The word Cryptocurrency is becoming more and more popular, and no wonder. Cryptocurrency has become a popular payment method for many people across the world, and the truth is that more and more businesses have started to include it as an accepted form of payment.
Cryptocurrency is essentially a digital asset which works as a medium of exchange. It is a virtual currency, and many consider it as being a very secure transaction facility.
While there are still many who do not properly understand the concept of cryptocurrency, and who may never have tried it out, the reality is that as time goes by cryptocurrency is becoming increasingly popular. More and more businesses are accepting it and it is getting more available by the day. This is mainly due to the increase in popularity and advancements in the blockchain technology. All in all we can safely state that cryptocurrency has completely revolutionized the way digital payments can be made.
Bitcoin is by far the most popular crypto as it has a high yielding power. In fact within the past three years Bitcoin’s value went up from $1000 to $19,000! However there are also various others which are also very popular, including Ethereum, Litecoin and Ripple.
Advantages Of Cryptocurrency
Cryptocurrency transactions take place within the blockchain, which is basically a distributed ledger where all crypto transactions are stored. There is information about each of these transactions, thereby offering complete transparency and security. Moreover, since Blockchain is a decentralized system, the system’s transparency is guaranteed.
No Third Party
The fact that there is no human factor or government intervention involved in this system increases the freedom of the transactions.
With cryptocurrency trading there are various investment opportunities getting created. Both short and long term.
Since all transactions are carried out through blockchain technology they are not easily traced, thus preventing scamming and hacking.
However, if you have been a victim of wallet hacks or scams, then don’t hesitate to contact Cryptominer Solutions to swift assistance.
Low Transaction Charges
Unlike other kinds of transactions you need not worry about extra charges with cryptocurrency. There are only the low transaction fees for a particular payment, and nothing more than that.
The system is highly accessible, and it allows for transactions to be carried out securely and quickly. It has indeed led to much faster and more reliable transactions.
It has by now become a widely accepted form of payment, and it is not only used online, but also by offline businesses, including the retail and banking sectors.
Businesses That Are Accepting Cryptocurrency Payments
Food and Beverage Chains
Many popular international food joints are accepting cryptocurrency. Some of these include Pizza Hut, Dominos, Burger King and McDonald’s. There are also numerous clubs, bars and pubs which are willing to accept crypto payments. It is really simple as all one needs to do is scan the QR code so that the payment can be affected.
Many retailers who were accepting digital payments have recently started to move towards accepting cryptocurrency payments too. Retail merchants such as Amazon and Microsoft started this trend, and many online retailers have followed suit. This includes brick and mortar stores such as electronics stores, department stores, and drug stores. In most cases a QR code is used so as to make the Bitcoin payments.
Many retailers are appreciating how easily payments can be made in this manner, as well as the fact that chances of fraud have been greatly minimized as a result.
There are various online travel agencies which have been accepting crypto payments for a number of years, but lately even local offline travel agencies are willing to take crypto payments.
One can now easily use Bitcoins or other popular cryptocurrencies to book flights, hotels and buses through these travel agencies.
Recently, taxi services have started to open up to digital payment systems such as credit and debit cards, and e-wallets. There are more and more taxi service providers who are also taking crypto payments too.
Tuition fees for courses at universities and other institutions are quite hefty, and making payments in cash or by transfer could take relatively longer.
As a result digital payments, including crypto payments, have become the norm. the first university that accepted Bitcoin was the University of Nicosia, and later other mainstream universities around the world started to follow suit.
Buying a car involves a substantial amount of money, and paying in cash is definitely not the preferred method for many buyers. Digital payment methods have thus become the norm, with crypto payments becoming more popular with various automobile brands. Some of the first ones to accept crypto payments include Tesla and BMW.
There is no denying that cryptocurrency is becoming more and more popular as we speak. More and more people are appreciating the advantages that cryptocurrency payments offer, and as a result more businesses are accepting it as another mode of payment.
Many sellers and businesses are placing their trust in cryptocurrency payments as it is so transparent and safe. The trend is that more and more offline businesses are embracing cryptocurrency payments, and it is no longer solely used for online transactions as used to be the case up to a few years ago.
The more widespread use of Bitcoin, Ethereum and other popular cryptocurrencies is implying that cryptocurrency is actually an integral part of financial market in many countries across the world by now. And no doubt that more and more businesses will follow suit, leading to a further increase in the popularity of cryptocurrency globally.