Cryptocurrencies were born to facilitate digital payments, and e-commerce seems to believe in them more and more and aim to adopt cryptocurrencies. Blockchain technology is revolutionizing the way we all pay and transfer money. According to BitPay, more than 100,000 merchants worldwide accept cryptocurrencies:
Wikipedia accept donations in bitcoin; Microsoft allows Bitcoin to be used to top up the account; Burger King, KFC, and Subway accept Bitcoin to pay for their products.
In Las Vegas there are casinos where customers can exchange bitcoins for cash to bet at the tables or later convert their winnings into bitcoins.
There are some Bitcoin ATMs Where you can convert currency to Bitcoin or withdraw Bitcoin cash in your local currency.
Advantages of adopting crypto as a method of payment
payments based on blockchain (in its most common form) written on a decentralized ledger. This means that every single transfer of value that occurs between two different accounts (i.e. public addresses or wallets) is recorded in a single ledger that works by sending each transaction to the rest of the network, Waiting for the blockchain network to confirm the validity of the transaction.
Notable technological and business aspects of payments via a blockchain network see:
- Authorization: The user (i.e. the consumer) is responsible for authorizing the payment. This puts the consumer responsible for: assigning the correct amount, providing the correct address, authorizing the payment and transmitting it to the network.
- Confirmation: The consumer must pay a certain amount of commission and wait for the validity period of the transaction.
Consumers can already shop on many e-commerce websites, where they can pay with bitcoin to purchase luxury items such as watches, jewelry, and various highly exclusive products. Currently, the luxury industry is a big adopter of cryptocurrency as a new payment method.
The reason is quite simple, cryptocurrencies offer significant advantages over traditional payments money that can be transferred anywhere in the world in minutes and securely. Transaction fees are much lower than traditional payment methods (with thousands of dollars in purchase, a small one-time payment of five dollars is nothing in comparison). at the exorbitant fees you would have to pay otherwise).
Luxury customers and retailers have serious problems with fraud due to the average purchase amount. The level of security offered by the blockchain removes the risk of chargebacks, as transactions cannot be reversed.
Countries that accept bitcoins and cryptocurrencies as payment
There are many countries that adopt Bitcoins And the encryption as payment methods.
As a result, people’s interest in where and how to buy cryptocurrencies is growing exponentially. There are different websites and platforms that provide people with different services. So people need to research and know the main benefits of acquiring cryptocurrencies through a particular platform.
In Europe, Switzerland is the most prominent country allowing people to use BTC for business and tax purposes. While in America the United States is the country that allows most payments in cryptocurrencies. Here is a list of other countries involved in using crypto as a payment method:
- SwissAnd the
- El SalvadorAnd the
- United State,
- South Africa,
- BrazilAnd the
- South Korea,
- Singapore ,
- And many other things.
In many respects, paying with cryptocurrency is a better option for shopping than paying with fiat money. Obviously, it’s a great opportunity for people who don’t have access to other payment or transfer methods.
Those who actually earn (such as salary, Mining, etc.) income from cryptocurrency from potential consumers of cryptocurrency. On the other hand, many prefer it for privacy and security reasons, while some want to avoid middlemen.
Most of them have an innovative spirit and love to adopt new technologies, including those involving cryptocurrencies. Despite the invaluable benefits and high potential, there are some drawbacks, including high confirmation times, commissions, instability in value, and unavailability of stores/products.
Cryptocurrency consumers tend to tolerate it minimally, but not completely. In terms of delays and fees, we see that the flight is still quite active.
Different blockchains and currencies are competing for space for shopping and micro-transactions.
Lightning Network It is the first case of a scalable network offered to users to make cryptocurrency payments for purchases. It is only available for Bitcoin transactions and although it is popular with many, the reality shows only limited adoption of this technology.
This growth is being driven by users looking to outpace the cost of using their Bitcoin, but also by next-generation Lightning wallets that are easier to use, and perhaps in part by the efforts of stores like CryptoRefills to educate their users.