Cryptocurrency has become a global phenomenon, and it is a form of payment widely accepted today by many online and offline merchants. Two decades ago, this was not the story; cryptocurrency was initially written off as a scam project or something that would not stand the test of time.
The digital currency is proving doubters wrong, as more people gravitate towards cryptocurrency use and trading. In the year 2018, only about 21% of adults in the U.S had no idea what cryptocurrency is. As the cryptocurrency wave continues to sweep through the globe, even businesses are beginning to see how important it is to incorporate it into their payment system.
Cryptocurrency and Bitcoin: Do They Mean the Same Thing?
A 2019 Yahoo report states that there are approximately 2,957 cryptocurrencies available as digital currencies. While most of these currencies are not known to many, a digital currency like Bitcoin is probably the first thing anyone with interest in the crypto world would come across. Some people even find out about Bitcoin before understanding that it is just one of the many cryptocurrencies.
As the first cryptocurrency to hit the blockchain technology, Bitcoin accounted for over 66% of cryptocurrency value as at the end of 2019, and its acceptance all over the world continues to rise. Ryan Radloff, using data from Coinmap shows a 702% increase in worldwide acceptance of Bitcoin and key statistics reflect that there is over 17 million Bitcoin circulating in the digital currency market.
These statistics are astonishing, but what most people really want to know is “where is Bitcoin currently accepted?” and “who is currently accepting Bitcoin?’’
Who Accepts Bitcoin Today?
An increasing number of countries are beginning to embrace the acceptance of Bitcoin, as more than 11 currently allow it as a means of conducting business transactions. Almost all types of industries accept the digital currency in their business transactions today.
Worthy of mention are:
- Burger King
- Namecheap, etc.
Online stores are not left out of this new trend, too, Bitcoin.Travel, Pink Cow in Tokyo, Zynga, vendors of Etsy, Jefferson Store, MIT Coop Store, Shopify, and many others are among stores that accept the virtual currency.
SpendMeNot has provided a detailed list of over 120 companies that currently accept Bitcoin as a means of payment, and it’s definitely worth checking out.
Some years ago, Bitcoin was seen as just a form of investment. Today, it is way more than that. Businesses that incorporate the use of Bitcoin in their day-to-day transactions have increased their customer base considerably, as a lot of people are more comfortable making payments with the cryptocurrency.
This preference is mostly by consumers who are aware of the digital currency’s purchasing power and are cautious of cyber-attacks. Though Bitcoin still has a lot of ground to cover (in regard to its acceptance), its adoption is growing daily, and it is just a matter of time before it is accepted everywhere on the globe.
Guest Author: Stefan Ateljevic