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.
- 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.