AUG 2021 Erin Grundy 40093846 FRL&E Module
FIRST CASH, THEN CARD,
NOW CRYPTO:
With the rise of crypto payments, what currency will be used to pay for the damage to the environment? (Bitcoin’s electricity consumption, 2021)
ECONOMICS
FIRST CASH, THEN CARD, NOW ERIN GRUNDY
16.08.21
ECONOMICS EDITOR
With the world’s economic landscape shifting towards a digitalised system, consumers can soon expect their money to b stored within mobile devices, but what are the consequences on our natural climate and our societal environment? Technological developments over the past few decades has led to increased reliance on digital devices for improved convenience. The idea of not having to count out loose change has driven consumers towards a mobile-centric method of payment. Debit cards are the modern way of retail payments and with the ease of contactless, consumers can just tap and go! But what is the future for money transactions in the retail industry? 2
BITCOIN’S BREAKING THE BANK Cryptocurrencies first launched in 2008 when the popular Bitcoin was first announced due to the global financial crisis which provided the need for a digital currency decentralised from government regulation. Since then, Bitcoin and other cryptocurrencies such as Ethereum and the meme-coin Dogecoin has rocketed. The volatility of cryptocurrencies is what makes them so risky and without government regulation, the price is continuously fluctuating and poses a huge threat to financial losses.
be n
(Hidden Cryptocurrency Miners, 2018)[ABOVE] The hidden miners behind cryptocurrency which are drawing more people away from national currencies and moving towards privatised currencies.
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ECONOMICS
To gain some regulation over digital currencies, the Bank of England is suggesting the introduction of a Central Bank digital currency named “Britcoin” to promote a sustainable and stabilised economy. The need for a digitalised currency stems from the increased number of users buying into cryptocurrencies and creating uncertainty for governments in setting interest rates and managing inflation (Partington, 2021).
CRYPTO COUNTRIES
El Salvador, a sovereign nation using the US Dollar has announced that Bitcoin is now an official currency and has become the first nation to adopt the currency. El Salvador heavily relies on remittance payments with around 95% of El Salvadorians sending remittance payments from the US making up 20% of El Salvador’s GDP (Wintermeyer, 2021). The introduction of Bitcoin offers a first-mover advantage in attracting investment and tourism as well as provide financial inclusion to its population. As an incentive to kickstart the use of Bitcoin, El Salvador’s President Bukele offered its citizens $30 worth of Bitcoin (Wintermeyer, 2021). As a developing nation, is the risk worth the reward for El Salvador? (ProfitTrading App, 2018) [BELOW] The pattern of Bitcoin’s fluctuation between 2018 to 2019 in which its price value rose and fell continuously across the period, proving its volatility.
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Known for its innovation, Sweden may become the first country to produce its very own cryptocurrency known as the e-krona. Cash is rarely used in Sweden with many people opting to use digital payments such as debit cards and contactless transactions. In 2015, cash payments made up less than 2% of retail transactions in Sweden compared to that of 79% in Germany (Newman, 2018). The government-backed e-krona aims to support the national currency and provide greater security around transactions in Sweden.
TAXATION
Now that cryptocurrency is becoming more widely accepted by many major brands, businesses are liable to pay tax on their crypto assets. Companies must pay tax if they are participating in the exchange of tokens and are likely to pay taxes such as Capital Gains Tax (CGT) or Corporation Tax on Chargeable Gains (CTCG) (Gov.UK, 2021). With more brands opting to accept privatised currencies, the UK government is worried it will face catastrophic losses without regulation and taxation strategies put in place (Makortoff, 2021).
THE DEBT CRISIS
Cryptocurrencies are becoming more popular than ever with many people investing in digital technology. The number of people using blockchain wallets worldwide has drastically risen by 190% between 2018 to 2020 approaching 80 million investors globally (Statista, 2021). Approximately 2.3 million people in the UK hold cryptocurrency assets but is it worth investing in? 14% of UK crypto holders have put their financial status at risk by falling custom to using a credit card, loans or borrowing money to avoid missing out on the crypto craze (Jones, 2021). According to the Financial Conduct Authority (FCA), crypto investors are stereotypically male, over 35 years old and fall into the
AB social class (Jones, 2021). With 20% of people investing in cryptocurrencies to avoid FOMO, the pressure to keep up with the latest economic trend has presented many people with debt issues (Jones, 2021). For those not fortunate enough to invest, the feeling of failure and lack of achievement is driving consumers towards debt and the development of mental health issues. The rising price of cryptocurrencies such as Bitcoin means it is unattainable for many
people to purchase, creating a societal divide between the rich and the poor.
Millennials are set to become the wealthiest generation of the modern era as they adopt the digital money boom. Having progressed into adulthood during the period of the 2008 global recession, Millennials have witnessed the fall of governmental banking systems and are now opting for a more secure way to store their wealth (Brock, 2021).
THE DECLINE OF CASH
Since 1990, cash payments have declined in the UK accounting for less than 1% of total payments in 2020. The pandemic has promoted the use of debit cards and contactless payments to avoid physical contact. 71% of consumers are now using less cash due to the influence of the Coronavirus pandemic over fears of contracting the virus through cash transactions (Caswell et al., 2020). Removing cash from society can cause significant exclusion for many groups in society. Elderly and vulnerable customers may struggle to adapt to new technologies as well as homeless people who are unlikely to have internet access. Furthermore, children need to have tangible access to cash to help them learn and teach them the skills of saving and managing money.
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ECONOMICS
BILL GATES BITCOIN “USES
MORE ENERGY PER TRANSACTION THAN ANY OTHER METHOD KNOWN TO MANKIND” (Kiger, 2021)
CRYPTO CATASTROPHE
The repercussion of buying into cryptocurrency is the potentially catastrophic damage to the environment. As the most popular cryptocurrency, Bitcoin mining can produce as much carbon emissions as the whole nation of Sri Lanka (Cuen, 2021). The Bitcoin electricity consumption index, developed by Cambridge University, states that the production of Bitcoin accounts for 0.6% of electricity consumption globally (Cuen, 2021). Bitcoin’s entire network uses a continuous supply of electricity averaging 8-15 gigawatts whilst the megacity of New York is powered by just 6 gigawatts (Helman, 2021). The higher the price of each Bitcoin the higher the energy consumption, as a soaring price attracts more miners to the digital network.
The University of Cambridge declared that the price of Bitcoin during its peak in April 2021 used enough electricity that it was equivalent to powering the US state of Georgia, home to 10.6 million people. As the popularity of cryptocurrency grows, investors must compete to get their hands on one of 21 million Bitcoins, but as 18.6 million have already been mined, Bitcoin remains the most exclusive cryptocurrency (Hugo, 2018).
BITCOIN VS BRAZIL
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(Bill Gates, 2021)
The market-leading coin has led to experts questioning the sustainability of the crypto industry. Alex de Vries measures the levels of carbon Bitcoin emits and admits that if the price of Bitcoin were to reach a price of $500,000 it would generate more carbon emissions than the emerging nation of Brazil. With the last Bitcoin predicted to be mined around 2140 (Helman, 2021), the price of the coin is only expected to increase causing
monumental damage to the environment through excessive carbon emissions.
more sustainable have progressed and are likely to continue as a major factor regarding cryptocurrencies. A new, environmentally friendly coin named Candela has been developed with climate change in mind. As its key principle, the coin must be mined using solar power to ensure it contributes towards making the crypto industry more environmentally friendly (Helman, 2021). It is likely we can expect to see a growing number of currencies now requiring a renewable energy source as its mining protocol. Initiatives such as the Crypto Climate Accord (CCA) is encouraging the crypto and blockchain industry to become more sustainable and ensure energy consumption is significantly reduced. The association took inspiration from the Paris Climate Agreement to make the cryptocurrency industry solely reliant on renewable sources by 2025 (Kiger, 2021).
(Payments Cards and Mobile, 2021) [ABOVE] The mining of Bitcoin requires extensive energy usage to unlock each coin causing catastrophic damage to the environment.
RELYING ON RENEWABLES?
There have been several consequences of crypto’s large energy consumption levels as Elon Musk has declared his electric car company Tesla will no longer accept cryptocurrency as payment until mining uses 50% renewable sources (BBC News, 2021). However, if Bitcoin were to be mined using renewable energy sources such as hydro and solar power, the brand is likely to re-accept crypto payments. As concerns about our climate condition worsen, developments to make the industry
(Earth Timer, 2021) [ABOVE] With the disastrous effects ofcryptocurrencies destroying the planet, how long do we have until it becomes catastrophic? 7
ECONOMICS
As technology has progressed at a rapid rate during the 21st Century, the future of retail payments lies within the hands of cryptocurrencies and blockchains. The crypto industry works with blockchain technology to track consumer spending and trace the process from mining to transactions. Distributed ledger technology (DLT), commonly known as a blockchain, provides a network of users access to transparent supply chain data without the need for a third party (William, 2019).
With only 0.5% of people globally using blockchain technology (Lehr and Lamb, 2018), many retailers are competing to gain a first-mover advantage. The luxury brand, Louis Vuitton has plans to launch its own unique blockchain to provide consumers with authenticity certificates for its luxury goods. Customers will be able to find information on their purchase such as where the materials have been sourced from to the point of sale (Allison, 2019). The brand’s blockchain code-named AURA will also provide the brand with intellectual property protection and aim to reduce fraudulent and counterfeit products (Allison, 2019).
users to donate Bitcoin and trace their donations to see how their donations have been spent and view the results of their efforts (Lehr and Lamb, 2018). As consumers demand greater transparency from their purchases, charity coins and blockchain initiatives are likely to develop shortly.
CRYPTOCURRENCY RETAIL PAYMENTS
Using blockchain channels, retail transactions made using cryptocurrencies are not able to be disputed as no third-
CHARITY COINS
There are many benefits to blockchain technology in relation to charity organisations. Have you ever wondered how the money you donated to charity has helped local communities? A new wave of ‘charity coins’ are entering the crypto market to generate funds for unfortunate communities. The BitGive Foundation is a blockchain-powered charity that helps developing countries with their water crisis. Its blockchain GiveTrack, allows 8
(The Water Project, 2014) [ABOVE} Bitcoin donations to charities such as BitGive provide wate Consumers will be able to see how they have helped less fo
party organisation is involved (Flame Analytics, 2021). This is beneficial to retailers as it is a quick and direct transaction between consumers and brands and involves shared liability.
THE GROWTH OF CRYPTOCURRENCY USERS
Although cryptocurrency is a hard concept to grasp, brands must look towards the benefits of digital transactions. Crypto consumers are likely to spend more with an average order value of $450 in comparison to $200 for non-cryptocurrency consumers (Chitrakon, 2021).
er pumps for communities unable to access safe water. ortunate people through blockchain technology.
Number of Blockchain wallet users worldwide from November 2011 to July 2021 (in millions) (Statista, 2021) Since the launch of cryptocurrencies in 2008, blockchain wallet users has rapidly grown since 2016 at a drastic rate and is predicted to increase.
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ECONOMICS
MARKET LEADING MUSK
Kickstarting the cryptocurrency boom, car manufacturer, Tesla is looking to re-accept Bitcoin as a payment method when its mining is made more sustainable. However, Musk’s Space X company is now using dogecoin to fund its upcoming satellite mission DOGE-1 (BBC News, 2021) and is responsible for the coin’s rocketing price. Phillip Plein became the first major brand to accept up to 15 different cryptocurrencies across its bricks and mortar store and e-commerce site (Fish, 2021). Will this encourage many more brands to follow?
It seems many major players in the retail market have got plans to delve into the blockchain and crypto industry. Both Amazon and Walmart are on the lookout for a digital currency and blockchain specialist and have developed blockchain-related intellectual property (Smith, 2021). Could this be the start of a major shift to cryptocurrency payments?
(Lolli, 2020) [RIGHT]
Loyalty app Lolli, offers consumers cash back or Bitcoin as a reward to shoppers purchasing from its brand partners.
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With many brands including Hublot, trialling the concept of cryptocurrency, it is expected that nearly all retailers will be accepting cryptocurrencies in the near future.
REWARDING LOYALTY WITH CRYPTO
Post-pandemic consumers are looking for financial incentives which can encourage them to shop more frequently. Starbucks has launched an initiative that enables consumers to turn their crypto holdings into a Starbucks voucher to spend in-store (Prunsky, 2021).
Some retailers are launching their own crypto loyalty scheme in partnership with Lolli. Lolli rewards consumers with Bitcoin when they purchase with its brand partners including Nike, Bloomingdales and StockX (Chitrakon, 2021). Instead of the well-known cash-back incentive, Lolli offers customers Bitcoin rewards averaging 7.5% of the transaction (Chitrakon, 2021).
THE FUTURE OF
Cryptocurrency is the future of the retail industry and will make a significant impact on the global financial market and will ‘unite the world’ according to Twitter boss Jack Dorsey who claims Bitcoin will become the world’s universal currency within the next 10 years (Cuthbertson, 2021).
WOULD YOU BE INTERESTED IN USING CRYPTOCURRENCIES AS A PAYMENT METHOD?
Following China’s pursuit of cryptocurrency regulations, it is predicted many governments will launch their own central bank decentralised currency which will dominate as national currencies in the next decade. These digitalised currencies run by central banks will ensure governments can continue to regulate and tax appropriately. It is the future of money and will be the biggest shift in the global economic infrastructure since the US dollar take over.
“WE BELIEVE THAT VIRTUAL CURRENCIES ARE THE FUTURE AND WILL [ACCEPT] PAYMENT IN BITCOIN AND OTHER
CRYPTOCURRENCIES ON OUR E-BOUTIQUE IN 2021 OR 2022.”
RICADO GUADALUPE Chief Executive, Hublot (Chitrakon, 2021)
(Grundy, 2021) [ABOVE]
In a recent survey, approximately 53% of consumers would be interested in using cryptocurrency as a payment method in the future.
In addition, 72% believe that cryptocurrencies and blockchain technology is the future of money and would enhance their shopping experience.
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ARTICLE DESIGN INSPIRATION REFERENCES
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RESEARCH FOLDER:
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