What takes do interested corporations have for implementing crypto?

Amidst emerging demand and growth of the sector, many traditional industries seek to imply the features and abilities of their tasks

Traditional companies and firms have started taking advantage of or at least tried out cryptocurrency usage. For instance, four years ago, Kentucky Fried Chicken, the famous fried chicken chain’s Canadian account, posted on Twitter that it would start accepting payments in bitcoin for its buckets. The company later said that in its tongue-in-cheek campaign going by the title ‘digital tender for chicken tenders’, it has sold out entirely in just an hour, and the chain has not taken any payments in crypto since then. 

However, later on, many articles and individuals have made claims and recycled it repeatedly that KFS still accepts bitcoin. 

So many other companies have also tried out to put crypto payments, especially bitcoin, in their portfolio; however, they dropped the plan. Such firms include prominent electric vehicle manufacturing company Tesla and computer manufacturing giant Dell. Both were first thought to harness bitcoin’s potential but backed off for several reasons. 

Many experts think that bitcoin could not get the usability of practical everyday usage because it fluctuated wildly in terms of its value on a regular basis. The transaction fees are too high, expensive for so many, too energy-consuming, and it’s so slow that it could take half an hour to complete a transaction. In a general scenario, nobody would want to stay in line for a chicken burger payment at KFC for half an hour. 

However, it’s not like there are no options available or it’s not possible to use crypto for payments. There are hundreds if not thousands of options available in the form of smaller cryptocurrencies with faster transaction speed and minimal gas fees. Their fluctuation in prices, too, is comparatively less. The total market value of all the cryptocurrencies in the global crypto market has reached more than $2 trillion and half of which is roughly bitcoin only. 

With the increasing demand, acceptance and accessibility of cryptocurrencies, companies worldwide seem to feel it suffocating to get into such an ecosystem. But there are numerous conditions that such entities would need to keep in mind and follow vigorously. 

For instance, software giant Microsoft outlined the pattern that big companies would need before getting into the crypto space; it would need to be considered the first rule: keep crypto at an arm’s distance from the core business. 

The reason is simply because of the potential risk that cryptocurrencies in the general pose because of their volatility, energy consumption, etc.; shareholders should not anyhow be exposed to such situations. Such an approach was also taken by two similar crypto-curious corporations, Paypal and Apple, who also made similar pledges before their shareholders. 

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Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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