Cryptocurrency payments have grown to become a reliable, alternative payment method. While using Bitcoin to purchase goods and services used to be very “niched down”, today many industries introduce the method, allowing more possibilities when it comes to payment methods.
On one hand, companies see the earning potential, they will likely buy Bitcoin so why not earn it as well? On the other hand, larger corporations do not necessarily want to collect actual BTC, at least for now. These companies can still use payment widgets or find other methods to still expose their product to the crypto crowds.
In this article, we take an industry-wide approach when it comes to cryptocurrency payments. We take a look at “spheres” that have already implemented reliable solutions, how this is playing out, and what the future may look like. Ready to get started? Let’s get to it!
Travelling is increasing in demand with each following generation. With lower-priced plane tickets and lots of choices when it comes to accommodation, people now have a lot of possibilities. This is especially true for digital nomads, a sub-sector that keeps on growing together with the concept of remote work. These individuals travel regularly while staying in short-term rental properties, often internationally.
Both travellers and digital nomads can benefit from Bitcoin transactions, as airlines, hotels, and booking platforms are now accepting crypto.
- Airlines – Airbaltic, LOT, CheapAir.com, Destinia.com, and others.
- Hotels – Expedia.com, Travala.com, and others.
- Smaller payments can be taken care of by using a Bitcoin ATM.
And if a certain location does not have a Bitcoin ATM do not fear any limitations. With the crypto industry growing, so does the accessibility and easiness of transactions. We will talk about this in the next few chapters after we briefly introduce other industries as well.
Ecommerce has witnessed a rapid acceptance of cryptocurrency payments. This is especially true when looking at webstore builders like Shopify, Magento, and others, which are now implementing payment plugins, which users can take advantage of in order to start accepting crypto.
The payment widget (BitPay, Coinbase Commerce, etc) presents the best of both worlds. On the one hand, users can choose to pay by choosing from a wide range of cryptocurrencies. On the other hand, merchants still receive a payment in their local currency as the crypto is exchanged in real-time. This way, accounting logs remain on point, which the store opens up to a completely new target audience.
This concept started growing in popularity with eCommerce stores that sold second-hand miners, before expanding to the electronics industry as a whole. Today, electronics stores still form one of the most “open-minded” industries with regards to crypto payments, while others are starting to “dip their toes” into the concept as the Bitcoin price continues to increase over time.
Trying to name all the industries where cryptocurrency payments are possible would be rather futile. This is because the payment system has infiltrated nearly all sectors on a global scale. As the economic uncertainty continues to play out over multiple QE packages and extended lockdowns, business owners see the importance of unconfiscatable value paired with simplistic international payments.
But even those less tech-oriented seem to be frustrated with the situation. And large companies that innovate in the space are taking notice. This is why companies like Binance are now introducing payment products to further simplify the concept of Bitcoin payments.
More specifically, the company recently introduced Binance Pay, a collection of products to make crypto payments and transfers between individuals a lot easier. By minimizing the steps involved and using a user ID instead of a lengthy public wallet, even those without experience in the sector will now be able to make payments.
The concept is further strengthened with crypto debit cards, which load up the coins from your account to a separate account, which is then used when making card payments. This is the ultimate manifestation of using crypto for small daily transactions. Every store that accepts credit card payments will now be able to accept crypto debit cards, which in turn swap the coin’s value for FIAT before a transaction is rounded off.
How does the future look like?
Many still feel uncertain about the future of cryptocurrency payments. Despite the global adoption by merchants and retail alike, there are still many hurdles to overcome. More specifically, there is still relative fear and uncertainty when it comes to regulatory frameworks which changing on a daily basis.
That said, Bitcoin has already proven it’s here to stay, and its use cases keep increasing with the growth of the industry. What started as an alternative method to settle transactions on the web is a global discussion and a threat to the traditional establishment.