The Global Litecoin Summit planned for September 14 & 15 in San Francisco is going to be an eye-opening experience for many. Cryptocurrency industry leaders, business executives, and even “Average Joe’s,” will be assembled together for the mission of spreading cryptocurrency adoption for payment platforms like Litecoin.
In the forefront of the credit card processing business, is Summit speaker and Litecoin Foundation volunteer, Jon Moore. I’ve been lucky enough to land an interview with Jon, the Vice President of Nationwide Merchant Solutions, (NMS.) Jon’s mission concerning the crypto asset Litecoin, as well as his involvement in the wonderful #PayWithLitecoin community on Twitter is a story well worth sharing.
Who Is Jon Moore
Jon Moore lives in NJ and is a University of Connecticut grad with a major in Sociology. Jon has been working with NMS founded in 2008, since 2009. He started out as a salesman with NMS, and quickly rose his way up the corporate latter to his current VP position. NMS is an interstate Credit Card processor offering Point of Sale processing hardware and software to businesses. NMS also brings merchant services to the table for businesses of all sizes and industries.
Jon meet Blockchain
I asked Jon how first got involved with Bitcoin and cryptocurrencies in general. We talked a lot about Litecoin, Bitcoin, and the credit card business as a whole. Jon first learned about cryptocurrencies back in 2012. It wasn’t until 2017 however, when Jon witnessed a Litecoin transaction take place through a friend, that he realized the power of the budding technology.
Jon explains below.
“My buddy sent some Litecoin from the east coast to California in a matter of seconds! I couldn’t believe that the payment was received so fast and the fee for the whole transaction was next to nothing!”
Jon knew, at that moment, that crypto’s were the Future of Payments.
As an employee in the credit card payments processing industry, you can probably imagine what Jon’s reaction was at that time.
Thankfully he quickly came to his senses and realized that the American consumer’s credit card addiction would surely keep his company going. He explains below.
“America has a credit card addiction that is truly out of control.”
Jon believes that the current debt-based credit card system is a problem that an unbelievable amount of middlemen take advantage of.
“People are so used to the 3% domestic and 4.25% international fees that they don’t think twice about paying them.”
Payment Adoption in Traditional Markets
The topic that Jon has chosen to speak about, “Payment Adoption in Traditional Markets” is the world that he lives and works in. When asked why this particular subject to speak about, Jon answers below.
“This is what I do every day. I am more like the anti-payment processor because crypto could potentially put me out of a job!”
Quite frank about the whole crypto payments subject, Jon goes on to say,
“I have just seen so much fraud, unfairness, and greed in the credit card processing Industry. People involved just look the other way. Morally I felt that I had to do something about it. The preferential treatment that I have witnessed given to the extremely wealthy would make you sick.”
Crypto & Business
Jon and I spoke for quite a while about Litecoin, Crypto’s and the credit card business among other interesting topics. I asked Jon to give me some positive and negative examples for businesses looking to accept Cryptocurrencies.
Jon firmly stated Charge-backs.
“The credit card consumer has no idea how much of an impact charge-backs can have on a business. The average settlement for a charge-back is 6 months, with some waiting in the wings for up to a year! This is where the wealthy cardholders really get their monies worth. I’ve seen these card companies absolutely jump through flaming hoops to help out certain customers. It’s really not fair.”
Jon adds that businesses small and large should really consider the benefits of lower fees, with the bonus of literally no fraud. Crypto’s basically cancel out fraud in the payments world.
“ If a business is willing to accept a personal check, why wouldn’t they accept a cryptocurrency like Litecoin? Personal checks take days, up to a week to clear. As we well know, Litecoin payments are near instant. Once the sale is made, the business owner can turn around and spend their crypto almost immediately. Even credit card settlements aren’t that fast.”
The only downside to a business accepting crypto is that most average people want to convert it to fiat right away.
When I asked Jon if he had any tips for us, the average crypto enthusiast, about how we can help spread adoption, he had a very valid and unique response for me.
“Go after the low hanging fruit. The business that has a higher average invoice will be more inclined to accept crypto because they have more to gain. For every payment accepted with Litecoin, Bitcoin, or Dash, these higher invoice businesses will get to keep more of their money.”
I think of it this way. If I pay $10,000 for a new boat, a 3% fee will be taken away if I use a credit card. That fee is passed on to the consumer which drives the price of the boat up. By using Cryptocurrencies to make and receive payments, we are actually helping to stimulate businesses and the economy at the same time. Places like car dealers, RV dealers, Vape and tobacco shops are great starting points Jon adds. Many businesses could in fact just print out a public key, and choose to reuse it over and over again. Jon pointed out that this would save the business time, resources, and the wallet address could easily be changed daily if desired.
When I asked Jon the obvious question below, we both got a little chuckle in.
“Jon, I hate to ask cause I believe I already know the answer, but I have to do it. What is your favorite Cryptocurrency?”
Jon’s reply was obviously Litecoin.
“Litecoin was truly made to be the payment Crypto. The great thing about Litecoin is the fact that no one owns it. There is no “Litecoin Police” that will come to your house and tell you to take down your e-commerce store. It’s open source and truly has the best community.”
We had a little conversation about the crypto mass adoption subject and talked a lot about why Litecoin is the best option to lead this movement. Jon made a great point.
“The average Joe out there is not a techy person. Most people will probably even have a hard time with the difference between public/private keys. This is where technologies like the Coinbase and LoafWallet will help push adoption. Coinbase is super easy to use and so is Loaf. Plus when the Lightning Network is fully functional, Bitcoin and Litecoin will be crazy fast.”
Blockchain without payments
I asked Jon what he thinks that blockchain technology should be used for other than payments.
“I don’t know if it’s true mind you, however, I have heard rumors that the US Govt really likes Bitcoin and blockchain for securing identities. All of our identities are up for grabs to the highest bidder and blockchain tech could absolutely change that.”
Other than identities, Jon believes that eventually blockchain tech could create and run a completely decentralized and autonomous govt where smart contracts would replace politicians and eradicate wasted govt spending.
Jon on Regulation
I asked Jon where he stands on ICO scams, and if the SEC should step in and regulate cryptocurrencies aggressively.
“It must be that I am a Libertarian at heart, but I believe in the free market system. Regulation kills growth and its not what we need. The free market system will kill out the scams over time and leave the great projects to flourish. Isn’t the FBI already investigating some ICO’s? Why should more government entities get involved.”
I tend to agree with this opinion. ICO’s can be dangerous, however, how many average investors who are tucking away $50 a week into a 401K are going to invest into an ICO? We agreed that ICO’s should be left for the institutional investor who can spot these scams a mile away.
How did you get invited to speak at the summit?
Closing with Jon
Jon told me that he is absolutely pumped about the summit. He is looking forward to networking with the LTC community and is hoping that everyone leaves the Summit elated and ready to spread adoption.
“If we grow payments, payments will grow sales. Sales of LTC will boost use which boosts the price of the coin which we all want to see!”
Jon is a firm believer that LTC is truly the Payment Crypto, and loves being involved in the Litecoin Family community which is pretty large on Twitter. He adds this remark before closing the interview.
“Keep an eye on the Marijuana business.”
He believes that the deregulation of Marijuana could bring about a huge influx of new customers into the crypto economy. Jon also is optimistic that Bitcoin will probably be around $30,000 in January, however, admits that he is in no way a financial adviser.
The Global Litecoin Summit slated for September 14 & 15 in San Francisco is going to be an event not to miss. Jon is slated to speak on day 2, the 15th, at the Oyster Point from 2:15-2:45. He’s a very active Litecoin advocate who can easily be found on Twitter.
I would like to express my sincerest gratitude to Jon for taking the time to speak with me about this article.
My name is Chris, and I am a Cryptocurrency Industry Content Consultant.
I write these articles for free because I have a passion for crypto and a love for the Litecoin community. I plan on attending the Global Litecoin Summit on September 14-15, however, I need your help to get there. As I stated above, I write these articles for free. I have a full-time job out of this industry, and I do not have the financial resources to make the trip to San Francisco currently. I am searching for Personal and/or Corporate sponsors so that I can make the trip.
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