Over the past few months we have been witnessing a wide market adoption of cryptocurrencies which comes from merchants all over the world. A few notable businesses are Steam, Overstock, Expedia, Microsoft, Dell and Mint. A full list of merchants that accept cryptocurrencies can be found in a new app called NoFiat. Lately, there’s an obvious shift in the public’s eye of Bitcoin and other cryptocurrencies, from a hackers’ channel to move illegal money to a legitimate currency that could one day replace traditional banks.
Often called “The internet currency”, Bitcoin is a viable solution for businesses world-wide for multiple reasons (or perhaps features):
- Low fees – Whether it’s a $1 transaction or a one million dollars transaction, fees are the same. With latest blockhain technology, transactions can be made with as little as few cents in fees.
- Transactions are final – Bitcoin transactions can not be canceled – unlike traditional forms of payments like a credit card transaction, allowing businesses to accept large payments without the fear of losing the money.
- Transactions are fast – When it comes to cryptocurrencies, the more you pay in fees the faster transactions are. If you’re willing to give away a few extra cents, transactions between continents can be made within a few minutes.
- Availability – Unlike checks, credit cards and bank transfers, Bitcoin can be owned by anyone anywhere. Large sections of the global population still don’t have access to banks and other traditional finance institutions. Owning cryptocurrencies only requires an internet connection.
Accepting Bitcoin and other cryptocurrencies is easy as can be. Alongside with wide market adoption, new solutions have rose for accepting Bitcoin as a form of payment. Local vendors can be found easily. A few international trusted ones are Stripe, Bitpay and Coinbase. Businesses that accept Bitcoin can either exchange it to fiat instantly in order to avoid any change in value, or store their newly acquired cryptocurrency and enjoy the many benefits of owning a blockchain asset. Many believe that the only barrier stopping Bitcoin from accelerated and wide adoption by merchants is the unstable status of cryptocurrencies in the eyes of governments. But as the revolution continues, it’s clear that it can’t be stopped and legal entities world-wide will have to accept the fact that cryptocurrencies are here to stay. It’s only a matter of time that just like a credit card, you will be able pay with your cryptocurrency of choice everywhere you go.