Introducing the New “We Accept Centric” Campaign

Introduction

While the Centric team continues to develop CENPAY—a robust merchant services platform—we know there are many business owners ready to accept Centric today.

Over the past few months, we’ve established relationships with three e-commerce crypto payment services. In August, we signed on with MyCryptoCheckout. In October, we went online with CoinPayments. More recently, we closed out November adding NOWPayments. Among these three companies, most e-commerce businesses owners should be able to find an excellent fit.

But what about Centric investors who are business owners outside the realm of e-commerce?

With those investors in mind, Centric is introducing a new program to support crypto-savvy business owners who want to introduce a Centric payment option to their customers—immediately. The program leverages today’s existing functionality of the native Centric Wallet.

We call it We Accept Centric.

How Does It Work?

Business owners that are ready to accept Centric can apply by filling out and submitting the form at the bottom of the CENPAY page. In the Additional Comments field, write “applying for We Accept Centric.” Our CENPAY sales team will review your submission and be in touch with more information.

If your business qualifies, we’ll ship you a getting started kit, which includes:

- Three (3) We Accept Centric stickers
- Two (2) We Accept Centric A-shape table top displays
- One (1) We Accept Centric L-shape counter top display

These assets will give business owners several visual cues to inform customers their Centric tokens are welcome. Each item has a QR code. When scanned, the QR code will bring the user to the Centric.com homepage, where they can learn more about the project, and if desired, create a wallet.

The payment can be made using the native Centric Wallet. The business owner logs in to the Centric Wallet on their mobile device, taps or clicks “Request.” The customer scans the QR code of the business wallet and then sends the funds. Simple!

Is ‘We Accept Centric’ a Good Fit for My Business?

Wondering if you should apply for We Accept Centric for your business? There are several items to consider.

The first question to ask yourself is this: How comfortable are you with accepting peer-to-peer payments?

Peer-to-peer (P2P) payments require a bit more “know how” than our future one-tap CENPAY solution will require. It’s for this reason that we say we’ve designed this program for crypto-savvy business owners. P2P payments aren’t that complicated, but it could be overwhelming for those not already accustomed.

If you are new to P2P payments, but still wish to incorporate Centric payments, we recommend creating multiple wallets and getting some practice sending payments back and forth.

As peer-to-peer payments can take a few minutes to settle, We Accept Centric will probably fit best for businesses with a longer sales cycle or checkout process. This could include car dealerships, landscape, construction, legal and accounting, health and fitness centers, furniture and appliance stores, and service companies of all kinds.

Companies that typically bid on jobs, provide estimates, issue invoices, or accept wire transfers or checks could also be a good fit.

Businesses with a high volume of small transactions, such as a convenience store, might not be the best fit, as customers in the queue who are used to a swift checkout may grow impatient waiting for a crypto payment to process.

Business owners will also want to consider who will be involved in collecting and confirming payments. Will they delegate this to one or more employees? We recommend setting up a new Centric wallet, specifically to receive incoming payments. If someone other than the business owner will have access to the wallet, you’ll want to be sure you’re regularly transferring funds into another wallet.

Red Devil Pizza: We Accept Centric…In Action!

Meet Chad.

He is a Centric investor and the owner of a family-owned pizzeria that’s been in operation since 1966. It’s called Red Devil Pizza, based in Covina, California. We invited Chad to be one of the first business owners to demo We Accept Centric.

Hmmmm….a pizza shop? Is that a business that fits the typical We Accept Centric profile? A dine-in and takeout restaurant certainly has a much quicker turnaround and checkout process than, say, a car dealership. Nevertheless, Chad is a Centric investor and was motivated to give it a shot. (You just can’t hold a good Chad down.) And besides, Centric’s CEO loves a good slice of pizza…so there’s that.

A CEO Walks Into a Pizza Shop…

Earlier this week, Centric CEO Joel Clelland paid a visit to Red Devil Pizza.

Before entering the establishment, Joel saw a We Accept Centric sticker on a glass panel to the left of the entrance, at about eye level. Now inside, another sticker was affixed to the customer-facing side of the cash register. On the counter to the left of the cash register sat the L-shaped counter top display. This was one establishment where Joel would not have to ask his favorite question: “Take crypto?”

Here’s what Joel ordered. Remember, he likes pizza (and boy, he must have been hungry!)

2 Large Pizzas
2 Large Sub Sandwiches
1 Large Dinner Salad
$100 Gift Card

Total: 180.00 USD

Based on then-current prices of Centric Swap (CNS) and Centric Rise (CNR), Joel and Chad agreed upon a rate of 1800 CNR for his order. (The exact amount would have been less, but Joel added a generous gratuity).

Using the native Centric Wallet on their respective phones, Joel scanned the QR code for Chad’s wallet, and sent over the 1800 CNR.

Joel headed back to the office with his feast while Chad celebrated Red Devil’s first crypto transaction.

Yum, don’t you just love the taste of real world utility? 😋

The best way to answer this question is to look at it from the perspective of the business owner. After all, money talks, and numbers are the consonants and vowels of its language.

What does 1800 CNR translate to in USD? At the time of writing, it’s $208.02. 

Sure, there might be some novelty in accepting crypto over fiat. But the question arises…why bother accepting Centric in the first place? Wouldn’t it just be a heckuva lot easier for Chad to accept USD? 

Fair question. It probably would be easier. But there’s something special about Centric that the US dollar, or any other fiat currency, cannot compete with. Nor can other cryptocurrencies! What is this special quality we are referring to?

Well, if you’ve been around Centric for a minute, you likely have a sense of how Centric Rise works. Namely, price blocks hard coded to the blockchain force the price of CNR to increase slightly every hour. This means every hour that you hold CNR, it has more CNS “minting power” than the previous hour. For this reason, we say CNR “yields more CNS” every hour. 

But just how much CNS yield are we talking about? And does it really make a difference? 

I mean, for Joel’s order at Red Devil, we’re only talking about a couple of hundred dollars. That might be a decent ticket for a takeout order at a pizzeria, but in the big scheme of things, how much is $200 in crypto really going to move the needle for Chad?

To help us understand the potential of Centric’s hourly rise—and what it can mean for business owners like Chad—let’s run some numbers. 

Before we do, a couple of quick caveats. 

First, the numbers we’ll provide are based on crypto prices at the time of this writing. 

Second, we’re going to review some speculative scenarios. While the price of CNR is NOT speculative (once written to the blockchain, the price of CNR cannot be changed or edited), the price of CNS depends on the market.

Oh, and to be clear, this is not financial advice. Please DYOR. 

The Current Scenario

Earlier, we said the CNR Joel paid for the pizza was worth $208.02. Let’s break it down. 

A	B	C	D	E
CNR	CNR PRICE	CNS EQUIV	CNS PRICE	USD VALUE
1800	$207.90	374,220.00	$.00055588	$208.02

Here’s a look at each column…

A) The amount of CNR Joel paid Chad at Red Devil Pizza.

B) The price of CNR at the time of the writing of this post (per the immutable price blocks written to the blockchain).

C) The CNS equivalent of (A).

In other words, this is the quantity of CNS tokens that Chad’s 1800 CNR can mint, based on CNR’s price. Recall that this number increases slightly every hour.

D) The price of CNS at the time of the writing of this post.

E) The USD value of both (A) and (C), given the prices of (B) and (D).

Pretty straightforward, right? With that under our belts, let’s look at some other scenarios. 

Hypothetical Scenario #1

Let’s fast forward to November 1, 2022 and run the numbers again. 

We’ll adjust the CNR Price (B) to correspond to the first hourly price block of the day. While the price of CNS (H) could go up or down, we’ll leave it the same. 

A	B	C	D	E
CNR	CNR PRICE	CNS EQUIV	CNS PRICE	USD VALUE
1800	$786.11	1,414,998	$.00055588	$786.57

In this scenario, CNS remains completely flat, yet the value of Joel’s 1800 CNR has grown by over 278%. The increase is solely due to the rising price of CNR each hour.

Hypothetical Scenario #2

What if, come November 1, 2022, the price of CNS has doubled? The value of the the 1800 CNR would be $1,573.14. That’s an increase of more than 656%.

A	B	C	D	E
CNR	CNR PRICE	CNS EQUIV	CNS PRICE	USD VALUE
1800	$786.11	1,414,998	$.00111176	$1,573.14

Hypothetical Scenario #3

Let’s say that when the clock strikes midnight on November 1, 2022, the price of CNS is at $0.01.

A	B	C	D	E
CNR	CNR PRICE	CNS EQUIV	CNS PRICE	USD VALUE
1800	$786.11	1,414,998	$.01	$14,149.98

We’re looking at over $14k for that 1800 CNR. That’s a 6,702% increase!

Hypothetical Scenario #4

What if CNS is trading at a dollar on November 1, 2022? Now we’re talking about life changing money.

A	B	C	D	E
CNR	CNR PRICE	CNS EQUIV	CNS PRICE	USD VALUE
1800	$786.11	1,414,998	$1.00	$1,414,998.00

Remember, when CNS trades at $1.00, it will unlock the full “face value” of each CNR. This means the price block of CNR reflects the actual market value of that CNR.

With a CNR price of $786.11, that 1800 CNR would be worth an astonishing $1.4M.
That’s pretty incredible growth for less than a year—especially considering we began with $208.

Hypothetical Scenario #5

Admittedly, the preceding scenarios are all optimistic. They’ve assumed that CNS either stays flat, or increases. So let’s bring some balance and look at a less favorable trading price for CNS.

Let’s say CNS is trading at only half of where it’s trading today: $0.00027794.

A	B	C	D	E
CNR	CNR PRICE	CNS EQUIV	CNS PRICE	USD VALUE
1800	$786.11	1,414,998	$0.00027794	$393.28

Based on the monthly growth of CNR, the value of Chad’s CNR would have still increased by nearly 90%…from $208 to $393.

Want To Run Your Own Scenarios?

Wondering how much 1800 CNR would be worth with CNS at 5 cents? 10 cents? 20 cents? 50 cents? Or wondering what it looks like if CNS goes in the other direction? 

If you’ve been following these examples, you’ve probably cracked the not-so-secret formulas.  

A * B = C

That is, CNR Quantity (A) * CNR Price (B) = CNS Equivalent (C)

(Remember, you can always look up the price blocks for CNR on the Centric Explorer, for up to 1 years in advance). 

And the other formula…

C * D = E

Or, CNS Quantity (C) * CNS Price (D) = USD Value (E).

So here’s a fun possibility to consider (especially if you happen to be Chad). 

Imagine Red Devil Pizza pulling in 1800+ CNR every day. 

A few months of CNR’s hourly growth combined with some positive price action on CNS, and it wouldn’t take much for Chad to be looking like crypto’s new Pizza Guy. (We know you’ll HODL, Chad!)

Forget Chad. (Not really—we still love you, man). 

But the real question is:

What will your CNR holdings be worth?

You have the formula to run the numbers.

But there are two missing variables. :

1) How much CNR will you accumulate and HODL? (That one is up to you) 

and

2) What will be the trading price of CNS? (That one is up to the market). 

Go ahead. Speculate. Have some fun with it. 

And don’t be surprised if after running the numbers you find yourself irresistibly drawn to an exchange to fill more bags with Centric!

But I’m Not a Business Owner. What Can I Do?

Do you know other business owners who are already Centric investors? Spread the word. Let them know about We Accept Centric. (Please don’t assume they’ve already heard the news).

We also encourage all Centric investors, whether or not they own businesses, to participate in our Gifting program. It’s a simple 3-step process for onboarding new investors. It doesn’t require any convincing or cajoling. It starts with your generosity and provides helpful resources for the people you invite to learn more. Check it out.

Summary

We Accept Centric is a campaign designed to spread Centric at the local grassroots level in communities around the world. If you think it might be a good fit for your business, we encourage you to apply by completing the form at Centric.com/cenpay. As supplies are limited, our team is screening applications to make sure we are sending assets to businesses that will truly use them.

Keep in mind, even if your application is not selected for participation, there’s nothing to stop you from accepting peer-to-peer Centric payments (assuming it’s legal in your country). The P2P payment functionality is already built into the Centric payment network. We Accept Centric just comes alongside to give you some encouragement and boost visibility of your Centric acceptance.

Will We Accept Centric be the program that single handedly drives Centric to protocol consensus? Probably not.

However, every business, every transaction, brings us another step closer.

We value every Centric investor.

Every business that accepts Centric.

And every customer who pays with Centric.

Each of you adds value to the Centric network with every transaction.

Hungry?

Before we wrap up…is all this talk of pizza making you wish Red Devil had a location in your neighborhood? If you’re in SoCal, by all means, please pay Chad and the crew at Red Devil Pizza a visit. (Don’t forget to bring your Centric Wallet!)

If you’re outside SoCal, and this post is making you a bit hangry, check out CNSPizza.com. It’s a website created by a Centric investor offering pizza store gift cards, and gift cards for other restaurants and retailers around the world. And you can pay with Centric Swap (CNS).

Bon appétit!