Cryptocurrencies have become relevant for leading companies, and consumers have lost their fear of using that innovative technology. Crypto assets remove the threat of credit card number theft, as both parties involved must approve the transaction.
Over 2,300 US businesses currently accept Bitcoin (BTC) as a payment method since adopting cryptocurrencies offers many financial benefits. The cryptocurrency has low to no fees per transaction and does not have a fluctuating exchange rate like the legal tender currency.
Cryptocurrencies like Bitcoin have a high processing speed, but transactions through traditional banks may take up to a day. The possibility of increasing the customer base and avoiding 2-5% transaction fees make crypto assets attractive for businesses.
Various industries have incorporated cryptocurrencies, and Spain might become a country with increasingly widespread use. Below is a brief description of some sectors that accept the use of crypto assets.
The Technology Sector Accepts Bitcoin as a Payment Method
Among the early adopters of Bitcoin is Microsoft, which has accepted the cryptocurrency as a form of payment since 2014. The company temporarily stopped Bitcoin transactions in 2018 since they saw it as an unstable currency. However, it currently allows its customers to use it for buying its products and services.
Apple is another technology company that accepts cryptocurrencies as payment for some of its services. Through an app, cryptocurrency holders can pay with funds from their wallets.
The above shows how relevant cryptocurrencies have become for some leading companies. That generates higher confidence among consumers, who lose their fear of using that innovative technology.
Fast Food Companies also Accept Payments in Cryptocurrencies
Fast food companies like Burger King have also tried incorporating cryptocurrencies into their payment system. In 2017, its Russian branch launched its Whopper Coin, powered by the Waves distributed ledger network.
In 2020, Pizza Hut Venezuela also announced it would accept Bitcoin as a payment method. The Coca-Cola Amatil company, responsible for distributing the drink in the Asia-Pacific region, is another pivotal player in the sector. They have enabled using Bitcoin as a payment option in more than 2,000 vending machines.
The next natural step in the cashless economy seems to be accepting cryptocurrencies. The step toward cryptocurrencies allows customers greater flexibility to pay with the method they think fits.
People Can Pay with Cryptocurrencies on e-Commerce Websites
Rakuten is among many other e-commerce stores that have incorporated cryptocurrencies into their payment systems. This year, its users can use its cryptocurrency wallet to exchange Bitcoin, Ether (ETH), and Bitcoin Cash (BCH) for Rakuten Cash. They can use the latter to pay through an app or exchange it for a points credit card.
Likewise, the Canadian e-commerce website Shopify started accepting payments in cryptocurrencies like Bitcoin, Ether, and Litecoin (LTC). Although the American e-commerce website Etsy has also adopted this payment means, it does not have a system for accepting cryptocurrencies. However, sellers can specify they accept Bitcoin by enabling the other method in the finance section of the store manager.
Those websites benefit considerably from accepting cryptocurrencies, as those assets remove the threat of credit card number theft. When paying, both parties involved must approve the transaction, guaranteeing additional customer security. Besides, crypto assets offer the possibility of accessing the international market because they remove foreign transaction fees.
By Alexander Salazar
