The emergence of blockchain technology gave birth to countless cryptocurrencies, and each one has its own community, structure, particular use case, utility, and more.
The fundamental changes started way back in 2008 when the Bitcoin whitepaper took the Cypherpunks’ mailing list by storm. Since that day, there has been no way of coming back from the exponentially growing excitement around Bitcoin’s potential. Soon, the public’s interest in blockchain technology grew more vigorous, which turned out to cause a spectacular rise of thousands of various cryptocurrencies, DeFi, NFTs, the dApps and the DEX’es, and the list goes on.
Today it’s safe to say that not only Bitcoin but cryptocurrency as a whole has achieved a status of a new, intriguing and exciting medium of exchange for both casual crypto users and businesses that seek to expand their reach to open and unrestricted financial markets.
According to a survey conducted by Visa, more than 30% of small business merchants in the United Arab Emirates, Hong Kong, Singapore and Brazil plan to offer customers the option to pay using crypto in the coming months. Digital currencies have taken off in each of those jurisdictions, despite varying regulations.
Almost three-quarters of businesses surveyed worldwide reported that accepting new forms of payments is “fundamental” to their business growth. For many smaller companies that are moving into new forms of digital payments, adopting crypto may be a natural evolution.
What are the business benefits of cryptocurrency?
- Get paid instantly and from anywhere
- Avoid costly and inconvenient currency conversions
- Enjoy lower transaction fees
- Increased market expansion
- Embrace new, wealthier customers
- Heightened security
- Stay in control of your money
- It’s easy and affordable to implement
While not a lot of places accept Bitcoin directly, it’s clear to see that the adoption of Bitcoin as a payment method is increasing with each year. One example is the emergence of crypto payment gateways that can help any business to integrate and accept Bitcoin, as well as many other coins, as a form of payment . While we still have a long way to go until all companies will accept Bitcoin directly and not through payment processors or Bitcoin debit cards, you can some of retailers and companies who accept cryptocurrency as means of payment:
Majid Al Futtaim – across its shopping malls and hotels
The Manor Hotel by JA
Day to Day Hypermarket
Bake N More
Ce La Vi
Additional sources: Nasdaq, Zawya