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Cryptocurrencies have been around for some time, and while they are growing more mainstream, there is a lingering sense that a larger portion of society still considers them to be nothing more than oddities. Crypto is money, and the aim of money is to facilitate trade and investment. But money becomes less valuable if it can only be used within a small circle or if its reach is minimal. Digital currencies such as Bitcoin (BTC)and Ether (ETH) have gone beyond the point of mass awareness; most people have heard about them. But the magic phrase being whispered around the corridors of crypto right now is "mass adoption." The widespread use of virtual money for everyday payments is the next frontier that crypto needs to conquer.
What is Mass Crypto Adoption?
Mass crypto adoption means that governments worldwide have created enabling environments for it to flourish, that the man in the street has become aware of crypto's utility, and that businesses have taken note and are monetizing the opportunity. Several things are required for mass adoption to become a reality in crypto. First, there needs to be awareness. Thankfully, the initial coin offering (ICO) craze of a couple of years ago ensured that many people got to know about digital assets in general and cryptocurrencies in particular. The second thing needed for mass crypto adoption to become a reality is institutional adoption to pave the way for political and regulatory acceptance. Finally, crypto requires a seamless end-to-end experience for individuals and corporate entities to transact without having to go through the ordeal of converting digital money into acceptable fiat at the point of exchange. This last phase will require a combination of flawless user experiences, accessible technologies, and merchant acceptance. This is where c-stores, or convenience stores, can come in to play a major role in mass crypto adoption.
C-Stores Ideally Placed to Push Mass Crypto Adoption
Convenience stores are essential to daily living in much of the developed world. For instance, at least 93 percent of Americans live within 10 minutes of the nearest c-store, which could be anything from a 7-Eleven to a local "mom-and-pop" station. In February, Crypto.com released the results of a survey that found only 4 percent of merchants around the world accepted cryptocurrencies as payment. However, nearly 60 percent were interested in accepting payments within the following year. In comparison, about 40 percent of customers worldwide are already paying with cryptocurrency, while another 60 percent indicated they would like to settle their bills using virtual cash within the next 12 months. The report also showed that c-stores were tied with luxury goods sellers as the industries most likely to use cryptocurrencies. There is tremendous untapped potential for crypto acceptance within the c-store space. And with such a wide footprint, many believe c-stores could be the key to unlocking mass crypto adoption. Convenience stores are widespread, accessible, and easy to navigate. They supply customers with services that are both necessary and repetitive. By accepting crypto, these establishments can broaden their business models while exposing a wider variety of individuals to the potential advantages of digital currencies.
Bitcoin ATMs
Most c-stores are good locations for ATMs, and one of the newest advancements in the crypto industry is the Bitcoin ATM (BTM). This machine resembles conventional cash-based ATMs in design. It is often contained in a kiosk equipped with a pin pad and screen and positioned in a high-traffic area. The primary distinction is that people can buy BTC and other major cryptocurrencies directly from the machine. According to Coin ATM Radar, there are now more than 38,000 BTMs worldwide. That's a lot of machines, but it's still not enough considering there are more than 150,000 convenience stores and about 40,000 grocery stores in the United States alone. If even half of these retailers put up BTMs or coin conversion kiosks at their establishments, they would exponentially increase the visibility and usability of crypto.
Major C-Store Chains Now Accepting Crypto Payments
In May 2021, Sheetz became the first c-store chain to accept in-store crypto payments. The Altoona-based company, which operates about 625 convenience stores across the United States, partnered with payment technology provider Flexa to enable customers to pay for goods inside the store or to fill up their tanks at the forecourt using a host of digital currencies. In Australia, On The Run (OTR), another major c-store chain, now allows customers to pay for the fuel at more than 170 locations. OTR's parent company, the Peregrine Corporation, also accepts crypto at a number of its other subsidiaries, including Oporto, Subway, and Smokemart. The list of retailers accepting digital currencies is much longer than most people know and includes major stores such as Lowe's, Whole Foods, Regal Cinema, and Petco.
Conclusion
C-stores are innumerable, close to consumers, and are more personable than faceless corporations, thus engendering more trust. And just like it says in their names, they are incredibly convenient. This set of characteristics means that consumers would probably be more amenable to using crypto if c-stores continued championing them. Conversely, for convenience stores to more readily take up crypto, there needs to be better regulation of the space and greater technological advancements to make crypto more accessible and user-friendly. C-Stores need to stay convenient, therefore, the introduction of crypto should not in any way complicate the transaction processes in these outlets, which would, thereby, increase the chances of mass crypto adoption.