Where Do Cryptocurrencies Go From Here?

Dec 13, 2018

Cryptocurrencies and the technology they utilize, blockchain, have already made a difference in the way some businesses operate. Over the last couple of years, the values of some of the better-known coins have surged and slumped and then risen in value again. Some people have lost money on them and others have become millionaires.  It really is a case of knowing when to buy and sell. But trading is not their only use. Indeed, there are more ways that cryptocurrencies could be useful.

Should Businesses Accept Cryptocurrencies as Payment?

Some businesses already accept cryptocurrencies as payment. In a physical store, all it takes is a sign announcing the fact, and both customer and business to have an app that enables crypto payments on their phone or tablet. Paying with them online is easy if the store being purchased from accepts cryptocurrencies.

‘Bitcoin Payments & What You Can Buy With Bitcoin’  – Descryptive.com via Flickr (CC BY 2.0)

You may be wondering what the advantages of letting your customers pay this way are.

As a business owner, you will be aware that every time a customer pays you with a card, you incur a charge from the bank or financial institution that is the card issuer. You often have to wait a few days for the customer’s money to arrive in your account, and there are some credit cards that only pay it into your bank once a month.

When you accept payments in cryptocurrencies there is no middleman taking their cut, and the transaction happens instantly, even if the customer is on the other side of the world. According to business.com, some merchant-plan crypto wallets charge a flat fee of $30, but that is nothing compared to losing a percentage of all the payments you have made by debit and credit cards.

There are other advantages too, such as no chargebacks, which are making more businesses see the reality of how much money they could save.

 

What Types Of Businesses Accept Cryptocurrencies?

There are many different types of business that accept these coins, but one industry that seems to be showing interest in them is online casinos. One of the reasons behind this is the competition in this industry. Because there are many options out there, operators want to make it as easy as possible for customers to pay, and that does not only involve many games but also several deposit options. For example, if you visit Casino Games’ review of Casumo you will see Visa, Mastercard, Interac, Idebit, Instadebit, Ecopayz and Paysafecard already listed as available ways to pay. Could cryptocurrencies be added to that list soon? In fact, they already have in some other casinos.

There are companies in other areas accepting them as well. Future Travel, Microsoft, Reeds Jewelers, Shopify, Tesla, and FastTech are just a few of the many companies that are accepting cryptocurrencies, and their numbers are growing every week.

‘Payment bitcoin currency in restaurants, cafes and bars’ – Marco Verch via Flickr (CC BY 2.0)

 

What Happens Next?

Cryptocurrencies could become a global payment system, but they cannot be said to be truly worldwide while there are still some countries that ban them.

There are some, such as Vietnam and Morocco, which have made it illegal to use them and then others that have gone even further. In Algeria, it is illegal to even own them. Bolivia has banned their use too, but according to Coin Insider, the strictest country for upholding their cryptocurrency ban is currently Bangladesh.

Only time will tell what the outcome will be, but there is a train of thought that where at the moment Bitcoin is valued in dollars, one day it could be dollars that are valued in Bitcoin.

 

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