“If you like gold, there are many
reasons you should like bitcoin.”
Coinstash in the media
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Many crypto enthusiasts see cryptocurrency as purely a long-term strategy. Something to be safely tucked away, perhaps invested, and then (eventually) traded for a profit. But a growing number of crypto holders are starting to see the real-world potential of cryptocurrency. This is thanks to an escalation in merchant cryptocurrency adoption.
What is merchant cryptocurrency adoption? Basically, it means that an increasing number of businesses, both global and local, are starting to accept payment in the form of cryptocurrency. So, when you go to pay for your new car, electronics, travel expenses, even your morning coffee, you may be able to pay using your Bitcoin, Ethereum or other cryptocurrencies.
What are the benefits of more merchants adopting cryptocurrency as a valid form of payment? Essentially, this will help to stabilise cryptocurrency and reduce the volatility of the cryptocurrency market. Why? Because the more businesses that decide to adopt crypto payments, the more people are likely to start buying cryptocurrency. This drives up demand, reduces market instability and improves the value of the currency.
There’s a common misconception that there are only a small number of, mostly US-based merchants, who would be willing to accept cryptocurrency. This is just not true. According to Coinmap.org (a comprehensive global listing of merchants who accept cryptocurrency payments), there is currently close to 16,000 locations around the world where you can spend cryptocurrency or access a crypto ATM.
In some countries, cryptocurrency has been seen as a safeguard against high market inflation caused by political instability and civil unrest. This has certainly been the case in Venezuela, where merchant adoption of crypto is soon expected to surpass 10%.
However, some countries with strong and stable currencies are also leading the charge when it comes to merchant crypto adoption. For example, in late 2019, a finance conference in France saw thousands of retailers confirm that going forward, they would now accept payment in the form of cryptocurrency.
It’s no surprise that some of the latest retailers to have adopted crypto include global merchants such as iTunes, PayPal, BMW and Twitch. Additionally, global travel companies such as Expedia and Cheap Air will now let you book flights and accommodation with crypto. And even not-for-profits such as Wikipedia and the Red Cross will now accept donations in the form of cryptocurrency. Microsoft was one of the earliest merchants to adopt cryptocurrency, with their Xbox Store allowing crypto payments way back in 2014. In the quoted opinion of Bill Gates, “Bitcoin is better than currency”.
While cryptocurrency payments aren’t yet mainstream in Australia, there is a developing groundswell of merchants who are adopting crypto. This is especially the case in popular tourist areas such as Brisbane, Sydney and Melbourne. Locals and tourists alike can use cryptocurrency in restaurants, cafes, fitness centres, entertainment venues and even some medical clinics. Thanks to national booking agent Travelbybit, you can now pay for flights, hotels and even food using Bitcoin.
If you’re eager for more local retail merchants to start adopting cryptocurrency, then the best thing to do is ask them. Encourage them to consider adopting cryptocurrency as a simple and beneficial form of payment. Remember, the more merchants who accept crypto, the more stable (and valuable) the cryptocurrency is likely to become.
About the author
Ting is a finance professional and an accomplished investor. Ting is well-conversed in financial markets, as well as having a background in taxation and law. Having previously worked for a top-tier accounting firm and an US-listed fintech company, Ting decided to pursue his passion in cryptocurrency in 2017 by joining forces with high school friend Mena.
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