso777) July 7, 2019
Yes, the ideal state is the day when merchants like these are accepting Litecoin directly from a users wallet to theirs. However, the onboarding process to get these retailers on the SPEDN app, and day-to-day use cases it is creating for Litecoin and other cryptocurrencies is undoubtedly a powerful step in the right direction.
So next time you use SPEDN make sure to let them know that you’re using it so you can #PayWithLitecoin!