More and more places are accepting cryptocurrency as payment.
Cryptocurrency is a fast-growing technology with many large companies now accepting it as a legitimate payment. Companies such as Subway, Virgin, Whole Foods and KFC Canada accept Bitcoin. With smaller companies joining in on the change too.
A report from the Cambridge Centre for Alternative Finance said: “Only 2.9 to 5.8 million people actively use cryptocurrency”. With millennials being far more likely to invest. The report also stated that men are twice as likely to invest in cryptocurrency than women. From this research, companies who target millennials are going to benefit from accepting crypto payments. Most companies will also see a massive revenue growth by targeting this type of audience.
The Paris-based Financial Business School has begun to accept payment for courses in Bitcoin and other cryptocurrencies. It says that, since the institution implemented the new scheme, about six students have paid for their tuition fees in Bitcoin. About 25% of its students are foreigners and many of them have to endure painful and sometimes punitive money transfer costs, which is why it decided to make things easier by accepting crypto payments.
Hong Kong-based crypto exchange Binance has announced a $2.5 million investment in Aussie start-up TravelbyBit. TravelbyBit offers a multi-currency payment platform. While it currently supports payments in Bitcoin, Ethereum and Litecoin, airport visitors will soon have the option to also use Binance Coin (BNB) as payment at TravelbyBit merchants.
Shoppers in Chile can now buy products and services with cryptocurrency from over 5,000 merchants. Cryptocurrency exchange Crypto MKT has partnered with online payments platform Flow.cl, enabling merchants to add this option through the CryptoCompra.com platform.
Shopify- a commerce platform which lets companies start, grow and manage their businesses, announced that more than 75,000 merchants on their site can start accepting Bitcoin as a payment. Their merchants include clothes shops, jewellers, snowboard companies, home stores and more. Making it a perfect place to start spending your Bitcoins.
Global delivery platform ParcelABC has announced the integration of the Bitcoinus blockchain payments service to allow its customers to pay for its services with cryptocurrencies. The London-based firm is also seeking expansion to Asia and customers that prefer crypto payment forms.
House of Fine Art (HOFA) is claiming to be the first art gallery to put up its entire collection for purchase with cryptocurrencies. The owners say they are part of a move to “revolutionise” the way art is being bought and sold. Elio D’Anna, Founder of the Mayfair, London gallery, told the Evening Standard: “We knew straight away that this was an opportunity too good to pass by. At the moment, digital currencies are becoming commonplace among a wide array of savvy consumers, providing a seamless, and cost-effective method to exchange value globally.”
Flights & Hotels
You can buy flights and hotels with Bitcoin, through agents such as Expedia, Surf Air and Cheap Air. Expedia is one of the world’s largest online travel booking agencies. It uses Coinbase – a third-party Bitcoin payments processor, to handle all the Bitcoin payments. This way Expedia never collects or holds any Bitcoin as it is all transferred into US dollars immediately by Coinbase.
Not all offline and online stores accept cryptocurrencies. However, eGifter allows people to buy gift cards with Bitcoin, then you can use those gift cards in shops. eGifter is a popular site gift card site which allows people to buy gift cards to use at shops such as Sephora, Amazon, Kohls and many more. Just like Expedia, eGifter uses Coinbase as their Bitcoin partner.
The Great Lakes Science Center has announced that it will now accept cryptocurrency as payment. It will use BitPay to process transactions. “Accepting Bitcoin is just a small part of the momentum to grow a blockchain ecosystem in Cleveland,” says Kirsten Ellenbogen, CEO of the Great Lakes Science Center. Visitors will be able to purchase admission tickets using cryptocurrencies and have access to the NASA Glenn Visitor Centre.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.