Which Businesses Accept Cryptocurrencies and Will Others Follow?

Some cryptocurrencies could be particularly beneficial to businesses in helping to revolutionise the way they handle payments. As well as stay engaged with the growing number of crypto enthusiasts that want to pay for goods and services with crypto.

If you believe that cryptocurrencies will play a significant role in the global economy of the future then as a business it would make sense to become an early adopter and start accepting crypto payments. Speaking to Time, futurist Thomas Frey predicted: “Cryptocurrencies are going to displace roughly 25% of national currencies by 2030.”

Here are just some of the many global businesses are already supporting cryptocurrency payments:

  • Microsoft: users can buy content on Xbox and Windows stores using Bitcoin.
  • Virgin Galactic: this Virgin Group company is accepting Bitcoin for space travel. A ticket to space will cost you $250,000 or 37 Bitcoins – at a rate of $6756/BTC.
  • Save the Children: the world’s leading children’s charity now accept donations via Bitcoin.
  • OkCupid: this dating site will allow users to access extra functions via a Bitcoin payment.
  • Wikipedia: this free encyclopedia is accepting donations via digital currencies.
  • Tesla: someone has already ordered a Tesla Model S using Bitcoin via Shakepay.
  • Lionsgate Films: the production studios are using a payment method via Gocoin.
  • Cheapair: Accepts payments for flights via Bitcoin.

Should your business accept cryptocurrency?

From a business perspective there are many reasons your business might want to consider accepting cryptocurrencies, including:

  • It will save you money: you will avoid credit and debit card fees.
  • Transaction processes are quick: payments can happen fast and without banking delays.
  • Cryptocurrency is international: avoid foreign transaction fees or exchange rates when purchasing from abroad. Also it will help you invest in security-enhanced paperwork, for example.
  • They are growing: cryptocurrencies have been growing steadily and this is only expected to continue. Adopt it early and when it becomes mainstream you will be ahead of the game.

When will more businesses start accepting cryptocurrencies?

There is a good chance that more and more businesses will slowly begin to accept cryptocurrency – the question is, when?  There are a few factors that are currently holding people back – and it’s only once these are addressed that we will start to see greater use of cryptocurrencies:

  • When people have a better understanding off cryptocurrencies – no one wants to invest in something they don’t fully understand. When this becomes more mainstream businesses might start accepting it. Fear or reluctance comes, to an extent, from a lack of understanding.
  • There are a lot of scams in the cryptocurrency space and custodial services are not that user friendly, however, custodial solutions are coming from the likes of Coinbase
  • Countries are introducing legislation and businesses will no doubt want to wait and see what these laws and regulations will mean.
  • The price is currently very volatile – this makes it hard for users to hedge their risks, however, with the growing number of stablecoin options this may no longer be a significant problem.

While some businesses have already started and subsequently stopped using the currency due to its volatility, many still believe it is the way forward.

There’s definitely an appetite to embrace cryptocurrencies and businesses have to move with the times to cater for customers in the most appropriate way. If the above challenges can be overcome in the next couple of years then we can expect crypto users to be able to spend their cryptos on everyday goods and services.

PayPal is Cautiously Optimistic About Partnership with Libra Association

  • PayPal cautious about future with Facebook's digital currency libra. 
  • Payment platform was one of the first companies to join and support the Libra Association.

Payment platform PayPal is cautiously optimistic about its relationship with Facebook’s digital currency libra, despite being the highest-profile company to join the Libra Association. 

PayPal Backs Libra Association

In June, shortly after the official unveiling of Facebook’s libra, PayPal announced an intention to join and support the Libra Association, a collection of tech and finance companies promoting the product. 

At the time, PayPal billed the digital currency as a revolutionary product for people around the world, 

We believe in democratizing participation in the digital economy for people from all walks of life, and businesses of all sizes.

However, PayPal appears cautious about its future with Facebook’s digital currency. PayPal investor relations vice president Gabrielle Rabinovitch reiterated Sept. 12 that the company is a non-binding agreement with libra, 

It's a non-binding commitment. And obviously, I think there's a lot of work to happen before we get to that point where it becomes something more than just a very exciting idea.

She added, 

The goals and ambitions of Libra are very consistent with PayPal's overall ambitions in terms of serving the underserved; democratizing access to capital. So we very much believe in the potential of Libra.

While PayPal appears optimistic about the future of libra, the digital currency has endured months of regulatory and political scrutiny concerning its release. 

Earlier in the week, senior U.S. Treasury official Sigal Mandelker told an audience in Geneva that libra would be held to the highest standard of regulatory compliance in order to combat money laundering and terrorist funding.


Featured Image Credit: Photo via Pixabay.com