How Many Businesses Actually Accept Cryptocurrency?

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One of the main factors discussed in conjunction with the rising price of cryptocurrency is its potential mainstream acceptance. It is often spoken about with governments and traditional financial institutions in mind. Yet one overlooked factor is its use in retail. Once general services start to take cryptocurrency as payments, it will undoubtedly turn the tide. But how many businesses actually accept cryptocurrency as payment? 

Are Businesses Accepting Cryptocurrency?

Estimations are that around 15,000 businesses across the globe are now accepting cryptocurrency. However, while this may sound like a lot, it is quite low in terms of global business,. When you then focus on high street retail, its use is almost unheard of. The only exception is in the e-commerce world, where you may find some retailers that accept cryptocurrency. For example, the Shopify platform lets its vendors accept cryptocurrency if they wish. Major websites like Etsy also accept it. 

One of the only UK high-street retailers that accept crypto as payment is Lush. It is a company that sells soaps and bathing items. You can pay directly through Bitpay on the website or purchase a gift card through Coinsbee. It is similar to many other high-street brands that accept it, including Adidas and Yankee Candles. 

Online, it is the entertainment sector that seems to have the most uses of cryptocurrency. Here, dedicated websites like Peergame provide services such as online casinos specifically using cryptocurrency. Unlike standard casinos, these providers also have original games, which can offer the same titles. Of course, they do have all the classic casino titles as well. 

Benefits of Cryptocurrency in Retail 

cryptocurrency

There are a number of benefits to accepting cryptocurrency for retailers. The first is that, in some instances, they may see increased consumer desire for it. However, this factor is very much dependent on changes elsewhere in the cryptocurrency sector. 

One of the biggest advantages is the low transaction costs. They are much lower than the high fees added to credit and debit cards along with digital wallets. However, this could be one reason crypto is not more widely accepted: It will undoubtedly face opposition from the major payment gateways. 

Those making transactions across borders will also find it helpful. As payments are direct and instant, it gets rid of many of the problems with traditional banking across borders. That includes paperwork, fees, and slow transaction times. In countries that do not often have stable traditional financial institutions in place, it can be a solution to many trade barriers. 

The Problem with Crypto for Retail 

There are still some problems that must be addressed before cryptocurrency is more viable for retail. Part of this is its inherent volatility. It may settle as more financial institutions accept it, but only if and when. Another issue that would also address this is regulatory uncertainty. Many countries have little to no legislation on cryptocurrency and changing views on its use. 

There is a long way to go before more businesses accept cryptocurrency. It will only happen through small incremental changes across the spectrum. However, it is quite plausible that in the next few years, more retailers will start to accept crypto. 

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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