Over the past ten years, there has been a rise in popularity for Bitcoin and other altcoins. However, there are still only a handful of major retailers that accept cryptocurrency as a payment method. Luckily, there are several ways to spend your Bitcoin that enable you to make everyday purchases and enjoy your hard-earned crypto.
Hype, Myth, Or A Reality
For years, the cryptocurrency market was the only place one could really buy cryptocurrencies. Many shunned their real-world use. However, this is already starting to change. Cryptocurrencies have a few positives, which businesses can leverage to improve operations and gain more profits.
Benefits Of Crypto Transactions
Buying cryptocurrency or spending has become more popular nowadays. But let’s see why many entrepreneurs and customers are looking forward to seeing more of the crypto world in real life.
Cryptocurrency transactions are more efficient than bank transfers, especially when dealing with large sums of money. Digital currencies can be transferred quickly and without the need for authorization.
Payment processing has become a problematic and costly task for SMBs, and payment processors have made it more difficult for smaller companies to accept credit card payments. Aside from exorbitant fees, many companies find that they’re still unable to get various costs, depending on the processor. If you buy something small, let’s say for $5, on average, you will pay ~ $0.30 + a percentage of the fee. You start with 6% of the value of the item and can get to about 10%. The situation gets worse with high-value items where 3% commission fee might be a problem. If you buy a new laptop for $1000, you’ll pay $30 extra.
Blockchain technology makes it easier than ever to protect data in e-commerce transactions. Business owners can choose to use verifiable authentication, where they receive only the information needed to complete a transaction. Consumers enjoy greater privacy throughout the shopping process.
With the growing popularity of cryptocurrencies, they are being accepted by more retailers. However, many merchants were still hesitant to adopt them, so many alternatives were created to “fill the void.”
Crypto Debit Cards
Cryptocurrency debit cards allow cryptocurrency holders to spend their tokens at any location that accepts Visa or Mastercard. This can be quite useful for crypto owners who wish to use their assets in the physical world, or simply want to access them in their preferred fiat currency.
Crypto cards аre an option offered by the leading exchanges, including Crypto.com, Coinbase, Nexo, BlockFi, Gemini, and more. A crypto card lets you spend your crypto as a credit, no matter how a merchant chooses to accept it. You can buy anything from a cup of coffee to a new sports car with your crypto without worrying about price fluctuations or transaction fees.
Bitcoin had enabled the purchase of gift cards using cryptocurrency, but that took place on secondary marketplaces. Bitrefill and Gyft are two of the most popular platforms for this type of activity. Both have grown to have some of the largest gift card markets on third-party platforms, allowing you to buy gift cards from companies like Amazon, Domino’s, Walmart, Best Buy, and Starbucks with Bitcoin.
While there are some retailers that accept only cryptocurrencies, they are not made for the general public. Cryptocurrency-only stores are more extravagant and designed for those who wish to make a statement with their purchase.
Accepting cryptocurrency payments is relatively easy for merchants. With crypto payment services, such as BitPay or BTCPay Server, online stores can receive payments in Bitcoin or other cryptocurrencies in just a few minutes after the order is placed.
Moreover, Shopify has enabled cryptocurrency as a payment method. Any store that uses the platform can accept any form of cryptocurrency simply by switching on this feature. Those who use cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Dogecoin will be delighted with this new development.
Cryptocurrency users enjoy the ability to spend their coins wherever they want. This is especially good news for miners because it’s a way for them to get around currency prices and integrate themselves into the physical world. The cryptocurrency industry is currently poised for massive growth, and the future of digital currency is bright. In addition to being a great asset for investment, digital coins are already being used as a transactional medium, from person to person. The fate of digital currencies will be evident as they continue to grow in value and utility.