Despite the restrictions surrounding the acceptance of Bitcoin and cryptocurrencies, holders and non-holders are willing to use cryptocurrency for purchases. A survey conducted by PYMNTS.com reveals that owners, users, and non-holders prefer cryptocurrency payment to the traditional payment methods because of its privacy and untampered security features.
This survey reveals that about 60-70% of individuals are eager to use cryptocurrencies for purchases, provided merchants include them in their payment options. These individuals are those who own cryptocurrency in the past and those not having a single unit. Individuals have used cryptocurrencies to make purchases while buying stuff across real estate, groceries, and package deliveries.
Are Merchants Accepting Crypto Payments?
The individual ownership of cryptocurrencies is perceived as an investment option. But holders are willing to make purchases with their cryptocurrencies. However, they encounter some obstacles while trying to make payments with Bitcoin and other cryptos. It can either be that the vendor is totally against crypto or some regulations affect the use of crypto as a payment option.
Although the continuous adoption of crypto across different industries will force merchants to begin their consideration for crypto payment. That’s because their consumers (or customers) are willing to make payments with crypto. The intriguing part of this demand is that non-users are also ready to make crypto payments.
Today, companies have incorporated crypto acceptance as payment options for product purchases. Although some companies may allow you to pay directly with Bitcoin, there are other ways to initiate your spending too. Some companies you can buy stuff using Bitcoin and other cryptos are eGifter, Microsoft, Paypal, and others.
eGifter is an online shopping outlet that allows you to purchase gift cards—from popular stores like Walmart, Apple, and Amazon—using Bitcoin. Today, you can now buy apps, games, and digital content on Microsoft marketplaces such as Windows and Xbox Stores.
Likewise, some hotels have started incorporating Bitcoin and crypto payment methods into their payment options. Additionally, you can now use some apps to purchase airline tickets with Bitcoin. More so, you can now place a food order with Bitcoin from KFC and Burger King. Above all, non-profit foundations and teams are now accepting cryptocurrency as donations.
Nonetheless, crypto holders, traders, and non-users keep demanding the incorporation of crypto payment options in different local stores and international markets. They want a society that allows crypto usage as a daily currency without skepticism and rejection from vendors.
Should You Buy Stuff with Bitcoin and Other Crypto?
Before answering this question, you must understand the thin line between Bitcoin (and other cryptocurrencies) regarded as an asset and currency. The original intent of creating Bitcoin was to become a digital currency, but it has failed its intent since its advent. Users prefer holding onto Bitcoin as an investment option than using it for purchases.
The volatility and transaction fees of cryptocurrency make it seem unwise to make payments to some extent. For instance, your $100 BTC today may be worth $250 three days later. That’s a loss of $150 for you. Likewise, you may receive a tax receipt after using Bitcoin or other cryptos as a payment option because it is part of your capital gains rate.
However, a growing demand arises for its use as a payment option because of the transaction speed and zero demand for verifiable personal details. As a result, individuals deem it a perfect means to purchase some goods without their physical presence.
An instance is the unbanked people using Bitcoin and other cryptos to make payments across the world. Despite the volatility of Bitcoin and other cryptos, users are willing to make payments with Bitcoin.
Should Merchants Up Their Crypto Acceptance Efforts?
The volatility of cryptocurrency hasn’t deterred cryptocurrency owners and holders from conducting transactions with crypto. They seek more avenues they can use to make payments with their coins.
The demand for merchants to start incorporating crypto payment options into their payment system increases. This brings owners and users to the point of transacting with merchants willing to accept crypto payments. As a result, these merchants are enjoying the bullish run of Bitcoin and other cryptos.
Based on a crypto payment report by PYMNTS.com, about 65% of crypto owners and 50-60% of nonowners agreed that only a handful of merchants has crypto payment options. The report also reveals that more than 50% of crypto owners are willing to purchase from merchants that accept crypto payments.
This explains why merchants need to start seeking ways to incorporate crypto payments into their payment options. Otherwise, they are on the verge of losing a chunk of their customers to competitors accepting cryptocurrency payments.
Will Crypto be Accepted for Payments?
The advancements and innovations surrounding cryptocurrencies make it impossible to ignore in the nearest future. Over few years, the blockchain and crypto world experienced significant developments resulting in the increasing demand for cryptocurrency as an asset and payment option.
Thus, society believes that merchants will accept cryptocurrency payments. However, it can come with strict regulations by governments of various countries. Likewise, the PYMNTS.com report reveals that owners and non-holders are willing to transact using crypto. That explains that cryptocurrency may become the future payment option.