Retail Adoption of Cryptocurrency
The world is transforming digitally and so is our payment system. The emergence of cryptocurrencies is a shining example. The original mainstream cryptocurrency is Bitcoin, which was launched in 2009. Cryptocurrencies offer minimal transaction fees, access for everyone, immediate settlement, borderless payments, and decentralization, which make them unique in all ways.
No one could predict that cryptocurrencies would be the game-changer in such a short time span. The focal reason for such a rapid success of cryptocurrencies is the invention of blockchain technology. Blockchain is a distributed ledger technology that stores transaction data on thousands of servers.
Although cryptocurrencies have seen rapid success, Bitcoin adoption was a slow process at the beginning. The first-ever real-world cryptocurrency transaction took place in May 2010. Bitcoin was the first time used to buy two large pizzas in Florida for 10,000 BTC which was just $50 then and now it is almost equivalent to $11,81,91,000.
A report published by Statista in June 2020, estimates that the global spending on blockchain solutions in 2020 is projected to reach 4.3 billion dollars which are 60% higher than the previous year. Also, the forecasts suggest that spending on blockchain solutions will continue to grow in the coming years, reaching over 14 billion U.S. dollars annually by 2023.
With each blockchain innovation and every organization exploring its capabilities, the ease of use and its accessibility will enhance and open up the throttle for mass adoption. It is the reason why the retailers who haven’t engaged with cryptocurrency and blockchain technology will be impressed to adopt cryptocurrencies.
Now, let’s understand in-depth about the retail adoption of cryptocurrencies.
Retail Adoption
The first retailer to adopt Bitcoin is Overstock, a popular online store that sells everything from furniture to bedding. Later, Newegg, which is an Electronics and computing retailer, introduced Bitcoin payment methods in 2014. Various business ventures like Amazon, Microsoft, Apple, Expedia, and Cheap Air also accept cryptocurrencies.
The features that cryptocurrencies have will make them flexible to fit with other industries. Industries like Casino and iGaming have also been adopting cryptocurrencies, as the casinos offer the use of Bitcoin payments at their front desk, gift shop, and restaurants.
The E-commerce companies will also offer an international payment option without any hurdles of cross-border transactions. The HSB survey reveals that 36% of small-medium businesses in the US accept Bitcoin. It is a piece of great news for the cryptocurrency industry.
Barricades for Retailers in Accepting Cryptocurrencies
According to a survey from Fidelity Investment, one-third of the financial institutions have invested in digital assets, but cryptocurrencies have not achieved mainstream adoption yet. It is because of the following reasons:
Volatility
The cryptocurrencies are too volatile in nature. So, it is difficult for the retailers to accept the digital currencies, and for the consumers to spend them.
Liquidity Issues
Cryptocurreny market is very new as compared to the tradtional markets. The liquidity is low and end users may lose some percentage of money in exchanging cryptocurrencies to fiat currency.
Solution
The solution to both these issues would be that the merchants should have access to Bitcoin payment processing methods that lock in the real-time exchange rate and also allow the transactions to be settled in either fiat or crypto. Hence, doing so will minimize the risk and operational inefficiency while accepting cryptocurrencies as a payment mode.
Importance of Retail Acceptance of Cryptocurrency
One of the main limitations of cryptocurrencies is its inability to conveniently spend it on everyday goods and services. Once cryptocurrencies can be used in our daily life, its mainstream adoption will follow immediately. When merchants start accepting cryptocurrencies as a payment mode, liquidity, usability, and utility of cryptocurrencies will be increased.
The day is not far when the majority of the businesses will start adopting cryptocurrencies in their daily life, just as we use paper money. To make this a reality, you may start using an e-wallet on your phone as regularly and easily as we swipe a debit card. Retails acceptance of cryptocurrencies is a driving force in mainstream cryptocurrency adoption.
Top Companies Accepting Bitcoin as Payment
- Wikipedia: Wikipedia accepts donations in Bitcoin.
- Microsoft: Allows the use of Bitcoin for the top-up of the user’s Microsoft account.
- AT&T Provides a cryptocurrency payment option to customers through BitPay.
- Burger King: Burger King outlets in Venezuela accept Bitcoin, Dash, Litecoin, Ethereum, and Tether. The users in the country can pay only with Bitcoins and Bitcoin Cash by ordering delivery online through the Lieferservice delivery service.
- KFC Canada: They started accepting Bitcoin for a limited time in exchange for the “Bitcoin Bucket”.
- Twitch: Accepts Bitcoin and Bitcoin Cash as payments for its services.
- Miami Dolphins: Provides an ability to pay with Litecoin and Bitcoin for purchasing tickets for the team’s 50/50 raffle.
- Dallas Mavericks: Accepts Bitcoin for both tickets and merchandise.
- Virgin Galactic: Accepts Bitcoin payments for space travel.
- Gyft: Helps the users to buy and sell gift cards online for retailers like Amazon, Starbucks, and iTunes. Accepts Bitcoin as payment without any additional fees.
- Amazon: Accepts Bitcoin indirectly. Means users can buy Amazon gift cards using bitcoin or other cryptocurrencies and use them to buy stuff from Amazon
Top Stores Accepting Cryptocurrency Worldwide
Apart from the large scale businesses accepting cryptocurrencies, there are some of the small and medium scale businesses which accept cryptocurrencies. To list a few:
- CEX
- Bitcoin.Travel
- Old Fitzroy
- Zynga
- EZTV
- Lumfile
- Etsy Vendors
- Pizzaforcoins.com
- Fancy.com
- Curryupnow.com
Cryptocurrency Adoption in India
Cryptocurrency Adoption in India
Cryptocurrency adoption in India is quite difficult as most of the online and retail stores do not accept cryptocurrencies as payments. But, there are a few online stores that will help you shop for the things you need. Let’s have a look at the stores where you can purchase using cryptocurrencies.
- Sapna Book House
Sapna Book House is an eCommerce store where find books, stationery items, electronic goods, gift items, toys, and health care products are sold. This website sells all the products throughout India and they accept the payment through Bitcoins.
- Unocoin
Unocoin is a cryptocurrency trading platform that allows the Indians to recharge mobile and pay their bills. They also have their own wallet which allows the users to store Bitcoin and use them when needed.
- eTravelsmart.com
eTravelsmart is one of the first e-commerce businesses to accept Bitcoin in India. They allow users to book their bus online using Bitcoins.
- CheapAir
CheapAir is a flight booking website, where the users can find cheap rates when compared to other websites. The best part about this website is that they accept Bitcoins.
- Travala
Travala is a international blockchain based travel booking platform. The Travala.com platform currently offers 2,200,000+ properties covering 90,124 destinations in 230 countries and territories, and with prices up to 40% cheaper than mainstream travel booking platforms.
- Bitrefill
Bitrefill allows users to buy gift cards for almost all major service providers in India like Uber, Grofers, Ola, Paytm, Flipkart, Skype, and the list goes on. Bitrefill also allows users to pay DTH, mobile bills, and recharge prepaid mobile numbers.
- You can buy clothes, fashion, and apparel at these brands
- Aldo
- Bata
- Beverly Hills Polo Club
- Celio
- Gap
- Izod
- Levis
- Louise Philippe
- New Balance
- Nike
- Titan
- United Colors of Benetton
- US Polo Assn
- Van Heusen
- Vero Moda
- Wellness & self-care products can be purchased at
- Body Craft
- Four Fountain Spa
- Kama Ayurveda
- Nu Ayurveda
- The Body Shop
- E-commerce shopping can be done at
- Flipkart
- Big Bazaar
- Groceries can be brought at
- Spencers
- Spar Hypermarket
- BigBasket
- More
Final Word
The road to adoption of digital currencies is long and its progress will overcome all the obstacles. The first step to cryptocurrency adoption is the support of important stakeholders, including regulators and industry bodies. Hence, retailers should start accepting Bitcoin and other cryptocurrencies in their daily life to utilize the benefits of digital currencies.
