This text is co-written by NOWPayments and nano. Special thanks to Forest Horsman for valuable addition to the article.
In a world driven by digital innovations, the adoption of digital currencies is rapidly gaining momentum. In this article, we will explore the steps towards accepting digital payments and delve into the importance of user-friendly technology and infrastructure, as well as building awareness and educating users. Additionally, we will highlight the role of nano and NOWPayments in facilitating the mass adoption of cryptocurrencies.
Promoting Awareness and Education
One of the major obstacles to mainstream adoption of crypto payments is a lack of awareness and understanding among the general population. Many people are still unfamiliar with how cryptocurrencies work and the potential benefits they offer. To overcome this hurdle, there is a need for widespread education and awareness campaigns.
Respected educational institutions, such as Stanford University and New York University, have already taken the initiative to offer graduate college courses in crypto. This is a positive step in creating a new generation of crypto innovators. However, education shouldn’t be limited to the younger generation. It is equally important to educate existing legislative leaders and policymakers who hold the key to regulatory decisions.
Encouragingly, there are signs of progress in this area. Several members of the U.S. Congress have publicly disclosed their involvement in buying and selling cryptocurrencies. Politicians in other countries, such as the U.K.’s Prime Minister Rishi Sunak, have also expressed support for crypto and blockchain technology. These positive developments indicate a growing understanding and acceptance of cryptocurrencies among influential figures.
Beyond its payment gateway services, NOWPayments actively contributes to the promotion of cryptocurrency adoption. Through educational content, articles, and partnerships with industry experts, NOWPayments strives to inform and educate businesses and individuals about the benefits of accepting crypto payments. By fostering a greater understanding of digital currencies, NOWPayments plays a crucial role in building the necessary awareness and trust required for widespread adoption.
The Nano Foundation also sees great importance in education and awareness about cryptocurrency, finance and nano itself. Take for instance The Beginners’ Guide to Cryptocurrency & nano on the Nano Foundation blog. It’s a great resource to learn more about how cryptocurrency works, and how to use nano!
Additionally, the nano community is actively sharing information and spreading awareness about nano via articles, meetups, awareness events and more! It is an effective grassroots approach where everyone chips in. You can see a list of events from the past quarter on the Nano Foundation’s News Page here.
Building User-Friendly Infrastructure
For crypto payments to gain mainstream adoption, user-friendly infrastructure is crucial. Just as the lack of road infrastructure hindered the widespread adoption of cars in the early days, crypto needs a reliable and scalable infrastructure to become a viable option for everyday transactions.
Currently, scalability is a major challenge for many cryptocurrencies, leading to lengthy processing times and high transaction costs. However, developers are actively working on solutions to address these issues. Layer-2 platforms, such as Polygon, are introducing scaling concepts that can process thousands of transactions per second. These developments are essential for creating a seamless and efficient user experience, which is critical for driving the adoption of crypto payments.
Removing Barriers & Borders
With the aim of making digital transactions accessible to everyone, nano is a network that eliminates transaction fees. This means that individuals and businesses can send and receive nano without incurring any transaction costs on the network itself! This makes it much easier and more predictable to send and receive nano, and allows any amount of nano to be sent.
Nano is free to store, send and receive, and transactions are fully confirmed and irreversible in less than a second. It is the only currency that allows people globally to send and receive value with just a phone and internet connection, on a decentralised network. Nano removes barriers & borders!
This is one of the main reasons why nano is perfect for those new to crypto. It takes less than a minute to set up a wallet and receive your first bit of nano! You can easily try it out for yourself at https://nano.org/en/try-nano
Collecting Free Nano
Speaking about easily trying out and receiving your first bit of nano, one of the amazing things about the nano community and nano itself is the availability of many ways to receive small bits of nano for free. This way of giving away a little bit of nano to many people is known as a faucet. Currently, all nano that will ever exist is already in circulation – there will never be more nano created. However, when the nano network was just created, nano was given away for free to people around the world that would give up their time to solve Google Captcha’s. This gave anyone around the globe the opportunity to get some nano, no matter how rich or poor. In fact, many people in emerging economies such as Venezuela participated in the faucet, spreading nano to exactly the place where it is needed the most!
Even though all nano is already in circulation and the original faucet has been closed, there are still many nano faucets available funded by the nano community or individuals that want to give away some nano for free. You can find a list of faucets at the Nano Hub here.
Some faucets put a creative spin on this system. For instance, the streaming service Perseeve recently introduced Faucet Streams, allowing streamers to give away free nano to viewers for watching their streams!
Additionally, the location-based application WeNano allows users to walk around their city and collect free nano from WeNano Spots!
While the path to mainstream adoption of crypto payments may be challenging, it is not insurmountable. Addressing the hurdles of awareness and education, regulatory frameworks, interoperability, infrastructure, and security will be key to driving widespread acceptance of crypto payments. With the collaboration between developers, businesses, institutions, and governments, there is a promising future for cryptocurrencies as a mainstream means of payment. As the industry continues to evolve and overcome these challenges, the adoption of crypto payments will become a reality, transforming the way we transact in the digital age.
The adoption of digital currencies, such as nano, is rapidly reshaping the financial landscape. With its zero-fee transactions, eco-friendly approach, and instant payments, nano offers a practical and inclusive solution for individuals and businesses alike. To facilitate the adoption of nano and other cryptocurrencies, user-friendly technology and infrastructure, as well as building awareness and educating users, are essential. NOWPayments, with its range of payment solutions and commitment to promoting digital currency adoption, plays a vital role in this process.